Reverse mortgage complaints to CFPB accelerate during pandemic

The amount of consumer complaints to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage product category appear to have accelerated since the beginning of the national emergency stemming from the COVID-19 coronavirus pandemic, RMD has learned.

This is according to an analysis of the CFPB Consumer Complaint Database for data collected by the agency between March, 2020 and January, 2022. While the average monthly rate of pandemic-era CFPB reverse mortgage complaints is still lower when compared with the period prior to COVID-19, the rate has noticeably accelerated very recently, between November 2021 and January 2022.