Roundpoint Mortgage

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Roundpoint Mortgage

Post by beachairs »

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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Re: Roundpoint Mortgage

Post by Doctor Rhythm »

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.
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Re: Roundpoint Mortgage

Post by gotoparks »

You will not need much customer service if you set it up to pay automatically every month.
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Re: Roundpoint Mortgage

Post by Bradford »

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.
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Re: Roundpoint Mortgage

Post by EnjoyIt »

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.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: Roundpoint Mortgage

Post by GetItRight »

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 ( ... 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.
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Re: Roundpoint Mortgage

Post by FIRWYW »

No problem with them when our former mortgage was sold to them. Was on autopay.
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Re: Roundpoint Mortgage

Post by NYCaviator »

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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Re: Roundpoint Mortgage

Post by Supergrover »

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 or some other stupid website, but other than 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. . . .
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Re: Roundpoint Mortgage

Post by petulant »

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.
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Re: Roundpoint Mortgage

Post by jhrwg52 »

Thanks GetItRight!

I tried to PM you but I'm new here and I don't have that privilege yet.

Your post was so helpful, it probably saved me months of trying to figure out what was going on with Roundpoint. Their behavior has to be illegal!

I knew almost immediately that something wasn't right when I received their "Welcome" Letter. They just acquired my mortgage on Oct 1, yet they sent a Statement on Oct 11 essentially billing for Oct and Nov. It made no sense. I worked in Finance for years and I've had mortgages since 1988, so I know how these companies should behave.

After making my Oct payment before the end of the grace period, I did not receive a Statement reflecting my payment. Although I could see it on their third party website, I don't trust the whole scheme. I have made my Nov payment now, and if I don't receive a Statement after 4 days, I will be hounding them for sure.

Every time I called, at least 10 times, I spoke to Customer Reps who were rude and I suspect don't fully comprehend what Roundpoint is up to and how shady it is. I insisted on escalating my case when they couldn't answer simple questions like "What day of the month is my Billing Date" and "Why does this letter you sent on Oct 11 show an amount that is higher than my outstanding Mortgage Balance that was transferred?" They refused to escalate my case or allow me to speak to a manager. Clearly they are threatened by people who pick up on the problems right from Day 1.

Since I have really had it with their Reps, I will ask my husband to politely ask to speak to an Advocate as soon as he asks a question and does not receive a proper response (which will certainly be immediate.) They kept trying to reassure me, as if I could trust that Roundpoint was behaving normally, which only solidified my suspicions.

Unfortunately, we do not have the money to pay off our mortgage at an accelerated pace, and we have no interest in doing so given that we refinanced in 2020 at a rate of 2.99%. That is why I'm not wasting any time. I will complete the Payment Logic Form, and immediately send it by email and fax. If they refuse to acknowledge receipt, I will send a copy by Certified Mail. I will also be sending everything in writing as soon as I confirm that they have incorrectly applied my payment to future interest before applying the monthly balance to Principal. This is not standard industry practice, and they know it.

I have contacted an attorney who handled a Class Action Settlement in 2019 with Freedom Mortgage, who acquired Roundpoint and clearly they are applying Freedom's shady practices or vice versa. Now Roundpoint has either been sold or acquired by Two Harbors Investment Group. I let him know what's going on with Roundpoint and asked if he has a Class Action going against them. I also asked if he might have contacted Elizabeth Warren at any point, or whether he would be willing to try. I don't live in Massachusetts so I doubt my correspondence will get her attention, despite the fact that Roundpoint has no doubt been duping many homeowners in her State, just like the rest of us.

My husband and I don't have much money, but if they push us too far, I'm prepared to sue Roundpoint very publicly, especially if they attempt to foreclose on our home. Apparently they have done this to many, many people, as I have learned from reading online complaints on several forums. Some people have referred to an Ombudsman, I don't know if you had any dealings with him or her. One person mentioned having success this way, another said it was an utter failure.

I now understand why they push people on Servicing Digital to pay their mortgages off more quickly. I'll bet there are some Takers who don't want to deal with the hassles and can somehow afford it. Living in California, we are really struggling these days. The house is worth a lot, so they would love to get their dirty hands on it, I'm sure. That's why I'm starting to very carefully document all events and create clear and paper trail.
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Re: Roundpoint Mortgage

Post by Raycpact »

The largest concern is to be sure your insurance information is updated with new company as loss payee and they pay your current policy. If not they will purchase a policy for you,

I have had my current mortgage sold 4 times in 2 years and with having them pull payments, each time was seamless except for insurance issues. If it becomes an issue again I will have escrow requirements removed.

If it is set up for them pulling payment, the switch is fully on them.

All of these companies had terrible reviews, especially Mr, Cooper which I have been with twice.
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Re: Roundpoint Mortgage

Post by Glockenspiel »

My mortgage was also sold to Roundpoint Mortgage within the last 6 months. It was previously with Nationstar/Mr. Cooper. I've been on autopay and have had zero problems. I didn't even realize they had such a terrible reputation. I've never contacted anyone from there by phone so haven't had to deal with any customer service reps.

The one thing I'll mention is when our escrow was adjusted to account for the increase in property taxes and insurance, I felt that they adjusted it too high, meaning the excess in escrow would be pretty big at the end of the year.
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Re: Roundpoint Mortgage

Post by DoubleComma »

Our was sold to Roundpoint in last 6-8 months as well. Formerly it was originated AND serviced by LenderFi.

I set up auto pay and have had zero issues.

There email communication seems very proactive.

I don’t have an escrow account, just PI.
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Re: Roundpoint Mortgage

Post by lthenderson »

beachairs wrote: Mon Mar 20, 2023 8:26 pm Reviews show non-existent customer service.
I just paid off my mortgage last month. Not once did I ever contact customer service in all the years I had a mortgage.
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Re: Roundpoint Mortgage

Post by jhrwg52 »

Funny that most people were/are set up for automatic payments. My concern with signing up for that is because I make my January payment early at the end of December so that the Interest for January is included in this tax year. I would have to alter the January payment set up for end of December every year, then alter again at beginning of Feb for the rest of the year. For me it's just easier to set it up manually on a monthly basis when I log on to download my monthly Statement.

I am concerned that they might try to apply it all to future interest. The problem with their website is that they don't allow for specifically entering the amount of principal & interest to be applied to the current or future payments. I was able to trust my prior Servicer, Flagstar, because I could indicate whether or not I wanted to add to the payment and apply it to principal.

I don't have PMI or an Escrow Account, but they did try to sign us up for Homeowner's Insurance just before we were transferred from Flagstar to Roundpoint. We were away from home for 3 weeks, and when we returned, we received a letter and immediately called to inquire as to why they were trying to procure HO Insurance when we already had renewed our policy in August. They claimed that the Insurance Carrier had been slow to send the paperwork, but we renewed in July, so that gave me pause. Nonetheless, I immediately had the endorsement on our policy changed from Flagstar to Roundpoint, prior to the official transfer date of October 1, and I confirmed with Roundpoint that they had received the endorsement from Spinnaker.

I certainly hope that my suspicions are unwarranted, but the way this Servicer operates is not standard. The way they handled the transition was suspect, sending a billing only 5 days prior to the end of the grace period in October, then not sending another billing for November separately. It seems like they are deliberately trying to confuse people. I did not receive a Statement until Nov 21, after having made payments for October and November. I am still uncertain as to whether or not they will generate a Statement on a monthly basis going forward.

Had their Customer Service been more courteous, I might have felt more comfortable. But I have never spoken to Customer Service Agents before who were either unwilling or simply could not give me answers to my very basic questions. They seemed to be saying just to trust them, which in my experience, usually means trouble. If that's the best they can do, it's really frightening. Perhaps they hire people who really have no clue about finance or basic customer service and simply don't bother to train them.

I suppose the most galling part is that we have absolutely no control over who services our mortgages. I will definitely be filing a complaint with the CFPB. I don't know if it will accomplish anything, but I feel like it's important to raise red flags. Some of their behavior is highly unethical, to say the least.
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Re: Roundpoint Mortgage

Post by hbdad »

jhrwg52 wrote: Sun Nov 26, 2023 3:38 pm Funny that most people were/are set up for automatic payments. My concern with signing up for that is because I make my January payment early at the end of December so that the Interest for January is included in this tax year. I would have to alter the January payment set up for end of December every year, then alter again at beginning of Feb for the rest of the year. For me it's just easier to set it up manually on a monthly basis when I log on to download my monthly Statement.
With what you are trying to do, you are still making only 12 payments a year correct? Why are you going through all this hassle? Whether you pay Feb-Jan in a calendar year or Jan-Dec what is the difference?
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Re: Roundpoint Mortgage

Post by guyfromct »

beachairs wrote: Mon Mar 20, 2023 8:26 pm 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.
BBB is basically yelp for boomers, I wouldn’t take it seriously. My suspicion is most people who have an opinion about their mortgage services have had an issue crop up.
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