Report: Bank of America First in Mortgage Complaints in Arizona, Nation
PHOENIX – Bank of America ranks number one for mortgage-related complaints in Arizona and 44 other states, according to a new report from the Arizona Public Interest Research Group, also known as Arizona PIRG.
Diane Brown, executive director of Arizona PIRG, says the report is based on several years of consumer complaints investigated by the Consumer Financial Protection Bureau (CFPB).
“The complaints really can range in anything from a problem with a loan modification, with payments, with an escrow account,” she states.
The report shows that since the CFPB was created in 2011, it has received 31,000 complaints about Bank of America. Wells Fargo was second with 19,000 complaints.
Brown says unlike the Federal Trade Commission and other government entities, the CFPB can investigate businesses before a complaint is filed.
She says it’s important for consumers to make complaints at consumerfinance.gov, because CFPB can demonstrate a pattern or trend of businesses that may be violating the law, and lead to policy changes.
“We know that people providing their stories will help the CFPB and other consumers to know what the problems are, and to help rectify those complaints,” she explains.
Overall, issues relating to mortgages and debt collectors are the leading complaints made at the CFPB. It also regulates and investigates payday lenders, pawnshops, credit bureaus and debt collectors.
The bureau has recovered $5 billion and fielded about 400,000 consumer complaints.
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