Home loan mortgage servicing should be relatively straightforward. You, the borrower and your lender entered into a legal agreement by which you pay down the principal balance of a loan with an agreed-upon amount of interest. However, in some cases, there may be problems with your loan servicing, or you may have a complaint about a mortgage company in general. Fortunately, there are several ways you can file a grievance and ask for assistance.
Internal Grievance Process
Every mortgage servicer has a customer service department that is designed to handle customer issues and complaints. It is best to begin at this level, as it is the most direct and possibly the most efficient way to redress your problem. Ask your original mortgage officer to direct you to the complaint department. To expedite the process, organize the details of your complaint and collect your evidence prior to making your claim.
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau, which oversees consumer affairs, offers a quick online grievance form for customers who need assistance. This form should be filled out once you have exhausted your internal mortgage company avenues or if you have a large-scale complaint about lending practices or discriminatory procedures at a particular company. To complete this form, you need to describe the complaint in detail, provide your personal information and the information on the particular loan product you possess.
Federal Trade Commission
The Federal Trade Commission is the largest consumer protection agency in the United States and will also take mortgage complaints. To submit a grievance to the FTC, you can fill out their online grievance form. However, the FTC does not seek to resolve individual complaints, but rather looks at larger trends based on individual reports to assess company malfeasance and fraud. Submitting a complaint to the FTC will likely do more to make oversight bodies aware of potential mortgage problems, but will not solve your complaint.
State Attorney General
You can also file a complaint with your State Attorney General. This process is governed by your particular state, but the Attorney General website for your state office should give detailed instructions. If you have a serious problem, alert your State Attorney General even if you have already contacted the Federal Protection Bureau. The state government should also be aware of large-scale mortgage problems at a particular company.
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