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#2038 - 05/14/04 03:26 PM Homecomings Financial -What do you know about Co?
JSD Offline
Gold Star

Registered: 10/30/00
Posts: 260
Loc: USA
Trying to help a friend - their mortgage was sold from a FDIC regulated FI to Homecomings Financial, a wholly owned subsidairy of GMAC. Their 800 - is customer no service once you get to a warm body!!! I want to find out who regulates them. The friends never recieved a disclosure at Time of Servicing Transfer from old FI or the new one. Does anyone know who regulates this mortgage servicing company? Thanks in advance for you help. JSD

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#2039 - 05/14/04 03:40 PM Re: Homecomings Financial -What do you know about Co?
redsfan Offline
Power Poster

Registered: 12/07/00
Posts: 2826
Loc: Fishers, IN, USA
They are going to be regulated by the FTC and the regulator in your friend's home state who regulates mortgage companies.

If your friend did not receive a good-bye letter from the old institution, then you could also complain about that FI to the FDIC.
_________________________
The opinions expressed here are personal and do not represent opinions of my employer.

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#2040 - 05/15/04 01:12 PM Re: Homecomings Financial -What do you know about Co?
Bonnie M Moderator Offline
Power Poster

Registered: 06/01/01
Posts: 5117
Loc: Southern California
I wish your friends lots of luck. I had a loan with Homecomings and their service was a nightmare for me. I was so very glad when I refinanced the loan and paid them off. The new loan was sold to a different national mortgage company that, so far, has not tried to mess up my credit.

Tell your friend to be RELENTLESS with Homecomings. Send them letters, call them constantly, send copies to the FTC and your local congressional representative if things get bad. Let Homecomings know to whom they are complaining. My experience with them is that the squeaky wheel gets the oil.

Their handling of the servicing transfer started the nightmare because they never properly recorded the payments that went to the prior lender and for 3 years I had a late payment showing on my loan.

I was successful in getting it corrected, but then a short while later, they started reporting the late payment again. Tell your friend to pay close attention to his/her credit report and to dispute any inaccurate information with the credit reporting agency ASAP.
_________________________
I am not a lawyer and I donít play one on TV. These are simply my own opinions.

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#2041 - 06/19/06 01:10 PM Re: Homecomings Financial -What do you know about Co?
Anonymous
Unregistered


Tell your friends to get out of Homecomings any way they can. The Net is full of reports of problems with them--from the transfer problem (I went through that one with them too--no notice, no eltter, no nothing til they started dunning me for payments that had goen to my old mortgage co. and had been sent to them but had not be acknowledged by them. Then they started reporting that I had not paid my mortgage when, in fact, I had...repeatedly requiring me to document payments (and losing that documentation repeatedly) all the while harrassing me with threats of foreclosure. THis seems to be a common occurrance--see other compl;aint websites all detailing the same issues with Homecomings.

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#12944 - 04/27/07 08:22 AM Re: Homecomings Financial -What do you know about Co? [Re: Anonymous]
Anonymous
Unregistered


I am having mental health issues over the immoral treatment from Homecomings. Began service with them (Fall 06') and have sent my full monthly mortgage payments on time. Somehow Homecomings has managed to receive my pymts (checks) and have the amount debited from my checking account but STILL NOT apply the monies on their books, post my 1st mortgage pymts onto my 2nd mortgage and not be able to reverse it. Mere incompetence or just plain ole' fraud!!! HF states "once we receive your check we convert it to an ACH debit; now, we are not able to process it because it was check #0". FYI...I do not have a check # "0" after all my checking account has been opened for 20 years. I have repeatedly asked for a copy of the check that they received from me that supposedly is not 'processable'...to no avail. I have conferred my bank representatives on the call with Homecomings' "supervisor" and the bank verified as well as FAXED proof of my checking account being debited of my mortgage amounts (with the corresponding check #.) HF supervisor supposedly sent the document to their "research dept" however the $$ has still not been credited to my account. Today I get an email from Homecomings that they can not provide me a copy of the document that they were not able to 'process' because they were not able to "locate the account". They also note that my bank "requested the funds back in March 07' that were paid in Dec. 06" Strangely Homecomings now speaks of foreclosure even though I am set up on a draft. I have called at least 20 times, sent Fed Ex mail to CEO, I am at the point of getting an airline ticket and going to their physical address and knock until I can get my account corrected. This is too time consuming to fight them and supply all of this PROOF when all they have to do is hide behind "I apologize, no manager is available to speak with you". I do not know where else to turn.

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#13073 - 05/15/07 12:21 PM Re: Homecomings Financial -What do you know about Co? [Re: Anonymous]
Anonymous
Unregistered


Have you contacted the FTC and your local congressional representative? Here is a link to the consumer section of the FTC Site and there is a "File a Complaint" link at the top of every page:
http://www.ftc.gov/bcp/conline/edcams/credit/coninfo_mortgage.htm

Good luck!

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#13450 - 06/23/07 08:10 PM Re: Homecomings Financial -What do you know about Co? [Re: Anonymous]
Anonymous
Unregistered


I am incurring severe problems with this company as well. I would would encourage you to file complaints with the following entities:

-The Federal Trade Commission
-The Office of Your State's Attorney General
-The Better Business Bureau of Minnesota and North Dakota (where they are headquartered)
-The Minnesota Department of Commerce (an agency that regulates the company)

Homecomings has an "unsatisfactory" record with the Better Business Bureau in its home state of Minnesota. Over the last 36 months, 309 complaints have been filed against the company. The BBB Reliability report reads as follows in reference to Homecomings Financial:

"Based on BBB files, this company has an unsatisfactory record with the Bureau due to a pattern of complaints and has failed to correct the underlying reason for the complaints. The Bureau's files show a pattern of poor customer service regarding no return calls, an inability to talk to a supervisor, being put on hold for unusual lengths of time, and being disconnected. Another pattern of complaint is mortgage payments not being applied to the right account, not posting payments in a timely manner causing late fees, and payments not received by the company. The company has responded to all complaints presented to them by the Bureau. The Bureau processed a total of 309 complaints about this company in the last 36 months, our standard reporting period."

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