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RoundPoint Mortgage Servicing review
Last updated:
This loan servicer doesn’t list information on the mortgage loans it originates, but its recent merger with Freedom Mortgage may change what it can offer.
RoundPoint Mortgage can be a good option for first-time homebuyers with its low down-payment options. But its website isn’t transparent about what types of loans it originates or its rates, so call to speak with a loan officer to determine if this company is right for you.
Details
| Loan products offered | Conventional, Refinance, FHA, VA |
|---|---|
| Minimum credit score | FHA: 500 |
| Minimum down payment | 3% |
| State availability | Available in all states |
| NMLS # | 18188 |
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 you can 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
RoundPoint Mortgage Servicing hasn’t charged origination fees in the past, though we were unable to confirm if that’s still the case. Regardless, 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
How to apply for a mortgage with Roundpoint Mortgage Servicing
Since RoundPoint doesn’t have any physical branches, you can either call 855-801-5831 to connect with a loan officer or follow the steps below to fill out a contact form:
- On RoundPoint Mortgage Servicing’s website, select I Need a Loan from its menu on the left side.
- Under Get Started, indicate whether you need a refinance loan or are purchasing a new home.
- Enter your personal information, choose Submit and a loan officer will contact you.
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.
- HELOC. RoundPoint services home equity lines of credit (HELOCs), allowing you to draw from your account by filling out a simple form.
How Roundpoint Mortgage Servicing’s mortgage products compare to other lenders
Roundpoint is focused more on servicing loans than originating them, which means the company offers a very limited view into its mortgage products. But its recent merger with top mortgage lender Freedom Mortgage may mean a wider set of mortgage offerings in the future.
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Roundpoint Mortgage Servicing reviews and complaints
As of December 2020, RoundPoint Mortgage Servicing doesn’t have any customer reviews on Trustpilot. It is not accredited with the Better Business Bureau (BBB) but has an A+ rating for closing 334 customer complaints within the last three years. Out of 127 user reviews, RoundPoint Mortgage Servicing earned 3.25 out of 5 stars.
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, some customers report waiting more than four months to close.
Pros and cons of Roundpoint Mortgage Servicing
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, Washington, DC and the US Virgin Islands.
- Good customer reviews. Overall, most users are happy with RoundPoint Mortgage Servicing on the BBB.
- Website lacks details. RoundPoint Mortgage Servicing’s website isn’t 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.
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
Expert review
Review by
Kimberly Ellis
kimberly.ellis@findercrew.comKimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Expert review
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. Some users report delays in closing that resulted in higher interest rates and expired paperwork.