Home Point Financial Corporation
Home Point Financial is a national top twenty mortgage lender focused on mortgage origination and servicing. Headquartered in Ann Arbor, Michigan, Home Point Financial operates in nearly 50 states and is dedicated to providing quality and consistency with every transaction. Our operating philosophy can be described very simply – We Care – with a mission to provide a superior customer experience through our innovative approach to product and service delivery.
They are great, until you have an iss****.don’t expect to have problems fixed, always long wait time
Finally, I have completed my refinance paperwork and done with Home Point Financial (HPF), ending my five months nightmare. Basically, the customer service of HPF is trash. Wherever you get the loan, you need to remind your lender to avoid selling your loan to Home Point Financial. Stay away from the HPF!!!!!!!!!!!!!!!
Here are my whole story. I just outline the major events and ignore all the details. I obtained my loan in last November from a local bank, and later my loan was sold to HPF in last December.
On Jan 7, I paid my first mortgage via Bank of America (BOA) bill pay services. On Jan 19, the customer service of HPF called me that I did not pay. I immediately contacted BOA, and BOA organized several three-party calls and followed the customer service of HPF to provide all the evidences of electrical transactions. However, the HPF did not provide any follow-up responses although the customer service promised that they should give us feedback within one week.
On Feb. 11, I paid my second mortgage via BOA bill pay services. Later, I received bunches of mails to threaten me to take my house away if I don’t pay the mortgage. I realized that the HPF never credit me. I called the customer service again and again. For each time, I was told to send evidences to “WeCare at HomePointFinancial dot Com”. However, I never received any feedback before May.
Because of the payment issue of Jan and Feb, on March 7, I mailed a personal check for the March bill. Again, the HPF did not credit me. I called them several times in later March, and I was told they did not receive my check.
After almost three months, on the Website of HPF, I noticed that my Jan and Feb payments were posted on March 30. Because I never received any feedback from HPF for emails to “WeCare at HomePointFinancial dot Com”, on April 1st, I called the customer service to figure out what happened. I was told that the Account Number from BOA is not correct, and I was asked to pay the March bill immediately. Because I thought my check was lost, I paid the March bill again using the telephone service.
On April 2, I re-setup my BOA bill pay account and paid my bill for April. Another nightmare begin. Till April 14, the HPF did not credit me. Meanwhile, I noticed that my credit was damaged. I figured out that the HPF reported to the credit companies that my payment for March was delayed for 60 days. That was ridiculous. The total days of March and April is 61. How did they calculate that I pay the March bill 60 days later in April? To avoid my credit being further damaged, I have to pay the April bill again through the online service of HPF.
After I called BOA and HPF again and again, my payment on April 2 was finally posted on May 27. I spent a lot of time to work with the credit companies to fix my credit issue.
What made me really mad is that: HPF returned my March check on May 20, and it indicated that HPF received my check on March 16. The HPF also charged me later fees and fine. After I write a comment here on May 11, I was told that all my fees were waived. However, there still is $15 fee of “Mortgagor Recoverable Advances” in the bill of July.
In the last months, I spent lots of time to communicate with the customer services of HPF. If there is a way, I will not choose to refinance to end this nightmare to done with the HPF.
I refinance my first mortgage with Home Point in order to get rid of my PMI insurance from my first mortgage, which was around $250 a month. Three months after refinancing, Home Point raised my monthly mortgage payment by $400 a month saying that they had miscalculated my escrow. I know how much my taxes and home insurance fees are and there is no way that their calculation was even remotely correct. Rather than deal with them for the next 30 years, I refinanced again and took a little bit of a loss, but it was worth it rather than to give money to these scammers.
I refinanced with Quicken/Rocket Mortgage and they put my monthly mortgage costs exactly where they should be and I even saved a little bit more because Quicken offered me a better interest rate.
I wish I read Home Point's reviews before refinancing the first time. Hopefully, you are smarter than I was and read reviews first! Don't use them. They suck.
I called with a question about our escrow account. The gentleman I talked to, did not bother to even let me finish explaining what we needed, before he put me on hold. He then came back with the wrong information, and got very rude with me, because he didn't understand what I was saying, mostly because he wasn't listening to what I needed in the first place. I understand our escrow circumstance is probably very unique, but I still expect to have respectful help. I still do not have the answers I need, and I have to call them back for an update in a week. In which I will have to wait another hour before I get through to someone. Very rude gentleman, and not at all pleased.
The appraisal company that they used, Solififi, was completely inappropriate. They scammed me out of $500.
Home Point Financial was founded in 2015 and is headquartered in Ann Arbor, Mich. The company has grown substantially since it was founded. Total loan volume in 2017 was more than $9 billion, according to the Scotsman Guide.
Home Point Financial is currently licensed in all 50 U.S. states and Washington, D.C.
The application process with Home Point Financial is mostly digital. After providing some basic information via an online application, a mortgage advisor contacts the borrower by phone or email to review loan options.
The minimum credit score required for a mortgage with Home Point Financial depends on the loan program. The lender looks for a minimum credit score of 580 for FHA and VA loans, 620 for conventional and USDA loans, and 661 for jumbo loans.
Borrowers with lower credit scores who have other compensating factors that make them a good candidate for a loan could still be eligible, as Home Point Financial does offer manual underwriting.
Home Point Financial lends on the following types of properties:
The company does not lend on the following types of properties:
Home Point Financial offers a variety of loan programs for purchasing or refinancing a home or tapping into a home’s equity.
Home Point Financial’s Home Point Edge program is designed to help borrowers who might have a difficult time getting approved for a mortgage, including those who are self-employed or have had some credit issues.
The program currently has two tiers:
How to apply. You can start the loan application process online by creating an account and providing some basic information about yourself, your assets and income, and the type of property you’re interested in buying or refinancing.
Disclosure process. The online account you set up to begin the application process is also a portal for communicating with your mortgage advisor. Once you complete an application, you can sign disclosures and upload supporting documents via the portal. A Home Point Financial mortgage advisor will run your credit and work with you to decide on the best loan program for your situation.
Submitting loan for approval. Once you’ve decided on a loan program, your application and supporting documents will move on to an underwriter who will verify the information included in your application and may request additional documentation.
Final approval. Once your Home Point Financial mortgage advisor receives your appraisal, he or she finalizes approval.
Closing. Your mortgage advisor will work with you to select the closing time and place. Depending on the laws in the state where you live, this may take place at your real estate agent’s office, the title company or an attorney’s office.
Initial contact. A mortgage advisor will start the application process and help you decide on a loan program suited for your situation.
Underwriting. Once you complete your application and select a loan program, an underwriter may reach out to you to request additional documentation to verify your income, assets and debt. Throughout the process, you can check on the status of your loan and review and sign documents through your customer portal.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.