In a perfect world, there wouldn’t be any problems with your mortgage lender. But issues do arise, some of which cannot be resolved on your own. While we recommend going directly to your mortgage lender when you have an issue to try to work it out, we know it’s not always possible. If that’s the case for you, choose from one of the following agencies to get the help you need.
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Start With the Better Business Bureau
The
Better Business Bureau, known as the BBB, is an impartial business that takes complaints about businesses of all types, including mortgage lenders. The BBB works on your behalf when you file a complaint. They forward the complaint to the mortgage lender within 2 business days. They then request the mortgage company to respond within 2 weeks. Sometimes this shakes up the lender and forces them to work with you on a resolution to the issue.
Contact Your Attorney General
Your state’s attorney general’s office can conduct an investigation for you too. The attorney general knows your state’s particular laws regarding mortgages and banking. If he/she feels your rights were violated or a law is being broken, they will work on your behalf to secure the proper resolution.
Contact the National Credit Union Administration
If you went to a credit union for your mortgage, you may contact the
National Credit Union Administration. This only applies to federal credit unions, though. Basically, if the credit union’s name has ‘federal’ in it, this would be the correct contact. Sending a written letter will usually get the quickest response to your issue. If your credit union isn’t a federal credit union, you’ll have to contact your state’s credit union authority.
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Contact the Federal Reserve
The Federal Reserve oversees the supply of money in the economy as well as supervises financial institutions. This includes mortgage lenders. If you feel that you have been a victim of fraud, deceitful practices, or any other issue with your mortgage, the Federal Reserve will work on your behalf, calling the mortgage lender to get to the bottom of the issue.
Get Help From the Consumer Financial Protection Bureau
Finally, you can also
file a complaint with the Consumer Financial Protection Bureau (CFPB). You can file your complaint directly online. You complete their form and they try to get you a proper response within 15 days of the complaint.
You should choose the agency that you are most comfortable with because they will help you get to the bottom of your issue. Remember, your home is one of your largest investments. The last thing you want to do is throw money out the window on an investment that could be a large part of your retirement. Get the help you need and let someone assist you in getting the help that you need.
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