Most consumers are griping about mortgages. Of the 722,684 complaints made to financial institutions in 2016, more than 30 percent of them were regarding those particular loans.
“It could be that some banks have recognized this kind of loan may not be good for business,” ConsumerProtect.com explains. “In a memo to shareholders, JPMorgan CEO Jamie Dimon outlined that mortgages are offered as a benefit to customers, not because it’s a sound investment for the bank.” And since mortgage lending is not necessarily “good for business,” banks may be less motivated to accommodate consumers, which could explain the high number of complaints.
After mortgages, debt collection accounted for 18.7 percent of complaints filed and credit reporting accounted for 17.9 percent.
Here’s the full breakdown.