The borrower drops a potential complaint. Mortgage borrowing is a complex, technical process that requires clear communication and honesty by borrower and lender. The fact that they even have a consumer complaint department is a positive thing - not every state has on office for these types of complaints,'' states Susan Zuber, Director of the Massachusetts Mortgage Bankers Association. We refer some of the calls we get to them. I'm not aware of their procedures, but just the fact that they exist speaks well of the Division of Banks.'' About 700 complaints came into the Office in 1994 relating to mortgage borrowing, down slightly from 1993, according to state records.
Most complaints are against licensed mortgage lenders and brokers.
Of these complaints, slightly more than half are resolved with a high degree of cooperation by the lenders. One in five are resolved with a moderate degree of cooperation by the lender. One in eight are unresolved due to a lack of cooperation by either the lender or borrower. One in eight require consumer education. About one percent of complaints require litigation.