Homecomings Financial is the WORST mortgage company I have ever worked with, and I have worked with a bunch of them!!!
I have an investment property mortage loan with HF. I want to drop my PMI insurance. So I called HF to have y PMI dropped. They sent me a letter listing the steps I need to have completed to drop the PMI: have no late payments in last 24 months, have 30% equity, and pay for an appraisal. I have credit score in the high 700's, I never have had a late mortgage payment in my life, I have 37% equity in this particular property, and I have a low debt to income ratio. Any mortgage company would love to have me as a customer. I'm sorry I signed with HF!
Well, when I followed up with HF to schedule the appraisal (I already know the value of my property as I an a RE agent qualified to do comparative analysis, and 2 years earlier I bought the property at 50% value), HF told me they decided they will not drop my PMI. When I asked why, they simply said that they have "the option" not to allow me to drop it. Well, in the mortgage I signed it said I, yes I have the option to jump through their hoops and have my PMI dropped. Now they all of the sudden are randomly deciding that they just won't let me drop it. And why send me the form letter detailing the requirements and procedures for dropping it if they never intended to allow me to drop it in the first pace. SWINDLERS!
Long story long, I callled everyone in the company, no return calls, always a "we'll have someone call you back", but nobody ever did. I don't deserve to be treated like this. I have an exemplary record with all my lenders.
Caveat Emptor - buyer beware! If you have ANY other options than to sign a note with Homecomings, do so, and save yourself a lot of grief. I assure you, sooner or later you will need something, and HF will not help you out. Stay away from homecomings financial - they are horrible!!!
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