than national numbers.For consumers in Los Angeles, credit

reporting complaints—14 percent versus 16 percent of total complaints—and debt

collection complaints—22 percent versus 25 percent of total complaints— make up a smaller percentage of the complaints they have submitted than consumers nationally.

“Whether a con-sumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allow-ing people to access their financial goals,” said CFPB Director

Richard Cordray. “As we see a rise in the number of consumers complaining about this issue, the Bureau will continue to work to ensure that credit re-ports are fair, accurate, and read-ily available to all consumers.”

The Dodd-Frank Wall

Street Reform and Consumer Protection Act, which was signed into law in 2010 and created the CFPB, established consumer complaint handling as an integral part of the

CFPB’s work. It currently accepts com-

plaints on many consumer finan-cial products, including credit cards, mortgages, bank accounts, private student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans.

The Bureau expects com-panies to respond to complaints and to describe the steps they have taken or plan to take to resolve the complaint within 15 days

of receipt. The CFPB expects companies to close all but the most complicated com-plaints within 60 days.

For July 2015, the most-complained-about financial product or service nationwide was debt collection, representing about 31 percent of complaints submitted.

Angelinos Gripe Mainly About Mortgage LoansBy Gaye Rainey, President, and David R. Walker Southland Regional Association of Realtors®

Mortgages have been the most complained about product in the Los Angeles Metropolitan region since the federal Consumer Finance Protection Bureau started taking complaints in July 2011.

Consumers in California as of Aug. 1 had sub-mitted 94,000 – 14 percent—of the 677,200 complaints the CFPB has handled.

Of those complaints, 33,700 of them have come from consumers in the Los Angeles

metro area, which is the second largest metropolitan area by population in the United States.

While the Bureau has received more mortgage complaints nationally than any other financial product, consumers in Los Angeles have submitted mortgage complaints at a higher rate—35 percent of total complaints—than the national average, which is 28 percent of total complaints.

Angelinos also submitted fewer credit reporting and debt collection complaints

ADVERTISING SUPPLEMENT

Consumers in Los Angeles have submitted mortgage complaints at a higher rate than the national average

Settle Real Estate Disputes QuicklyParties to real estate transactions can settle disputes quickly and informally by using a unique, free Ombudsman service provided by the Southland Regional Association of Realtors.Anyone in a real estate dispute with a member of the Association who has not yet or does not want to file an official complaint can take advantage of the program. An ombudsman will help resolve disputes in a timelier and less formal fashion, which benefits all parties.

For more information, contact Michelle Gerhard, SRAR’s Profes-sional Standards administrator, at 818-947-2226 or via email at michelleg@srar.com.

Realtor® Gaye Rainey 2015 President, SRAR

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

THE VOICE FOR REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYSwww.SRAR.com | Real Estate Questions? E-mail Gaye Rainey, SRAR 2015 President, c/o DavidW@SRAR.com

New Home Sizes Starting to ShrinkWhile only 40 sq. ft. smaller, the median size of new homes constructed nationwide during the second quarter of the year dropped slightly from the record high set in the first quarter, the Commerce Department reported recently.The smaller size of 2,479 sq. ft. signals that builders are starting to focus on building more entry-level homes. The National Association of Home Builders has predicted that first-time home buyers, will comprise 18 percent of new-home sales this year, up from 16 percent last year.

Still, that is far short of the 25 percent to 27 percent share of buyers that first-time home buyers comprised in the market from 2001 to 2005. At that time, the median size of new homes ranged from 2,051 to 2,263 sq. ft.

David Crowe, chief economist with the National Association of Home Builders, told the Wall Street Journal that the median size of new-homes will continue to shrink over the coming years as more first-time buyers enter the market. Still, it may take a long time for the national median-size figure to reflect the trend further.

HOMEBUYERSEMINARFR

EE

Saturday, October 3, 201510:00 a.m. - 12:00 p.m.

Southland Regional Association of REALTORS®7232 Balboa Blvd., Van Nuys, CA 91406

Learn directly from professionals about:

To RSVP, call 818-947-2298or via email at oscars@srar.com

THIS SEMINAR IS STRICTLY FOR THE GENERAL PUBLICNO REALTOR MEMBERS ALLOWED UNLESS ACCOMPANYING A CLIENT

* The Buying Process* Down Payment Assistance* FHA vs. Conventional Loans* Working with A REALTOR®* Importance of Good Credit & How to Improve Your Score* City Assistance Programs* And Much More!

Obtainthe American Dream!

Complimentary

refreshments

will be provided

Of the 26,704 complaints handled in July, approximately 8,224 of them were about debt collection.

The second most-complained-about consumer product was credit reporting, accounting for approximately 6,696 com-plaints. The third most-complained-about financial product or service nationally was mortgages, accounting for approximately

4,498 complaints.To submit a complaint, consumers

can go online at www.consumerfinance.gov/complaint/ or call the toll-free phone number at 1-855-411-2372.

The Southland Regional Association of Realtors® is a local trade association with more than 9,100 members serving the San Fernando and Santa Clarita valleys. SRAR is one of the largest local associations in the nation.

3 MONTHLY COMPLAINT REPORT: AUGUST 2015

Visit consumerfinance.gov/complaint to learn about how we handle complaints or to submit a complaint. Visit our Consumer Complaint Database at consumerfinance.gov/complaintdatabase to search, sort, filter, and export complaints.

1.1 Complaint volume by product As of August 1, 2015, the CFPB has handled approximately 677,200 complaints, including 26,700 complaints in July 2015. Table 1 shows the percentage change in complaint volume by product from May - July 2014 to May - July 2015. 4

TABLE 1: CHANGE IN COMPLAINT VOLUME5

4 Complaint totals include all complaints with product breakdowns focusing on the most-complained-about consumer financial products and services. We began accepting complaints about prepaid products and other financial services in July 2014, two months after the relevant comparison period for this report.

5 Percentages in Monthly Complaint Report may not sum to 100 percent due to rounding.

As of Aug. 1, the CFPB had handled approximately 677,200 complaints, including 26,700 complaints in July 2015. The chart shows the percent-age change in complaint volume by product from May to July 2014 and the same time period in 2015.

Change in Complaint Volume by Product