An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems.

Consumer complaints to the CFPB related to mortgages were down sharply from the early months of the year, with huge drops in every category, according to a new Inside the CFPB analysis.

Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling.

Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.

The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints.

Consumer complaints filed with the CFPB increased sharply in the first three months of 2023, driven by a jump in seven out of the nine complaint categories. (Includes two data charts.)

New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.

Mortgage-related complaints filed with the CFPB grew by 41.2% to 7,016 in the first quarter of 2023. Servicing-related complaints were the largest group, largely due to issues in the payment process. (Includes two data charts.)

Consumer complaints regarding credit reports and student loans dramatically increased in 2022. Meanwhile, gripes about mortgages and debt collection declined. (Includes two data charts.)

The CFPB received fewer complaints from consumers about mortgages in 2022. Criticisms about loan modifications inched up 1.5% on an annual basis, despite a 6.1% drop from the third to the fourth quarter. (Includes two data charts.)