Complaints in almost every product increased in 2015 as opposed to 2014, with the exception of payday loans and student loans. Debt collection still received the highest number of complaints (6,524 in the last quarter of 2015) though mortgages are next with 4,074 complaints that same quarter. Ultimately, complaints about mortgages have been more substantial than any other type of product, constituting 27% of all complaints to the CFPB since the process started.
In Illinois, complaints to the CFPB increased 23% in the last quarter of 2014 to the last quarter of 2015.
Unsurprisingly, mortgage loan companies were five of the ten most complained about companies during this period. Those are, in order of dissatisfaction:
- Wells Fargo
- Bank of America
- JPMorgan Chase
- Nationstar Mortgage
Complaints against Wells Fargo increased the most substantially with the company receiving 20% more complaints during this period.
Read the CFPB’s Monthly Complaint Report, Volume 7, at this link: http://files.consumerfinance.gov/f/201601_cfpb_monthly-complaint-report-vol-7.pdf