Mortgage companies with significant negative reviews and consumer complaints as of 2016 include Ocwen, Citibank, J.P. Morgan Chase, Wells Fargo and Bank of America, as noted by Business Insider. According to information from the Consumer Financial Protection Bureau in 2012, Bank of America received the most consumer complaints, which exceeds what Wells Fargo received by more than half, but Wells Fargo handles more mortgages annually than Bank of America.Continue Reading
Consumers' top issue with Ocwen, Citibank, J.P. Morgan Chase, Wells Fargo and Bank of America tends to be the companies' loan modifications, collections and foreclosure processes, as Business Insider explains. The Consumer Financial Protection Bureau cites that it receives a fair number of complaints from consumers who are confused about unclear terms and changing payment schedules after modifying their loans or refinancing, especially during reduced-payment trial periods.
Consumers also often cite issues concerns with the banks' loan servicing, payments and escrow accounts, according to Business Insider. Some of the complaints made by customers regarding loan servicing and payments include the banks not processing payments in a timely manner, which leads to late fees at no fault of the customer, and confusion regarding whether a successful trial loan modification period guarantees permanent loan modification.
Wells Fargo received over 5,000 complaints during a 14-month period in 2011 to 2012. However, the number represents only a small percentage of the total number of mortgages that the company manages, according to Business Insider.Learn more about Credit & Lending