Investigation and pending class action against Homecomings Financial alleging Homecoming illegally serviced the 800,000 home loans it services each month.
Homecomings is one of the nation's largest mortgage servicers. Homecomings services the mortgages of more than 800,000 households nationwide. Homecomings routinely tries to collect, and in fact does collect, improper fees and charges from homeowners, including charges for unnecessary and unauthorized property inspections, and unauthorized and excessive fees for using its electronic payment processing services. Homecomings engages in the practice of "force-placing" hazard insurance, that is, purchasing insurance for the borrower's property and charging the borrower for it. In many cases, Homecomings force-places insurance even though the property is already insured. In addition, Homecomings fails to obtain insurance at competitive prices. Homecomings assesses these improper fees, costs, and charges to maximize its profits, often putting homeowners into default status. Then, it demands payment from the homeowners on the improper charges, collecting them from homeowners' monthly loan payments, loan payoffs, and even through foreclosure sales.
Name (Stock Symbol)
Homecomings Financial, LLC
Homecomings Financial, LLC is a mortgage lender. It is wholly owned by GMAC.
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