According to the Consumer Financial Protection Bureau and the Consumer Complaint Database, there were 90,000 complaints on financial products and services.
For whatever reason, they have one category called mortgage broker, which includes everyone in the mortgage industry. 22 out of the 50,457 were actually filed against mortgage brokers.
When I read this report, it didn’t indicate what time period, I would guess, since the database was setup. This is more than sufficient evidence, that all loan officers should get licensed and take all the same exams that a mortgage broker is required to do, before they can do a mortgage for a consumer.
Job well done for all the mortgage brokers, throughout the country.
We’ve removed the ability to reply as we work to make improvements. Learn more here
