Sunday, December 11, 2011

Gov's CFPB offers centralized reporting for mortgage complaints

If you weren't aware, the Fed Gov launched the Consumer Financial Protection Bureau this year and its starting to take names. Beyond a positive attempt to reframe the HUD-1, which all NY real estate professionals should take an interest in, the CFPB just launched a mortgage complaint hotline and web portal. Go check out the website at http://www.consumerfinance.gov/ to learn more.

While its still unclear what the extent of involvement in mortgage problems the CFPB will have, at the least, this new project provides a centralized place to submit complaints under the scary auspices of the government. Additionally, it is hoped that this new project will bring more attention to what has been this generation's epidemic, the housing bubble bursting. Maybe this project can help to light a fire under loan servicers to throw out their fax shredders and actually acknowledge receipt of workout documents and requests for information instead of blankedly claiming that the borrower has failed to comply.

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