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RoundPoint Mortgage Servicing review
Basic home loan options but lacks transparency when it comes to rates and lender fees.
RoundPoint Mortgage can be a good option for first-time homebuyers with its low down-payment options. But its website isn’t transparent about its rates or what types of loans it originates. Call to speak with a loan officer to determine if this company is right for you.
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, Refinance, |
|---|---|
| Minimum credit score | Conventional: 620 FHA: 500 VA: 580 |
| Minimum down payment (Conventional) | 3% |
| State availability | Available in all states |
| NMLS # | 18188 |
Our take on RoundPoint Mortgage Servicing
There isn’t much that positively distinguishes RoundPoint from its competitors. It’s a run-of-the-mill mortgage lender that offers a handful of traditional home loan types. The online application process is simple, but you have to wait for a loan officer to contact you before moving the process along.
If you’re a homebuyer looking for a fully online application and closing process, RoundPoint isn’t for you. If you don’t mind — or you prefer — this traditional approach to securing a mortgage, you probably won’t see this as much of an issue.
One thing that does help RoundPoint stand out is its nationwide coverage. Homebuyers in any state can use its services. It also has some physical branch locations throughout the country, though these are limited.
Out-of-state loan officers serve some states that have no physical branch locations, like Alaska and Delaware. But RoundPoint’s website makes it straightforward to locate a loan officer servicing your area.
There’s nothing specific to RoundPoint that would make me recommend it over another lender. It charges an origination fee that’s on par with many other lenders, but it could improve when it comes to transparency. RoundPoint doesn’t publish its rates online, and it makes no mention of its lender fee on its posted list of fees. We had to call to get specifics about its origination fee.
If you want a fully online and streamlined mortgage experience, you’ll need to keep shopping around to find the best mortgage lender for you. Even if you like the idea of dealing with a loan officer in person, there are other comparable — and even better-rated — lenders out there.
RoundPoint Mortgage Servicing requirements
RoundPoint Mortgage Servicing doesn’t list its mortgage requirements on its website and hasn’t responded to our request for more information as of December 2020. But generally your requirements depend on the loan program you choose, and expect lenders to require:
- A 620 minimum credit score for conventional loans.
- Debt-to-income (DTI) ratio of 50% or lower.
- A maximum loan-to-value (LTV) of 90% to 97%.
- A 3% to 10% minimum down payment.
If you choose an FHA loan, your requirements may differ. For example, FHA usually prefers a 580 minimum credit score and has down payment options as low as 3.5%.
Documentation
RoundPoint doesn’t specify documentation requirements, but for most loans, you’ll need the following documents when you apply:
- Government-issued ID
- Social Security number
- Most recent two years of W-2 statements and tax returns
- List of assets, such as bank accounts statements
- List of debts, such as credit card statements
- Proof of income, such as pay stubs and employment history
- Costs and fees
Fees are similar to competitors
RoundPoint charges a one-time origination fee of $1,295, according to a RoundPoint loan officer. Unfortunately, this information isn’t listed on the lender’s website. And when we called to get it, we were transferred four times before someone provided us with the amount.
A $1,295 origination fee sits mid-range of the origination fees that most lenders charge, so it’s unclear as to why it isn’t disclosed up front. In general, these fees can range from zero to a couple thousand dollars.
Lenders that charge a percentage of the total loan amount as an origination fee typically charge between 1% and 2%.
Unlisted lender fees are a red flag for transparency: Lenders that don’t charge lender fees typically promote it — it’s a selling point. When this fee isn’t listed, one might wonder why. RoundPoint also doesn’t publish its rates online.
In addition to this lender fee, borrowers are responsible for third-party fees, such as:
- Appraisal fee up to $2,000.
- Inspection fee up to $675.
- Title Search fee up to $200.
RoundPoint publishes a list of fee ranges on its website, but these fees aren’t precise. To get accurate costs, you’ll need to pick up the phone.
Apply for a RoundPoint mortgage in 4 steps
RoundPoint allows you to submit an application online, but you’ll need to speak with a loan officer afterward to complete the process. If you prefer to meet a loan officer in person prior to completing a mortgage application, the lender’s website will direct you to its nearest branch location. Branches are limited to select cities in every state though, so an in-person meeting might not be feasible depending on your location.
To submit an application online:
- Visit RoundPoint Mortgage Servicing’s website and select Get Started.
- Indicate whether you need a refinance loan or are purchasing a new home.
- Provide details about the property you’re interested in.
- Enter your personal information and employment status, choose Submit and a loan officer will contact you.
There won’t be a pull on your credit immediately after you apply. A credit check happens after the seller accepts your offer.
What types of mortgages can I get through RoundPoint Mortgage Servicing?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by RoundPoint Mortgage Servicing
- Refinance. RoundPoint Mortgage services traditional refinancing options as well as cash-out refinances to tap into your home equity.
Alternatives to RoundPoint Mortgage Servicing
RoundPoint offers traditional home loan types and a traditional mortgage experience. It doesn’t publish its rates online and charges an origination fee of $1,295. If you’re looking for a more generous lender or one that offers a more streamlined mortgage process, there are numerous alternatives.
For instance, Better offers a digital mortgage process and no origination fees or commissions. It’s one of the more highly rated mortgage lenders out there, and it’s available in most states across the country.
Another is PennyMac, a lender with favorable customer reviews that offers a fully digital mortgage experience. While it charges an origination fee, the lender is waiving its $1,100 origination fee on several loan types through 2021.
Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
RoundPoint Mortgage Servicing reviews and complaints
As of September 2021, RoundPoint Mortgage Servicing has only three customer reviews on Trustpilot, earning a TrustScore of 3 out of 5 stars. It is not accredited with the Better Business Bureau (BBB) but has an A+ rating for closing 242 customer complaints within the last three years. Out of 91 user reviews, RoundPoint Mortgage Servicing earned 3.47 out of 5 stars.
Many users praise RoundPoint Mortgage Servicing for its attentive customer service through the loan process and even during loss mitigation. While RoundPoint estimates taking 45 days to close on a loan refinance, the main complaint is that some customers report waiting more than four months to close. Other complaints report lost payments and issues with escrow accounts.
RoundPoint Mortgage Servicing pros and cons
Pros
- Offers loss mitigation programs. It’s willing to work with homeowners struggling to make loan payments with its workout programs.
- Licensed in all 50 states. RoundPoint Mortgage Servicing is licensed to service loans in every state, District of Columbia and the US Virgin Islands.
- Decent customer reviews. Though not by a wide margin, customer sentiment leans positive overall.
Cons
- Rates not available online. RoundPoint doesn’t post current mortgage rates online. You’ll need to speak to a loan officer on the phone to get specifics about your loan program.
- Long closing times on refinances. Customers complain about waiting for closing times that can exceed four months and longer.
- Contacting RoundPoint is difficult and cumbersome. We contacted RoundPoint to get information about its lender fees and ran into multiple issues. Upon calling its general contact number, we were prompted to enter our loan number and couldn’t get past this stage. If you’re a new customer, you don’t have a loan number. After sitting on the line for about five minutes without entering any response, it finally allowed us to connect to a representative. From there, we were transferred four times until we finally got to someone who could answer our questions.
What is RoundPoint Mortgage Servicing?
RoundPoint Mortgage Servicing was founded in 2007 and is now the mortgage servicing subsidiary of Freedom Mortgage. This nonbank mortgage servicing company has over $90 billion in mortgage assets. In 2018, American business magazine Inc. 5000 ranked RoundPoint Mortgage as one of the fastest-growing companies in America.
Frequently asked questions
How can I submit a loan payment?
RoundPoint has several payment options, including the following:
- Automated monthly payment. Set up your mortgage payment to automatically deduct funds from a designated bank account each month using RoundPoint’s ACH program.
- Online. Make a payment from your bank account for free.
- Phone. Call 877-426-8805 to submit a loan payment. It costs $10 for payments using the automated phone system and $12 for payments by speaking with a customer service representative.
- MoneyGram. Make a cash payment at a MoneyGram location for $9.99. You’ll need your loan number and the receiver code 7302.
- Mail. Send your loan payment to: RoundPoint Mortgage Servicing Corporation, PO Box 674150, Dallas, Texas 75267-4150.
My loan was transferred to RoundPoint. What should I do?
You should have received a goodbye letter from your previous mortgage servicer about 15 days before your loan was transferred. RoundPoint extends a welcome call to the borrower approximately five or six days after the transfer date to set up the homebuyer’s online account. You’ll receive your first RoundPoint billing statement within 10 to 15 days after the transfer date.
How can I contact RoundPoint Customer Service?
RoundPoint customer support is available weekdays from 8 a.m. to 9 p.m. and Saturday 10 a.m. to 3 p.m. ET. You can reach the support desk in one of the following ways:
- By phone: 877-426-8805
- By email: ServicingHelp@RoundPointMortgage.com
- By mail: RoundPoint Mortgage Servicing Corporation, PO Box 19409, Charlotte, North Carolina 28219-9409