State Agency Gets More Complaints

Among other factors, the cooling mortgage market is driving brokers and lenders to new lengths for business. Some of those means are not exactly honest and are really not in the interest of the borrowers. The state of Oregon has reported a 30% increase in complaints from 2005, with exotic loans and frenzied mortgage lenders bearing the worst of the claims. Almost 50 of the 249 complaints received led to sanctions being logged - nearly double the number from the previous year.

The Oregon Division of Finance and Corporate Securities is holding its first mortgage and lending forum May 22; the forces behind the meeting are hoping that consumers wronged with their mortgage will attend. Client satisfaction and disclosing is a top priority at the forum and the intent is that brokers attending will be brought up to speed on the quality of client satisfaction. Those leading the forum acknowledge that some of the complaints are a result of inexperienced brokers who could learn more about their trade from hearing disgruntled customers. The forum will also be open to ideas for reform to state laws regarding lending in the state.