CFPB’s New Consumer Complaints System Could Hurt Lenders: STRATMOR Group

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National Mortgage News reporter Jacob Passy recently called upon STRATMOR’s Garth Graham for commentary for a story entitled, “CFPB’s New Consumer Complaints System Could Hurt Lenders: STRATMOR Group.”

In his story, Passy asks whether the CFPB’s new consumer functionality could pose a serious risk to the industry, to which Graham responds:

“We see that when lenders reach out directly to consumers right after closing to provide feedback, the consumers will provide it. We think it’s better to have that approach than to wait until an unhappy consumer tells the story to CFPB. Our experience surveying tens of thousands of mortgage borrowers tells us that when consumers are not happy, they tell people about it. Lenders do not want these borrowers placing long, angry narratives into the public complaint database.”

In other words, probably so.

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