Mortgage Complaint Hotline for Borrowers

The Consumer Protection Bureau has created a new mortgage complaint hotline to help borrowers deal with unresponsive lenders. According to the Los Angeles Times, the hotline went live on Dec. 1 but has not been widely publicized. The program is developed similarly to agency's credit card dispute hotline where customers submit a complaint which is forwarded to the lender. The lender then reports back to the bureau with a resolution that is sent to the consumer for review. Throughout the process, borrowers will be able to log into a portal or call a toll free number to receive updates on their case. The complaint hotline is accessible online at http://www.consumerfinance.gov and by toll-free phone between 8 a.m. and 8 p.m. Eastern at (855) 411-2372.

With the number of pending foreclosures today, do you think this hotline will be effective in resolving mortgage dispute issues?