Appraisal-related issues cause more than one out of every 10 purchase-mortgage applications to be denied, according to CoreLogic. Below-contract appraisals comprised 11.3 percent of the first-lien purchase-loan appraisals ordered through the CoreLogic/FNC Collateral Management System, according to Yanling Mayer, director of research in CoreLogic’s office of chief economist. The CMS is a workflow and compliance platform used by many lenders, servicers and appraisal management companies. Mayer noted...
Consumer complaints to the CFPB about their mortgages fell by 8.2 percent in the August to October 2016 period compared to the same time frame a year ago, according to a new report from the CFPB. The bureau registered 11,587 borrower gripes about mortgages during the August-October 2015 period, the agency’s latest monthly consumer complaint report indicates. One year later, that total had fallen to 10,642. Criticisms about virtual currency dropped even more, by 66.7 percent, and those related to prepaid accounts plunged further by 67.2 percent. That being said, mortgage complaints are still among the top three topics the bureau receives gripes about, after debt collection and credit reports. (With one data graph and two data charts.)
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