With the CFPB mortgage rules coming into effect, mortgage providers should have completed the work of getting their complaint handling procedures up to speed.
Ottawa, ON (PRWEB) January 10, 2014
i-Sight Software today announced the publication of an infographic illustrating a new Deloitte study on the CFPB’s consumer complaint database. The publication of the infographic coincides with the January 10th deadline for financial service providers to comply with the CFPB’s new mortgage rules.
“With the CFPB mortgage rules coming into effect, mortgage providers should have completed the work of getting their complaint handling procedures up to speed,” says Joe Gerard, Vice President, Marketing and Sales, i-Sight Software. “The fact that a recent survey by Deloitte pointed to the fact that troubled mortgages have been behind the majority of entries in the CFPB complaint database should catch the attention of mortgage providers and make the point that consumer complaint tracking is of critical importance for anyone in this market.”
The CFPB has been collecting complaint data in its consumer complaint database for more than two years and has amassed a repository of more than 100,000 consumer complaints. The database can be used as a resource for mortgage providers searching for emerging trends in consumer complaints related to mortgages.
Until now, attention on the database has focused on comparing financial institution performance. However, Deloitte’s report has uncovered some valuable insights about the nature and sources of complaints, especially as they relate to the mortgage industry.
“For one thing, the report revealed that customer misunderstanding may be at the heart of more complaints than financial institution error,” says Gerard. “This provides valuable information for service providers about where they need to put their emphasis when it comes to complaint tracking and resolution. Clearly, better communication with customers can go a long way towards resolving issues before they become full-blown complaints.”
The report showed a reduction in the amount of time it takes providers to resolve consumer complaints, which is great news for consumers. But the report also highlighted that mortgages have generated the largest number of complaints, an important point for those companies now coming under the CFPB’s new mortgage rules.
Click here to see the CFPB Complaints Database infographic.
Based in Ottawa, Canada, i-Sight by Customer Expressions is a leading provider of web-based complaint management software. The privately held firm works with investigative teams to improve corporate investigations of fraud, employee misconduct, ethics & compliance, security and legal incidents. For information and breaking news related to corporate investigations, visit the company blog at http://www.i-sight.com.
For further information, contact:
Joe Gerard, Vice-President, Marketing and Sales
800-465-6089 or media(at)i-sight(dot)com