Some companies are searched regularly on the Internet because of their stellar reputations. Some are searched for because of the type of clientele they specialize in. Some mortgage companies are excellent to deal with, and consumers give them high ratings. Other companies are poorly regarded and seem to be on the edge of trouble of various kinds. EMC appears to be one of the ones in trouble.
EMC mortgage has an official website and there is a lot of information on the web about these folks, but not much of it is positive.
Headquartered in Irving, Texas, EMC specializes in servicing the mortgages of people with imperfect credit. They may have done this with a less-than-stellar performance. Apparently, there is a class action suit being launched against EMC, and there is a website on the Internet which is looking for others to join it.On the class action website, the authors of the site list the 7 signs of mortgage fraud as follows:
- Recording timely payments as late, thereby imposing illegal fees.
- Improperly refusing to accept monthly mortgage payments, resulting in default and adverse credit reporting.
- Paying property taxes late, and then charging the late fees to the borrower.
- Charging force-placed insurance when the homeowner already has coverage.
- Disregarding qualified written requests under RESPA and related homeowner complaints.
- Abusive treatment by customer service representatives and collection attorneys.
- Forcibly entering borrowers' homes to winterize or place foreclosure signs on the premises.
If EMC is indulging in even a portion of these practices, it does not bode well for you as a consumer doing business with them.
If you are considering a mortgage with EMC or currently have one with this company, please speak to a financial or legal advisor as soon as possible. Many financial and legal advisors will do an initial discussion with a potential client at no charge. If your treatment to date by EMC has been okay, you may be fine. But if there is any sign of any of the above business practices, be sure to take action to protect your interests. Keep careful records of your payments, your interactions with EMC and any other documentation that you receive from them.
Mortgage Guide 101. Used with permission. See