THE new
Consumer Financial Protection Bureau received 23,500 complaints about
mortgage lenders from last December through this past June, according to a recently
released semiannual
report. And, not surprisingly, just over half the complaints centered on the
problems borrowers encountered when they were unable to make payments.
The report, which encompassed a wide range of financial products, noted
the “fatigue and frustration” experienced by borrowers attempting
to get their
loans modified or refinanced. “Though consumers must provide documents
within short time periods and income documentation generally remains valid
for up to 60 days,” it said, “lengthy evaluation periods can
result in consumers having to resubmit documentation — sometimes
more than once.”
Issues with making payments was another top concern, accounting for 25
percent of complaints; another was applying for loans, with 8 percent
weighing in.