The lender has accounted for 30% of complaints to the Consumer Financial Protection Bureau, with two-thirds of them involving modifications.
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 ofCountrywide Financial Corp. in Calabasas. Countrywide had become the No. 1 mortgage firm by specializing in subprime and other high-risk loans.
Two-thirds of the complaints involved BofA's handling of loan modifications, debt collection and foreclosures, a fact the bank attributed to the concentration of toxic Countrywide loans. An additional 20% involved customer-service problems, such as the handling of payments and escrow accounts for funds used to pay taxes and insurance.
The bank noted that the bureau's website shows that 98% of the problems have been resolved.
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