RoundPoint Mortgage Servicing review
A mortgage servicing company that was ranked as one of the fastest-growing companies in America in 2018.
RoundPoint Mortgage can be a good option for first-time homebuyers with its low down-payment options. But it’s website isn’t transparent about what types of loans it originates or its rates, so you’ll need to speak to a loan officer on the phone.
|Loan types||Conventional, Refinance, FHA, VA|
|Available States||Available in all states|
- Good customer reviews
- Offers loss mitigation programs
- Licensed in all 50 states
- Website lacks details
- Long closing times on refinances
Many users praise RoundPoint Mortgage Servicing for its attentive customer service through the loan process and even during loss mitigation. The main complaint is while RoundPoint estimates taking 45 days to close on a loan refinance, but some customers report waiting more than four months to close.
What types of loans does RoundPoint Mortgage Servicing offer?
RoundPoint Mortgage Servicing’s website is very cryptic about the details about its loans. Its website says that it services the following loan programs:
- Conventional. Conventional loans need a down payment of at least 3%.
- FHA. Insured by the government and requires a down payment of at least 3.5%.
- VA. Eligible service members and veterans can get a home loan insured by the US Department of Veterans Affairs with 0% down payment options.
Other loans offered by RoundPoint Mortgage Servicing
- Refinance. RoundPoint Mortgage Servicing offers traditional refinancing options as well as cash-out refinances to tap into your home equity.
RoundPoint Mortgage Servicing fees
RoundPoint Mortgage Servicing doesn’t charge any origination fees. 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 Mortgage Servicing Workout Options
If you fail to make your loan payments, RoundPoint Mortgage Servicing offers options to help you avoid foreclosure.
- Special forbearance. Temporarily suspend or reduce payments.
- Mortgage modification. Changes one or more of the original loan terms, such as the interest rate or monthly payment.
- Repayment plan. Buys you time to bring your delinquent payments current by paying the regular monthly payment plus a little extra.
- Refinance. Refinancing your loan replaces your current mortgage and can make your debt more manageable.
- Collateral-based resolutions. Give up your property without going through the foreclosure process.
- Pre-foreclosure sale. Sell your house to pay off the mortgage debt, even if the sale is less than the loan amount.
- Deed-in-lieu of foreclosure. RoundPoint Mortgage Servicing will accept the deed of the house instead of foreclosure.
RoundPoint Mortgage Servicing has different requirements depending on the loan program.
|Minimum Credit Score||Maximum loan-to-value (LTV)||Maximum debt-to-income (DTI)|
|Conventional loans||620||97%||50%, but 45% is preferred|
|FHA loans||580 with a 3.5% down payment, 500 with a 10% down payment||96.5%||50%|
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 paystubs and employment history
How to get a home loan with RoundPoint Mortgage Servicing
Since RoundPoint does not have any physical branches and doesn’t readily offer a phone number to connect with a loan officer, your only option is to apply for a home loan online.
- On RoundPoint Mortgage Servicing’s website, click I Need a Loan from its menu on the left-hand side.
- Choose whether you would like to refinance your mortgage, do a cash-out refinance or get a new home loan.
- Create an account using your email.
- Once you’ve logged into your account, click your profile to start your loan application.
- Input details, such as how you heard about RoundPoint and if you’re currently working with a loan officer. Click Next.
- Give some information about yourself and the property — for example: your name, if you’ll be living on the property and the loan amount. Click Next.
- Provide details about your employment, income and expenses. Click Next.
- Consent to receive electronic communications and answer a few declarations, such as whether you’re a US citizen. Click Next.
- Review your application and click Submit. You should hear from a loan officer within three business days.
Pros and cons of RoundPoint Mortgage Servicing
- Good customer reviews. Overall, most users are happy with RoundPoint Mortgage Servicing on the Better Business Bureau.
- 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, Washington, D.C. and the Virgin Islands.
- Website lacks details. RoundPoint Mortgage Servicing’s website is not transparent. It doesn’t list what loans it offers, rates or eligibility requirements. 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.
Compare other mortgage lenders
What is RoundPoint Mortgage Servicing?
RoundPoint Mortgage Servicing was founded in 2007. This nonbank mortgage servicing company has over $90 billion in mortgage assets. In 2018, Inc. 5000, an American business magazine, ranked RoundPoint Mortgage as one of the fastest-growing companies in America.
Frequently asked questions
Kimberly Ellis is a writer at Finder specializing in home loans. She hails from New York City with a BA from Queens College. She has written extensively about the real estate and finance industries. Kimberly is also a language lover and aspiring polyglot.
RoundPoint Mortgage Servicing has serviced over 1.3 million customers all over the US. Users are generally happy with RoundPoint Mortgage’s customer service. But you may want to save yourself some frustration and choose another lender if you’re looking to refinance your mortgage. Some users report delays in closing that resulted in higher interest rates and expired paperwork.