Buying a home can be the best of times or the worst of times; when it falls under the "worst of times," once-hopeful buyers are often compelled to file complaints against mortgage brokers. Filing a complaint should only come after all other avenues have been exhausted, however.
Common Mortgage-Related Complaints
Legitimate complaints against mortgage brokers might cover any number of issues, from outright fraud to misrepresentation, deception, prepayment penalties, interest rates and closings. If the issue is serious enough, and has cost you undue hardship and financial distress, you might want to consult an attorney to see if legal remedy is available for you. There are a range of laws that govern the conduct of mortgage brokers and lenders. If these have been violated, you are within your rights to complain, demand a remedy, or to file a lawsuit.
Complaints Against Individual Brokers
If your complaint is against the mortgage broker personally, as opposed to a disagreement concerning the loan product or loan institution, then you may file complaints with the professional organization to which the broker belongs. These include the National Association of Mortgage Professionals and the National Association of Mortgage Brokers.
You should also file a complaint with appropriate state regulatory entities for mortgage brokers (which is the banking commission in most states). You may also file a complaint with the Better Business Bureau.
Complaints Against Loan Products and Institutions
If your complaint is with the loan product or the banking institution, it's best to register your concerns with the appropriate regulatory agency. A variety of different government agencies are responsible for the various mortgage brokerages and banks, as follows.
Federal Deposit Insurance Corporation
If an FDIC-insured state bank is not a member of the Federal Reserve System, then your complaint should be filed with The Federal Deposit Insurance Corporation (FDIC). They have a convenient online form or you may contact them by phone or U.S. postal service.
Federal Deposit Insurance Corporation
Division of Compliance
1730 Pennsylvania Ave
7th Floor
Washington DC 20429
(877) 275-3342
Comptroller of the Currency
Within the U.S. Department of the Treasury, you will find the The Office of the Comptroller of the Currency (OCC). This is the office to contact to make a complaint against a National Bank. They have a convenient online complaint form as well.
Comptroller of the Currency Compliance Management
250 E Street SW
Washington DC 20219
(800) 613-6743
Federal Trade Commission
Mortgage and finance companies and state credit unions must answer to the Federal Trade Commission (FTC). File your complaint via the online form, "complaint assistant." It will prompt you to answer questions and supply the necessary information. FTC's Online Complaint Assistant.
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, N.W.
Washington DC 20580
(877) 382-4357
The Federal Reserve Board
For a complaint against a state-charted bank and trust, contact The Federal Reserve Board. The Federal Reserve board is also the place to contact regarding violations of Equal Credit Opportunity Act, Truth-in-Lending laws and the Fair Credit Reporting Act. Federal Reserve Board Online Complaint Form. You may want to download the form and submit it by fax or mail.
Federal Reserve
PO Box 1200, Minneapolis, MN 55480
Fax: 877-888-2520
(202) 452-3693
National Credit Union Administration
If you have been dealing with a National Credit Union, then your complaint should be filed with the National Credit Union Administration. Visit the website below to find the regional office for your state or contact the national office by mail or phone.
National Credit Union Administration
1775 Duke Street
Alexandria VA 22314-3428
(703) 518-6300
Department of Veterans Affairs
Loans which were guaranteed by the VA will be handled by the Department of Veterans Affairs. Contact via email, regular mail or phone.
Department of Veterans Affairs
Consumer Affairs Service
810 Vermont Avenue, NW
Washington DC 20420
(202) 273-5770
Don't Hesitate to Voice Concerns
If a mortgage broker makes promises that aren't kept, or tricks you into signing paperwork that says something other than what was agreed upon, it is time to file a complaint against a mortgage broker. You may be able to receive restitution and may help other consumers avoid utilizing the services of a mortgage broker who is out to swindle people.
