Founded in 2007, RoundPoint is among the 25 largest mortgage subservicers in the nation. The bulk of the business conducted by RoundPoint is tied to servicing home loans as opposed to issuing them, yet it also offers mortgages for new purchases as well as refinance loans and home equity loans.
RoundPoint’s Charlotte, North Carolina, headquarters has an A+ rating from the Better Business Bureau, although it’s not accredited by that group. RoundPoint also has a four-star average rating from over 300 customer reviews submitted to the BBB and regularly responds to both positive and negative comments left on the organization’s website.
RoundPoint Overview
Founded in 2007, RoundPoint is a newer business that focuses far more on servicing mortgages than on issuing them directly. It’s not among HousingWire’s list of the top 10 lenders dominating the mortgage market and does not appear on the Consumer Financial Protection Bureau’s list of total originations in 2018.
However, it serves all 50 states and could bring the right mortgage offer to the table, depending on individual circumstances. Its established history as a servicer and strong Better Business Bureau ratings, from both the organization as well as its customers, are also positive marks.
Since the company limits the information available on its website, it’s imperative that interested homebuyers complete the application process or contact RoundPoint directly to learn more about their mortgage rates and products.
Current RoundPoint Mortgage Rates
RoundPoint Loan Specifics
RoundPoint keeps information about home loan and refinancing options gated behind an application workflow. However, it emphasizes certain aspects of the lender-homeowner relationship during the application and loan repayment processes.
RoundPoint’s major differentiators, as noted on its webpage for home loans, include high-touch communication, quick turnaround times, and superior customer service. The company also offers real-time updates throughout the application process and a custom experience supported by mortgage specialists from start to finish.
Fixed-Rate Mortgage
A fixed-rate mortgage offers the stability of a single rate across the life of the loan. This is especially beneficial when interest rates are low and borrowers plan to live in or own the same home for an extended period of time. Fixed-rate mortgages might also be a good fit for those who expect to have a relatively stable income in years to come.
There’s no long-term uncertainty about the cost with fixed-rate mortgages, which makes them easy to budget for; only changes in insurance and property tax can impact monthly mortgage payments. Common fixed-rate mortgage lengths range from 10 to 30 years. Shorter mortgages require higher monthly payments but have lower overall costs due to lower interest accrual.
Longer mortgages offer lower monthly payments, but cost more over the length of the agreement.
Adjustable-Rate Mortgage
Adjustable-rate mortgages often feature more favorable interest rates. They also offer fixed rates during the first several years of the loan, then adjust according to the current market. Adjustable-rate mortgages are better suited to those who plan on moving within 5-10 years, expect their income to grow significantly over time, or anticipate paying off their home loan in 10 years or less.
The changing nature of this loan’s monthly payment makes it more difficult to budget for in the long term, yet it could yield excellent benefits if interest rates dropped. Similarly, if market rates increased, so would monthly payments for borrowers of these types of products.
Jumbo Loans
Jumbo loans exceed the borrowing limit for conforming loans as established by the Federal Housing Finance Agency (FHFA). That cap is currently set at $484,350, outside of high-cost areas where the upper value of the loan is higher to account for increased real estate prices.
To qualify for a jumbo loan, prospective borrowers must have strong credit and assets that can be used as collateral. Jumbo loans can have either fixed or adjustable rates, making them flexible products for qualifying borrowers.
FHA Loan
FHA loans are backed by the Federal Housing Administration and are ideal for first-time homebuyers. These loans offer a number of benefits to help those who meet the agency’s requirements, like down payments as low as 3.5 percent and lower closing costs.
Although not everyone can qualify for this type of loan, those whose situations match the established criteria can find it that much easier to gain loan approval and close on a home.
VA Loan
VA loans are backed by the Department of Veterans Affairs and offer homeownership support for active-duty service members, veterans, and qualifying spouses.
Although qualification requirements substantially limit the pool of borrowers that may apply for these loans, those who do meet the criteria set by the agency can benefit from lower down payment requirements, reduced interest rates, and additional financial support in certain circumstances.
Cash-Out Refinance Loans
Cash-out refinances loans allow those who already own a home and have established equity to replace their existing mortgage with a new one above the total value of the home. Homeowners can use the difference between the old loan and the new one for whatever purpose they choose, be it home improvements or other financial responsibilities.
Since cash-out refinance loans use the borrower’s home as collateral, foreclosure is a possibility responsible homeowners should consider.
USDA loan
A U.S. Department of Agriculture loan helps low- and moderate-income families wishing to purchase a home in a qualifying rural area. The advantages of these types of loans include low or zero down payments, low-interest rates, and flexible credit guidelines.
USDA loans are applicable to homes in areas that wouldn’t necessarily be considered rural, so be sure to check if the home you’re interested in purchasing qualifies for a USDA loan.
RoundPoint Customer Service
Although RoundPoint keeps much of its specific mortgage information gated behind the online application process, it offers a number of valuable resources for prospective homebuyers. The company offers a payment and amortization calculator, rent vs. own calculator, and a debt consolidation calculator for public use. It also promises a high degree of support and information for those in any stage of the loan approval process.
In part due to its primary role as a mortgage subservicer, RoundPoint does not appear on the J.D. Power Primary Mortgage Originator rankings, nor does it appear in the Consumer Financial Protection Bureau’s list of lenders with the most complaints filed against them.
RoundPoint does not publicly list an average time to close on its home loans, but Keeping Ellie Mae’s 41-day national average to close in mind will help you as you learn more about the averages offered by individual providers.
RoundPoint Lender Reputation
RoundPoint is primarily a mortgage reservicer which also offers home loans and refinancing. It is based in Charlotte, North Carolina, but has established plans to move to South Carolina in 2019. It was founded in 2007 and its unique Nationwide Mortgage Licensing System ID number is 49636. Neither the CFPB nor the NMLS has taken any recorded actions against RoundPoint.
RoundPoint’s headquarters has a Better Business Bureau rating of A+, although it isn’t accredited by the organization. It has 348 customer reviews and a four-star rating on the BBB’s website. It has closed 500 complaints in the last three years, and 144 in the last 12 months. A strong majority of the complaints against the company are related to its mortgage servicing operations, as opposed to the mortgages it issues.
- Information collected on Jan. 22, 2019.
RoundPoint Mortgage Qualifications
While RoundPoint doesn’t publicize its mortgage qualifications prior to the start of the application process, a general understanding of credit scores can help you better anticipate what to expect from this lender. Generally, higher credit scores are associated with more beneficial rates and terms, while lower scores can lead to less favorable terms.
Remember that many other factors, from the type of loan and loan amount you request to your employment history also influence loan terms.
| Credit Score | Category | Likelihood of Approval |
|---|---|---|
| 760 or higher | Excellent | Very likely |
| 700-759 | Good | Likely |
| 621-699 | Fair | Somewhat likely |
| 0-620 | Poor | Somewhat unlikely |
| None | N/A | Unlikely |
RoundPoint Phone Number and Additional Details
Homepage URL: https://ift.tt/2bLIH3E
Company Phone: (855) 801-5831
Headquarters address: 5016 Parkway Plaza Blvd., Bldg. 6 & 8, Charlotte, NC 28217
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