Investigation and pending class action lawsuit against Homecomings Financial, a national mortgage lending and servicing company, alleging a nationwide scheme of illegal, unfair and deceptive business practices of charging unauthorized fees to its home loans in connection with its servicing of these loans..
Specifically the class action lawsuit alleges that Homecomings engaged in the following conduct
(1) the assessment of improper and excessive force-placed hazard insurance premiums;
(2) assessment of charges for unnecessary and unauthorized property inspections;
(3) improper and excessive assessment of late fees;
(4) unauthorized and excessive electronic payment processing fees (called "Speedpay");
(5) the improper and incomplete notices of change in interest rates.
Name (Stock Symbol)
Homecomings Financial, LLC
Homecomings Financial, LLC is a mortgage lender. It is wholly owned by GMAC.
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