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Volume 11 - Number 2

January 26, 2018

Downloads Available: FHA/VA Complaints by Servicemembers: 2017

VA Exceeds FHA by Wide Margin in Servicemembers’ Complaints in ‘17

The Consumer Financial Protection Bureau last year logged 988 servicemember complaints related to the origination and servicing of VA and FHA mortgages. CFPB data showed VA outscored FHA on the number of complaints, 740 to 248, respectively, in 2017. The top five reasons for servicemember complaints were trouble during the payment process, difficulty in paying the mortgage, loan servicing, applying for a purchase mortgage or refinance, and closing a loan. Other complaints were about loan modification and foreclosure, mortgage brokers, incorrect information, settlement process and costs, underwriting/credit decision, credit-reporting companyís investigation of a consumer problem, and improper use of a credit report. Abusive practices related to loan churning might not be reflected clearly in servicemembersí complaints in 2017 compared to the previous year, but a deeper dive into the ... [Chart]

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