Handling Problems During The Home Loan Process

If you experience problems or discrimination while going through the home loan process it’s important that you know what recourse you have. The following excerpt from the Consumer Financial Protection Bureau’s Home Loan Toolkit can help to understand how to resolve problems that may occur when working with a lender.

The complete toolkit, including financial worksheets and valuable tips, is available as a download (in PDF).

I have experienced a problem with my loan application or how my loan officer is treating me.

Ask to talk to a supervisor. It may be a good idea to talk to the loan officer first, and if you are not satisfied, ask to speak with a supervisor.

I think I was unlawfully discriminated against when I applied for a loan or when I tried to buy a home.

The Fair Housing Act and Equal Credit Opportunity Act prohibits housing and credit discrimination. If you think you have been discriminated against during any part of the mortgage process, you can submit a complaint and describe what happened. To do so, you can call the Consumer Financial Protection Bureau at (855) 411-2372 or visit consumerfinance.gov/complaint.

You can also submit a complaint to the U.S. Department of Housing and Urban Development (HUD) by calling (800) 669-9777, TTY (800) 927-9275. Or, file a complaint online at HUD.gov.

You can find more information about your rights, and how to submit a complaint, with the CFPB at consumerfinance.gov/fair-lending.

I have a general complaint.

Submit a complaint to the Consumer Financial Protection Bureau if you have problems at any stage of the mortgage application or closing process, or later if you have problems making payments or become unable to pay. You can call (855) 411-2372 or visitconsumerfinance.gov/complaint.

I think I may have been the victim of a predatory lender or a loan fraud.

Don’t believe anyone who tells you they are your “only chance to get a loan,” or that you must “act fast.” Learn the warning signs of predatory lending and protect yourself. Find more information at portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hcc/OHC_PREDLEND/OHC_LOANFRAUD. You can also earn more about your loan officer at nmlsconsumeraccess.org.

The Consumer Financial Protection Bureau is a federal agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.  Have a question about a common consumer financial product or problem? You can find answers by visiting consumerfinance.gov/askcfpb.