Roundpoint Mortgage
Roundpoint Mortgage
My mortgage has been sold to Roundpoint Mortgage and I'm wondering if anyone here has experience with this company? Looking through the BBB website is frightening and there are several class action lawsuits settled recently around fraud. Reviews show non-existent customer service. I've dealt with my mortgage being sold multiple times before and my understanding is that there's nothing I can do. Well besides, paying off the loan or refinancing.
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Doctor Rhythm
- Posts: 2146
- Joined: Mon Jan 22, 2018 2:55 am
Re: Roundpoint Mortgage
No specific experience with this company, but agree there isn’t much to be done unless you refi or pay off. Ironically, I suspect doing either of these would be the things that are most likely to lead to a customer service problem. Monthly autopay (once set up) is pretty hard to mess up.
Re: Roundpoint Mortgage
You will not need much customer service if you set it up to pay automatically every month.
Re: Roundpoint Mortgage
Our most recent mortgage was with Roundpoint. We had no problems, and customer service was decent when I had some escrow questions/issues. We'd still be with them but we just sold our house. YMMV.
Re: Roundpoint Mortgage
I had my mortgage with them years ago. Set up autopay and haven't had an issue.
Eventually I sent them a final payoff amount and had no problems with that either.
Eventually I sent them a final payoff amount and had no problems with that either.
A time to EVALUATE your jitters: |
viewtopic.php?p=1139732#p1139732
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GetItRight
- Posts: 1
- Joined: Tue Oct 10, 2017 4:25 pm
Re: Roundpoint Mortgage
Same situation here. Nationstart/MrCooper mortgage sold to Roundpoint. I've had numerous issues with them that have been frustrating, inconvenient, and difficult.
-Communication: My first communication received from Roundpoint was a non postmarked letter I received on 12/22/2022, the letter was dated 12/9/2022 and only a notice that they bought the loan, no invoice, statement, or payment info. A bit suspicious and got me mildly concerned.
My next communication with Roundpoint was on 12/23/2023 when I received a threatening email from them stating my payment was past due, they would report on my credit and so forth, stating they are a debt collector and so forth, and the veiled threats of foreclosure and confiscation of my home.
I had previously figured out they bought my loan from information on the Nationstar/MrCooper website when attempting to send a payment. It took some time to get an account created due to technical issues with the Roundpoint website. As it turns out the payment site isn't their site at all, it is a shady third party with questionable security (https://loansphereservicingdigital.bkic ... vicinghome). For a brief overview of some of the issues I encountered: Sketchy third party hosting payment platform for other sketchy pseudo-banks, inability to set up an account, emailing of non-functional link, token effort of requiring MFA but their MFA would consistently not send a code for the second factor, or send an incorrect or expired code 10-20+ minutes later, expired certificates, and more. Without getting into all the gory technical details, I say that as an IT professional who works in cybersecurity. I was not comfortable linking a bank account through their website, though I considered it after I created an account solely to transiently put money in to send to Roundpoint. That idea got scrapped quickly when they refused to complete a penny test.
They also refuse to allow connection to Mint or any other aggregator, but instead of being honest about why or just stating a firm no to such connectivity, they are dishonest and claim it is for my own security. Presumably they have no interest in customer service or current technology, and from what I see of their sketchy outsourced website they clearly have little interest in security.
In any event, the saga of figuring out a reasonably secure way to pay them carried on for quite some time. They don't have any confidence inspiring secure website or portal to pay them through, I'm not sending paper check like it's last century and risk getting lost in the mail, and I'm not going to spend the extra for certified mail (to a PO box?) for every payment out of principle and the absurdity of it. They were most unhelpful in finding a solution to give them money securely and inspiring confidence that there would be sufficient proof that I sent payment that they could not be believed should they choose to do the sketchy bank thing of claiming they didn't receive payment.
Initially I thought they were owned by Freedom Mortgage, who conveniently has a location close to me. I was going to go down to Freedom mortgage to pay cash to get squared up and hopefully stop the threats. As it turns out Freedom Mortgage sold Roundpoint to Two Harbors Investment / Matrix Financial Services after only owning them for about two years (https://www.nationalmortgagenews.com/ne ... er-2-years). Yet another red flag.
Bummer, no option to pay them locally but I found Roundpoint is located at 446 Wrenplace Rd, Fort Mill, SC 29715. They used to have a bunch of real physical customer facing locations, but apparently closed them all. I proposed taking a ride down to this location to pay them what was owed plus prepay a month or two to get squared up and give them time to figure out a secure and low or no cost way to pay them. I also proposed making the same large initial payment to them at the Matrix Financial Services building at 2133 W Peoria Ave, Phoenix, AZ 85029, since I would be in the neighborhood on 1/2/2023. Roundpoint a damently declined any of these reasonable interim options until they could figure out a secure and reliable way to pay them.
I also requested the loan payoff amount and instructions for how to pay them in full on 12/24/2022. Five months later I have yet to receive a payoff amount of instructions on how to send a full payoff amount to them.
With Roundpoint declining to support API connectivity to Mint (or any other aggregator) I requested a periodic report that was unavailable on their sketchy third party payment website. Each payment amount total amount, portion applied to principal, portion applied to interest, and remaining balance after payment. Pretty standard and even if not a canned report in their system should be super easy to create and automate. Another red flag, that they don't want easy readily available visibility into how they apply payments.
In regards to correctly applying payments toward principal, you need to request a "Payment logic change request form" from them and specify that you want "Curtailmaint payment logic" applied to your payments. Otherwise they will do the sketchy pseudo-bank thing of applying some amount of additional payment to prepay future months amount due and interest before it has accrued. This part was easy enough after many back and forth emails I stumbled across the magic words for the Roundpoint "Customer Advocate Specialist" to provide the form and explain what they required to process payments normally.
We eventually settled on using my bank's "Bill Pay" service to send payments. I used Ally for this, from a new account created specifically to pay Roundpoint. This was my first experience with "Bill Pay". It seemed easy enough at first, I sent a $20 payment that they received and applied within a couple days, and then the same with a $2k payment. I then sent a $20k payment that took well over a month after the date Ally said they should receive payment by for them to apply it. Apparently Ally sends any "Bill Pay" over $10k via paper check and anything $10k or less electronically. $10k payments turned out to be the way to go, as they would generally be received and processed within a day or few. This took three months to figure out. Roundpoint gave the runaround as did Ally. I will most likely close my Ally accounts after I am done paying off Roundpoint.
For several months Roundpoint declined to acknowledge my questions about their statement on the invoices mailed to me that the interest rate will change on 6/1/2023 "Interest Rate (Until 06/01/2023): 3.875%"). I explicitly questioned this several times asking if Roundpoint intended to commit fraud or breach our contract by changing the interest rate at 5 years instead of the 10/1 ARM that this contract actually is. Eventually after several months of back and forth the "Customer Advocate Specialist" responded with "On the matter of the payment change, I could not find where this was communicated. Can you please advise me on or provide the source of that info? I see you have a 10/1 ARM which should not be adjusting until June 2028.".
I sent him some examples of where Roundpoint's intention to change the interest rate in breach of contract was communicated to me, but he did not acknowledge this again after that one time. I let it go as I figured documentation of that acknowledgement from Roundpoint that the terms are 10/1 ARM plus my original loan documents were sufficient if I have to take this to court.
Some other minor back and forth since then but mostly just me sending regular $10k payments via Ally "Bill Pay" with no further communication as I figured we'd be done soon enough. Manually tracking how payments were applied in a spreadsheet, validating no incorrect application of payment, along with manually updating the balance in Mint.
Then on 5/23/2023. I received another non postmarked letter from Roundpoint dated 5/17/2023 on the latter inside (more timely than usual when comparing these dates), alleging that I have breached our contract by not purchasing a homeowner's insurance policy to protect myself and Roundpoint from total loss and liability. This is of course an absurd accusation for obvious reasons, and it comes with threats of fraudulent charges from Roundpoint for very expensive insurance that doesn't cover anything and of course that I do not want or consent to since I already have a perfectly acceptable insurance policy.
I sent another email of 5/23/2023 to Roundpoint explaining the absurdity of this, along with proof of insurance. I requested to know Roundpoint's position and intention regarding breach of contract on the interest rate and their false allegations that I do not have an insurance policy to protect myself and Roundpoint. No response so far. I sent another $11k and change of payments today via two Ally "Bill Pay" transactions today and I'm waiting for some money to move to Ally so I can send another $10k tomorrow. At which point I'll have $10k left to pay them. I sent another email to Roundpoint today stating as much, with evidence that I sent these payments, and again requesting to know their position and intentions. no response so far.
If I don't hear from them by tomorrow afternoon I will send another email with evidence of the $10k payment I intend to send tomorrow and again ask for their position and intentions. At that point there will be $10k left to pay them, which logistically with the bank holiday Monday cannot happen even if I had the money already at Ally, but honestly the last $10k will be a stretch that I can't do immediately so will put me past their threat of breach fo contract on 6/1/2023. I am concerned they will breach contract on interest rate and with fraudulent charges for some sketchy insurance company their are in cahoots with before I can pay this loan off and be done with them.
The ensuing issues would likely have to be settled in court and cost me a lot more time and effort than I've already put into simply trying to pay a mortgage, along with travel costs, lost income, and potential lawyer fees. I can't imagine it would be particularly profitable for Roundpoint either, but I suspect they are a shady pseudo-bank like Sallie Mae that fairly openly commits fraud and other such crimes against people who largely don't know how to push back or won't push back. I'm very thankful that at the time Roundpoint chose me as a customer I was in the position to rapidly pay down this debt, unfortunately it looks like not quickly enough to avoid their scams though.
-Communication: My first communication received from Roundpoint was a non postmarked letter I received on 12/22/2022, the letter was dated 12/9/2022 and only a notice that they bought the loan, no invoice, statement, or payment info. A bit suspicious and got me mildly concerned.
My next communication with Roundpoint was on 12/23/2023 when I received a threatening email from them stating my payment was past due, they would report on my credit and so forth, stating they are a debt collector and so forth, and the veiled threats of foreclosure and confiscation of my home.
I had previously figured out they bought my loan from information on the Nationstar/MrCooper website when attempting to send a payment. It took some time to get an account created due to technical issues with the Roundpoint website. As it turns out the payment site isn't their site at all, it is a shady third party with questionable security (https://loansphereservicingdigital.bkic ... vicinghome). For a brief overview of some of the issues I encountered: Sketchy third party hosting payment platform for other sketchy pseudo-banks, inability to set up an account, emailing of non-functional link, token effort of requiring MFA but their MFA would consistently not send a code for the second factor, or send an incorrect or expired code 10-20+ minutes later, expired certificates, and more. Without getting into all the gory technical details, I say that as an IT professional who works in cybersecurity. I was not comfortable linking a bank account through their website, though I considered it after I created an account solely to transiently put money in to send to Roundpoint. That idea got scrapped quickly when they refused to complete a penny test.
They also refuse to allow connection to Mint or any other aggregator, but instead of being honest about why or just stating a firm no to such connectivity, they are dishonest and claim it is for my own security. Presumably they have no interest in customer service or current technology, and from what I see of their sketchy outsourced website they clearly have little interest in security.
In any event, the saga of figuring out a reasonably secure way to pay them carried on for quite some time. They don't have any confidence inspiring secure website or portal to pay them through, I'm not sending paper check like it's last century and risk getting lost in the mail, and I'm not going to spend the extra for certified mail (to a PO box?) for every payment out of principle and the absurdity of it. They were most unhelpful in finding a solution to give them money securely and inspiring confidence that there would be sufficient proof that I sent payment that they could not be believed should they choose to do the sketchy bank thing of claiming they didn't receive payment.
Initially I thought they were owned by Freedom Mortgage, who conveniently has a location close to me. I was going to go down to Freedom mortgage to pay cash to get squared up and hopefully stop the threats. As it turns out Freedom Mortgage sold Roundpoint to Two Harbors Investment / Matrix Financial Services after only owning them for about two years (https://www.nationalmortgagenews.com/ne ... er-2-years). Yet another red flag.
Bummer, no option to pay them locally but I found Roundpoint is located at 446 Wrenplace Rd, Fort Mill, SC 29715. They used to have a bunch of real physical customer facing locations, but apparently closed them all. I proposed taking a ride down to this location to pay them what was owed plus prepay a month or two to get squared up and give them time to figure out a secure and low or no cost way to pay them. I also proposed making the same large initial payment to them at the Matrix Financial Services building at 2133 W Peoria Ave, Phoenix, AZ 85029, since I would be in the neighborhood on 1/2/2023. Roundpoint a damently declined any of these reasonable interim options until they could figure out a secure and reliable way to pay them.
I also requested the loan payoff amount and instructions for how to pay them in full on 12/24/2022. Five months later I have yet to receive a payoff amount of instructions on how to send a full payoff amount to them.
With Roundpoint declining to support API connectivity to Mint (or any other aggregator) I requested a periodic report that was unavailable on their sketchy third party payment website. Each payment amount total amount, portion applied to principal, portion applied to interest, and remaining balance after payment. Pretty standard and even if not a canned report in their system should be super easy to create and automate. Another red flag, that they don't want easy readily available visibility into how they apply payments.
In regards to correctly applying payments toward principal, you need to request a "Payment logic change request form" from them and specify that you want "Curtailmaint payment logic" applied to your payments. Otherwise they will do the sketchy pseudo-bank thing of applying some amount of additional payment to prepay future months amount due and interest before it has accrued. This part was easy enough after many back and forth emails I stumbled across the magic words for the Roundpoint "Customer Advocate Specialist" to provide the form and explain what they required to process payments normally.
We eventually settled on using my bank's "Bill Pay" service to send payments. I used Ally for this, from a new account created specifically to pay Roundpoint. This was my first experience with "Bill Pay". It seemed easy enough at first, I sent a $20 payment that they received and applied within a couple days, and then the same with a $2k payment. I then sent a $20k payment that took well over a month after the date Ally said they should receive payment by for them to apply it. Apparently Ally sends any "Bill Pay" over $10k via paper check and anything $10k or less electronically. $10k payments turned out to be the way to go, as they would generally be received and processed within a day or few. This took three months to figure out. Roundpoint gave the runaround as did Ally. I will most likely close my Ally accounts after I am done paying off Roundpoint.
For several months Roundpoint declined to acknowledge my questions about their statement on the invoices mailed to me that the interest rate will change on 6/1/2023 "Interest Rate (Until 06/01/2023): 3.875%"). I explicitly questioned this several times asking if Roundpoint intended to commit fraud or breach our contract by changing the interest rate at 5 years instead of the 10/1 ARM that this contract actually is. Eventually after several months of back and forth the "Customer Advocate Specialist" responded with "On the matter of the payment change, I could not find where this was communicated. Can you please advise me on or provide the source of that info? I see you have a 10/1 ARM which should not be adjusting until June 2028.".
I sent him some examples of where Roundpoint's intention to change the interest rate in breach of contract was communicated to me, but he did not acknowledge this again after that one time. I let it go as I figured documentation of that acknowledgement from Roundpoint that the terms are 10/1 ARM plus my original loan documents were sufficient if I have to take this to court.
Some other minor back and forth since then but mostly just me sending regular $10k payments via Ally "Bill Pay" with no further communication as I figured we'd be done soon enough. Manually tracking how payments were applied in a spreadsheet, validating no incorrect application of payment, along with manually updating the balance in Mint.
Then on 5/23/2023. I received another non postmarked letter from Roundpoint dated 5/17/2023 on the latter inside (more timely than usual when comparing these dates), alleging that I have breached our contract by not purchasing a homeowner's insurance policy to protect myself and Roundpoint from total loss and liability. This is of course an absurd accusation for obvious reasons, and it comes with threats of fraudulent charges from Roundpoint for very expensive insurance that doesn't cover anything and of course that I do not want or consent to since I already have a perfectly acceptable insurance policy.
I sent another email of 5/23/2023 to Roundpoint explaining the absurdity of this, along with proof of insurance. I requested to know Roundpoint's position and intention regarding breach of contract on the interest rate and their false allegations that I do not have an insurance policy to protect myself and Roundpoint. No response so far. I sent another $11k and change of payments today via two Ally "Bill Pay" transactions today and I'm waiting for some money to move to Ally so I can send another $10k tomorrow. At which point I'll have $10k left to pay them. I sent another email to Roundpoint today stating as much, with evidence that I sent these payments, and again requesting to know their position and intentions. no response so far.
If I don't hear from them by tomorrow afternoon I will send another email with evidence of the $10k payment I intend to send tomorrow and again ask for their position and intentions. At that point there will be $10k left to pay them, which logistically with the bank holiday Monday cannot happen even if I had the money already at Ally, but honestly the last $10k will be a stretch that I can't do immediately so will put me past their threat of breach fo contract on 6/1/2023. I am concerned they will breach contract on interest rate and with fraudulent charges for some sketchy insurance company their are in cahoots with before I can pay this loan off and be done with them.
The ensuing issues would likely have to be settled in court and cost me a lot more time and effort than I've already put into simply trying to pay a mortgage, along with travel costs, lost income, and potential lawyer fees. I can't imagine it would be particularly profitable for Roundpoint either, but I suspect they are a shady pseudo-bank like Sallie Mae that fairly openly commits fraud and other such crimes against people who largely don't know how to push back or won't push back. I'm very thankful that at the time Roundpoint chose me as a customer I was in the position to rapidly pay down this debt, unfortunately it looks like not quickly enough to avoid their scams though.
Re: Roundpoint Mortgage
No problem with them when our former mortgage was sold to them. Was on autopay.
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NYCaviator
- Posts: 1185
- Joined: Sat Apr 09, 2016 5:06 pm
- Location: NYC
Re: Roundpoint Mortgage
The bank that owns our mortgage recently contracted with Dovenmuehle to service mortgages. Looking online they have horrific reviews. It looks like most people have problems when they need to get a release of deed of trust (paying off or refi-ing). We’ve had no problems just paying the mortgage, but I have always declined to have an escrow account and just pay taxes and insurance myself. I don’t want to trust a bank (or servicing company) to do it and later find out my insurance was cancelled for non-payment.
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Supergrover
- Posts: 347
- Joined: Tue Jan 12, 2021 2:15 pm
- Location: PHL / NJ
Re: Roundpoint Mortgage
My loan was sold to them a within the past year. No problems. Sometimes the transfer causes glitches, and you may have to upload your insurance dec sheet to ihaveinsurance.com or some other stupid website, but other than that....no problems at all. I pay extra and always check my stmt every month.
Nationstar/mr cooper, on the other hand, don't get me started. . . .
Nationstar/mr cooper, on the other hand, don't get me started. . . .
Re: Roundpoint Mortgage
We had no issue with Roundpoint for the better part of a year before sold to Freedom. Freedom made me want to pull my hair out.