Category: Consumer complaint
A snapshot of servicemember complaints: a review of issues related to VA mortgage refinancing
Since the Bureau began accepting mortgage complaints in 2012, we’ve received over 12,500 mortgage complaints from servicemembers, veterans, and their families. This report reviews and analyzes about 1,800 of those complaints related to mortgage refinancing.
Overall, in their complaints to us, veterans report that the solicitations and advertisements they receive are often misleading. Many complain that lenders fail to deliver on the promises made during the application process. And the quick underwriting often results in the borrower’s failure to clearly understand important loan details, like how the new escrow account will be set up.