The article highlights substantial concerns from mortgage borrowers, with about one-third of complaints regarding payment struggles, primarily foreclosure. A significant portion also involves difficulties in communication with lenders over loan modifications and refinancing. Of the total complaints, 13% pertained to applying for or refinancing loans. Among major reverse mortgage lenders, Onity Group Inc. had the highest complaints at 95. Remarkably, 98% of complaints were addressed promptly, but only one resulted in monetary relief for the complainant, indicating a persistent need for better resolution mechanisms in the mortgage industry.
About 13% of all complaints were related to applying for a loan or refinancing an existing one. Most of these issues stemmed from an attempt to communicate with the company to fix some kind of an application issue.
The overwhelming majority of complaints (98%) were responded to in a timely manner, and a similar share were closed with explanation. Only one complaint was closed with monetary relief for the complainant.
#mortgage-complaints #foreclosure #consumer-financial-protection-bureau #reverse-mortgages #loan-modifications
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