What is Homecomings Financial Mortgage Company?


Quick Answer

Homecomings Financial, LLC (formerly known as Homecomings Financial Network Inc.) was a mortgage servicing company based in the United States. The company went out of business in December of 2013.

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Full Answer

The company was first incorporated in 1995 as Homecomings Financial Network, Inc. and serviced fixed-rate, adjustable-rate, interest-only and balloon mortgages for homeowners seeking to buy homes, or take out or refinance mortgages. They were based in Minneapolis, Minn., with a servicing office in Dallas, Texas. The company was founded by General Motors Acceptance Corporation (GMAC) and Capstead Mortgage Group, and became a subsidiary of GMAC's Residential Capital Corporation (RESCAP). RESCAP was created specifically by GMAC as a place to shunt all of its problematic divisions and collectively file for Chapter 11 bankruptcy. Homecomings Financial began to experience serious trouble in the wake of the financial crisis of 2008.

Homecomings Financial, LLC went out of business on Dec. 17, 2013 as part of the terms of RESCAP's bankruptcy filing. Mortgages held by the company may be frozen until the bankruptcy is resolved, or may have been sold to other companies. GMAC has since renamed itself Ally Bank and no longer accepts new mortgage applications, though they do still offer a range of financial products.

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