The Consumer Financial Protection Bureau- CFPB

Many homeowners, in fact anyone who has debt should be aware of this organization and its oversight abilities. I am going to guess that not many consumers have heard of the CFPB.

They are funded by the federal government and have only been around a few years. Most mortgage servicers and debt collectors are not big fans of the CFPB for many reasons.

In theory, the CFPB is here to protect you, the consumer from illegal or unethical collection practices. They also have appointed themselves the "people's watchdog" for how payments are applied, how notices and correspondence should be handled between the debt collector and the consumer as well as other issues related to protecting the consumer.

As to why debt collectors do not like the CFPB is simple. They are helping to keep debt collectors honest and ethical in their dealings with consumers. The CFPB has also put into place several guidelines and regulations that debt collectors must comply with. Some of those regulations cause compliance issues regarding collection issues and other practices which debt collectors have no choice but to abide by or get slapped with a hefty fine.

They are also available should you have a complaint regarding a debt collection practice or something that happened to you regarding a debt.

This is a link to their website. It has shows you how to file a complaint if you have one. 

http://www.consumerfinance.gov/