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Bank of America tops list of mortgage complaints by borrowers

Bank of America tops list of mortgage complaints by borrowers

The lender has accounted for 30% of complaints to the Consumer Financial Protection Bureau, with two-thirds of them involving modifications.

Bank of America Corp., which handles customer service on about 15% of U.S. home loans, has accounted for 30% of the mortgage complaints logged by the Consumer Financial Protection Bureau, according to a new database made public by the federal watchdog.

The level of customer discontent — far greater than at home-lending rivals Wells Fargo & Co. and JPMorgan Chase & Co. — reflects BofA’s struggles since its 2008 acquisition of Countrywide Financial Corp. in Calabasas. Countrywide had become the No. 1 mortgage firm by specializing in subprime and other high-risk loans.

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