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If You Are Unhappy With Your Lender, There’s a Hotline For You!

In a recent article in the Miami Herald, titled Mortgage Complaint Window Now Open, there appears to be a solution to unresponsive banks, and general beefs with mortgage lenders.  I am going to quote the opening paragraphs here:

“Got a beef with your mortgage lender?  Is your bank unresponsive when you complain that your escrow account is fouled up and making your monthly payments needlessly high?  Did your loan officer bait-and-switch you into a more costly home loan than you were originally promised?  Or worse yet,  Did your home loan servicer ignore you when you told him you’ve had an unexpected drop in income and needed a modification to avoid missing payments?”

“If any of these situations sound familiar, here’s a heads-up about the newest and least-publicized source of federal help:  the Consumer Financial Protection Bureau’s home mortgage complaint and dispute resolution hotline.  Never heard of it?  That’s not surprising since it only went live Dec. 1 and the CFPB hasn’t said much about it, preferring to ease into the potential snake pit of mortgage issues that American consumers have with their lenders rather than get overwhelmed.”

“The complaint hotline is accessible online at the CFPB’s website (www.consumerfinance.gov), by toll-free phone between 8 a.m. and 8 p.m. (1-855-411-CFPB) as well as by regular mail and fax.”

“The bureau was created by last year’s Dodd-Frank financial reform legislation and is supposed to look out for your interests in banking, financial products, home loans and all other forms of consumer credit.  Its mortgage complaint service is an extension of the agency’s existing hot-line for credit card-related disputes and inquiries which began July 21.”

This article was written by Kenneth Harney, executive director of the National Real Estate Development Center. He acknowledges that the inital results won’t be reported until sometime early in 2012, and there could be problems if the service agency is overwhelmed initially, However, he also says, “If you have a complaint, give the hotline a shot!”