Homecomings Financial, LLC (previously known as Homecomings Financial Network Inc.) was a United States-based mortgage servicing company. The company ceased operations in December 2013.
Incorporated as Homecomings Financial Network, Inc. in 1995, the company provided fixed-rate, adjustable-rate, interest-only, and balloon mortgages for homeowners wishing to purchase or refinance houses. Their headquarters were in Minneapolis, Minnesota, and their servicing office was in Dallas, Texas. General Motors Acceptance Corporation (GMAC) and Capstead Mortgage Group created the company, which later became a subsidiary of GMAC’s Residential Capital Corporation (RESCAP). GMAC founded RESCAP in order to place all of its troubled units there and file for Chapter 11 bankruptcy as a group. In the aftermath of the 2008 financial crisis, Homecomings Financial encountered severe difficulties.
Homecomings Financial, LLC ceased operations on December 17, 2013 due to RESCAP’s bankruptcy case. The company’s mortgages may be blocked until the bankruptcy is completed, or they may have been sold to other businesses. GMAC has changed its name to Ally Bank and no longer accepts mortgage applications, however it continues to offer a variety of financial products.
