MBA, Others Weigh in on LO Training and Licensing; In Conjunction with States, the CFPB Flexes its Muscles

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Posted To: Pipeline Press

"We're lost, but we're making good time." The CFPB does not seem to be lost, and is certainly feeling its way along. From it we learned that between July 21, 2011 and September 30, 2012, U.S. consumers filed 36,403 mortgage-related complaints against various lenders, banks, servicers, and other mortgage companies. Bank of America accounted for 27% of complaints , the most out of any bank accounted for in CFPB's data - of the 9,930 mortgage complaints filed against Bank of America, 6,430 related to loan modifications, collections and foreclosures. Loan servicing, payments and escrow accounts recorded 2,044 complaints, while complaints regarding application, originator or mortgage broker issues tallied 542. BofA received nearly twice as many complaints as runner up Wells Fargo who recorded 5...(read more)

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Source: www.mortgagenewsdaily.com

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