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Lender Complaints

Occasionally, home buyers will encounter situations in the loan process that are different than originally explained. If for any reason you believe that you are being taken advantage of, you have a number of avenues to pursue. Much of the reason that the mortgage process seems so complicated is that there are many laws, regulations and requirements - most created to protect the consumer.

Since HIN is not a regulatory institution, we cannot provide legal counsel or recommend a particular course of action; however, we are able to provide information that might be useful to you in deciding how to handle your particular situation. After talking to your lender, you can use these resources. If you have a complaint or if you question a particular lender's actions, you can contact the appropriate agencies below: State Banking Authority
State Banking Authorities are responsible for the chartering, regulation, examination and supervision of state-chartered banks, savings banks and credit unions. These divisions also license and supervise the activities of small loan companies, first mortgage companies and second mortgage companies. The following are their complaint procedures:
  • Contact, in writing, someone with authority at the lender company to resolve the complaint.
  • If your contact fails, complete and mail complaint forms to your State Banking Authority office. They will send a copy of the complaint to the institution, and they will request that the institution respond promptly to you and send a copy of its response to the authority's office.
These organizations cannot act as a court of law but may suggest that a consumer seek the advice of an attorney. They do not offer legal advice, will not handle a complaint that is in litigation, and will not act on behalf of either party of the dispute. If a company is found to be in violation of a law, the agency will take the appropriate administrative action. This action is helpful prior to any legal battles you may wish to pursue. For a list of these organizations, see State Banking Authorities.

Office of Thrift Supervision (OTS) The OTS is an agency of the U.S. Department of the Treasury. It's job is to oversee savings associations (once known as savings and loan associations), and companies related to those associations. Most savings associations offer mortgage loans, and if your mortgage is with one of them, this agency may help answer questions you may have on its Consumer Inquiries web page.

Office of the Comptroller of the Currency (OCC)
The OCC is also an agency of the U.S. Department of the Treasury. It's mission is to oversee all national banks. (See Step 1: See a Lender for an explanation about some different types of institutions that offer mortgage loans.) This agency's Consumer Complaints and Assistance Web page may help if you have questions about a mortgage with a national bank.

National Credit Union Administration (NCUA)
The NCUA is the federal agency that charters and supervises federal credit unions, most of which offer mortgage loans. If you have questions about a credit union mortgage loan, you may find helpful information on the agency's web page.

Federal Deposit Insurance Corporation (FDIC)
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress that maintains the stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions, and managing receiverships. This agency can assist with complaints and offers helpful information about the lending process. For example, you can learn about predatory lending on its web page.

Better Business Bureau (BBB)
The Council of Better Business Bureaus is the umbrella organization for the Better Business Bureau (BBB) system, which was founded in 1912 and is supported by more than 300,000 local business members nationwide. It is dedicated to fostering fair and honest relationships between businesses and consumers, instilling consumer confidence and contributing to an ethical business environment. The location is
Council of Better Business Bureaus
4200 Wilson Boulevard, Suite 800
Arlington, VA 22203
(703) 276-0100

By logging on to its Web site www.bbb.org, you can check out a company, file a complaint, obtain consumer information and review online safe shopping advice. Its core services include:
  • Business Reliability Reports
  • Dispute Resolution
  • Truth-in-Advertising
  • Consumer and Business Education
  • Charity Review
The BBB can handle these types of complaints at the local BBB where the mortgage company is located:
  • misleading advertising
  • improper selling practices
  • non-delivery of goods or services
  • misrepresentation
  • unhonored guarantees or warranties
  • unsatisfactory service
  • credit or billing problems
  • unfulfilled contracts
Federal Trade Commission (FTC)
Although the FTC has enforcement authority, it does not resolve individual consumer problems. Filing a complaint helps the FTC investigate fraud, which may lead to law enforcement actions. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into a secure, online database available to hundreds of civil and criminal law enforcement agencies worldwide. FTC has enforcement authority over mortgage companies for the following laws:
  • Equal Credit Opportunity Act
  • Fair Credit Reporting Act
  • Fair Debt Collection Practices Act
  • Truth in Lending Act
Federal Trade Commission (FTC)
6th Street and Pennsylvania Avenue, N.W.
Washington, DC 20580
(202) 326-2222
www.ftc.gov

U.S. Department of Housing and Urban Development (HUD)
Consumers can file a complaint using the online form, mailing in a written complaint or by calling direct. HUD handles complaints in several categories:
  • Housing Discrimination/Fair Housing Act
  • Real Estate Settlement Procedures Act
  • Landlords in Federal Housing
  • Manufactured Housing
  • Land Sales
U.S. Department of Housing and Urban Development (HUD)
451 7th Street, S.W.
Washington , DC 20410
(202) 708-1112
www.hud.gov







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Please Note: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.