{"id":268,"date":"2011-05-26T11:47:00","date_gmt":"2011-05-26T11:47:00","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=268"},"modified":"2019-07-26T06:40:46","modified_gmt":"2019-07-26T10:40:46","slug":"where-to-turn-when-having-problems-with-mortgage-lender-or-servicer","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2011\/05\/26\/where-to-turn-when-having-problems-with-mortgage-lender-or-servicer\/","title":{"rendered":"Where to turn when having problems with mortgage lender or servicer"},"content":{"rendered":"\n
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If you\u2019re having trouble with your mortgage company, you\u2019re not alone. Prior to the housing market crash, many consumers complained about originating practices and predatory lending; however these days complaints are increasingly due to servicing, mortgage modifications, and foreclosures. If you\u2019re having issues with your mortgage company, it\u2019s sometimes not easy to figure out where to turn for answers or to file a complaint.<\/p>\n\n\n\n

One of mandates of the Dodd\u2013Frank Wall Street Reform and Consumer Protection Act, signed into law last year, was the creation of the Consumer Financial Protection Bureau (consumerfinance.gov). Although the \u201cBureau\u201d does not just regulate the mortgage industry, the focus of the CFPB will be on consumer protection and compliance: education, enforcement, and research. It\u2019s akin to \u201cone stop shop\u201d for consumer protection.<\/p>\n\n\n\n

Some of the Bureau\u2019s functions are described by the CFPB as follows: \u201cconduct rule-making, supervision, and enforcement for Federal consumer financial protection laws; restrict unfair, deceptive, or abusive acts or practices; Promote financial education; research consumer behavior; monitor financial markets for new risks to consumers; enforce laws that outlaw discrimination and other unfair treatment in consumer finance; and create a center to take consumer complaints.\u201d Many of the CFPB\u2019s functions will go into effect July 21, 2011.<\/p>\n\n\n\n

So until the CFPB is fully operational, you\u2019re left to decide where to direct inquires and\/or complaints. However, as the CFPB slowly implements its authority, the Bureau is still offering assistance and information. The CFPB website has a page dedicated to directing consumer inquiries (click the \u201cGet Help Now\u201d tab at the top of the page); the CFPB has an interactive questionnaire that is meant to decide what financial sector you are inquiring about and then directs you to the appropriate agency (click on the \u201cConsumer Question and Complaint Assistance\u201d).<\/p>\n\n\n\n

At present, if you\u2019re having trouble with your mortgage company, you\u2019ll have to decide what regulatory agency to direct your questions and\/or complaints. Your lender could be regulated by one of the many state or federal financial regulatory agencies. Maryland\u2019s financial regulatory agency, the Office of the Commissioner of Financial Regulation, is limited to regulating financial institutions that are chartered in Maryland. If your lender meets the criteria, then the agency may accept your inquiries and\/or complaints.<\/p>\n\n\n\n

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If the Office of the Commissioner of Financial Regulation does not regulate your lender, it may be regulated by another state, or a federal agency \u2013 such as; the Office of the Comptroller of the Currency (www.occ.treas.gov), which regulates and supervises all national banks; the Office of Thrift Supervision (www.ots.treas.gov), which regulates and supervises savings associations; or the National Credit Union Administration (ncua.gov), which supervises national credit unions. The Office of the Commissioner of Financial Regulation posts a list of entities that it does not regulate on their website (www.dllr.state.md.us\/finance\/consumers\/compmort.shtml); you can call their office if you need further assistance.<\/p>\n\n\n\n

Additional resources include the Federal Trade Commission (ftc.gov), which offers information and assistance if you have mortgage servicing issues (such as problems with your payments, escrow accounts, RESPA, collection practices, etc.); and the Maryland Office of the Attorney General (www. oag.state.md.us), which may help resolve your problem as well as collect your complaint.<\/p>\n\n\n\n

Until the CFPB is fully operational, you\u2019ll have to contact the appropriate agencies to help you seek a resolution if you\u2019re experiencing issues with your mortgage lender.<\/p>\n\n\n\n

by Dan Krell
\u00a9 2011<\/p>\n\n\n\n

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re having trouble with your mortgage company, you\u2019re not alone. Prior to the housing market crash, many consumers complained about originating practices and predatory lending; however these days complaints are increasingly due to servicing, mortgage modifications, and foreclosures. If you\u2019re having issues with your mortgage company, it\u2019s sometimes not easy to figure out where … <\/p>\n

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