July 2, 2015
Every home loan is different. When you apply for an FHA mortgage, you may experience a variety of circumstances along the way that can affect how simple or difficult it is to get to your closing date. Borrowers who prepare ahead of time, who get pre-purchase counseling, and learn from the mistakes of their fellow house-hunters can make the entire process simpler and easier to deal with.
That’s one reason why the FHA has a list of resources on its official site (www.fha.gov) aimed at advising new borrowers, but the FHA and HUD are not the only government agencies that offer such assistance.
The Consumer Financial Protection Bureau (CFPB) also has a wealth of resources aimed at helping consumers in general, but they also have a special section for house hunters and home loan applicants.
One of the best things this agency has done in recent times is to set up a complaint reporting process for borrowers who have experienced difficulties with their mortgage loans. People who have used this tool have gotten results, as the video below will reveal.
Borrowers who feel they’ve gotten a raw deal in the home loan process can complain to the CFPB via their recently added Submit A Complaint section. In the situation described in the video below, resolution was achieved via this complaint system and it’s one more tool consumers have to insure their home loan process is fair.
(Please note: This website is not affiliated with the FHA or the CFPB in any way. To file complaints with the CFPB you will need to click the link above or go to the CFPB official site.)
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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