CFPB Begins Collecting Reverse Mortgage Complaints, Will Take Action

The Consumer Financial Protection Bureau has begun collecting and fielding mortgage complaints from borrowers, including those with reverse mortgages, the Bureau has announced via its official blog. Officials have said this information will be used to guide rule making in the future when it comes to mortgage products.

So far, the bureau has a similar collection under way for credit card complaints, which it began in July following the bureau’s official launch.

“While we’ve only been able to accept complaints on credit cards right now, we’ll begin taking complaints and inquiries related to home mortgages on or about Dec. 1,” a blog post containing a report from the CFPB’s first three months of collecting credit card data stated. The complaint portal is now open.

Visitors to the bureau’s website can click a tab allowing them to file a mortgage complaint by filling out a form that asks what the issue is, how it’s related to the mortgage process, and what the desired resolution is.

Reverse mortgages are included under types of mortgages, along with VA mortgages, FHA mortgages, and home equity lines of credit.

The blog post on credit card complaints asks for readers’ help as they develop their policies. And while its top priority is to help consumers resolve their problems, the CFPB says it also wants to be transparent about its systems, operations, and information that it’s receiving.

“We propose providing a searchable public database that contains various data fields for each complaint, but excludes any fields with personal information,” it reads, going on to ask for consumer feedback on the policy.

Check out the CFPB’s mortgage complaint form.

Written by Alyssa Gerace

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