[credit provider=”Daniel Goodman / Business Insider”]
Even as lawmakers squabble over who will lead the Consumer Financial Protection Bureau, the months-old watchdog is trucking right along. The agency has launched a section on its site dedicated to fielding complaints about mortgage lenders.
In November, dozens for current and former students answered a similar call on its site for complaints about private lenders.
Unlike the student loan complaints, which were thrown up on a public message board for all to see, the CFPB seems to want a bit more control with the mortgage complaints.
Consumers are asked to fill out a streamlined form with specific areas for the type of mortgage and the nature of their complaint (problems making payments, signing the agreement, etc.).
All submissions will be issued directly to the company involved and consumers will receive a tracking number they can use to check the status of their complaint, the CFPB says.
You can fill out the form here.
If the centre for Responsible Lending‘s study, “Lost Ground 2011,” is any indication, they’ll have no shortage of responses. The report found more than 2.7 million homeowners given loans between 2004 and 2008 have already lost their homes to foreclosure, which accounts for 6.4 per cent of all borrowers at the time.
The housing sector is the latest target in the CFPB’s crosshairs. Last week, the the agency released a beta version of a new credit card application form it hopes will make the lending process more transparent to consumers.
Dozens of current and former college students answered its call for complaints about private loans last month. It was a good-faith effort on the CFPB’s part, as it won’t have real power to regulate private lenders until a director has been put in place.
Republicans are pushing hard for an FTC-like board of directors, while Democrat’s are backing President Barack Obama’s selection of a one-person role filled by Richard Cordray.