CFPB's Company Portal for Consumer Complaints

Step-by-Step Procedures
CFPB Response
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Lenders Compliance Group
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You may be interested in reading my magazine article:Back

National Mortgage Professional Magazine - December 2012

I have provided excerpts from the article and the download link.

In this article, the second in a two-part series, I outline CFPB's Company Portal with respect to Consumer Complaints. The Portal allows financial institutions to view and respond to complaints in the CFPB consumer complaint database.

By this point, the CFPB has staffed a Consumer Response team.

The Consumer Response team, or "Consumer Response" as it has become known, began taking consumer complaints about credit cards on July 21, 2011; it began handling mortgage complaints on December 1, 2011; and it began accepting complaints about bank products and services, private student loans, and other consumer loans on March 1, 2012.

Over the next year, the CFPB expects to handle consumer complaints on all products and services under its authority.

I hope you enjoy this article.

Please feel free to contact us at any time.

Jonathan Foxx
President and Managing Director 
Step-by-Step Procedures

Download Article-Square-Red (150x150)

The following is a brief, step-by-step outline of the way the Portal's functions for the CFPB.  

(The brackets contain the entity responsible for each step's actions.)


   Step 1: Complaint is filed with the CFPB. [Consumer]

   Step 2: Complaint sent to the company. [CFPB]

   Step 3: Company attempts to resolve the complaint. [Financial Institution]

   Step 4: Company reports resolution to CFPB for review. [Financial Institution]

   Step 5: Complaint status emailed to consumer, Portal updated. [CFPB]


Download Article-Square-Red (150x150)  

Consumer Response has sent approximately 16,250 (84 percent) of mortgage complaints to companies for review and response.


The remaining mortgage complaints have been referred to other regulatory agencies (7 percent), found to be incomplete (2 percent), or are pending with the consumer or the CFPB (6 percent).


Companies have already responded to approximately 13,930 complaints or 86 percent of the complaints sent to them for response.


LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the United States specializing exclusively in outsourced mortgage compliance and offering a full suite of services in residential mortgage banking for banks and non-banks. We are pioneers in outsourcing solutions for residential mortgage compliance. We offer our clients real-world, practical solutions to mortgage compliance issues, with an emphasis focused on operational assessment and improvement, benchmarking methodologies, Best Practices, regulatory compliance, and mortgage risk management.
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