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ResCap Unit Modifies Prepayment Penalty Policy

Homecomings resolves DOJ investigation on military borrower

December 16, 2008

By MortgageDaily.com staff

A subsidiary of Residential Capital LLC has resolved a federal investigation into a prepayment penalty charged by the unit. The borrower was active in the military.

The U.S. Department of Justice announced today that it previously launched an investigation into Homecomings Financial LLC over a $9,144 prepayment penalty it charged Master Sergeant Brenda S. Gomez.

Gomez had received a permanent change-of-station order and sold her home to move closer to the new base. But when she requested a waiver of her prepayment penalty, Homecomings denied her.

The Justice Department launched its investigation under the Servicemembers Civil Relief Act following an inquiry by Gomez.

However, during the investigation, Homecomings refunded the prepayment penalty to Gomez.

In addition, the lender modified its policy to ensure that all servicemen and women receive requested prepayment penalty waivers on owner-occupied loans when they are involved in transfers of at least 30 miles. The new policy also applies to Homecoming affiliates GMAC Mortgage LLC, Residential Funding Company LLC and GMAC Bank.

Homecomings halted wholesale broker channel originations in September. That move was made by its struggling parent, ResCap, "to further optimize the mortgage business as the downturn in the credit and mortgage markets persists." Around 5,000 jobs were expected to be eliminated as part of the company-wide consolidation -- including layoffs at Homecomings.

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