RoundPoint Mortgage Review 2020
Editor’s note: The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.
RoundPoint Mortgage Servicing Corporation, headquartered in Fort Mill, S.C., is one of the largest nonbank mortgage servicing companies in the country. Founded in 2007, the company offers loan servicing and residential mortgage products.
Working with RoundPoint Mortgage
According to its website, RoundPoint currently manages about $90 billion worth of mortgage assets.
RoundPoint Mortgage borrowing requirements
RoundPoint follows Fannie Mae and Freddie Mac lending guidelines for conventional mortgages, which typically require a 620 minimum credit score. RoundPoint’s website doesn’t provide specifics about what types of properties can be financed, but conventional financing usually applies to single-family residences, multifamily homes, manufactured homes, co-ops and condominiums. Conventional mortgages remain the most popular type of mortgage.
RoundPoint Mortgage products
RoundPoint is primarily a mortgage loan servicer, which means they help manage your payments after you’ve already closed. However, they do offer basic programs for buying or refinancing a home, and home loan consultants are available to provide financing options. RoundPoint will also let you receive and view real-time updates on loans through its online portal. Loan products include:
Traditional refinance loans. Customers can replace their current mortgage with new loan terms to reduce their monthly payment or pay off their loan faster.
Cash-out refinance loans. Homeowners can tap into their home equity to refinance their mortgage with a higher balance — and receive the difference as a lump sum of cash. That money can then be used for other purposes, like paying for a home improvement or helping shrink high-interest debt.
RoundPoint Mortgage Servicing special programs
While RoundPoint’s mortgage product offerings are limited, consumers can shop other home-related services through the RoundPoint Marketplace. It’s billed as an all-in-one portal for shopping for loans, as well as other home-related services, like the following:
TV and internet services. Consumers can compare service providers in their area to get their best deals on internet, phone and TV service.
Home and auto insurance bundling. RoundPoint customers may be able to save up to 15% by combining auto and homeowners insurance.
Home security. Security-minded homeowners might be eligible for a discount on home security services offered through RoundPoint’s affiliation with SimpliSafe and SafeStreets.
Maintenance repair. RoundPoint Home Services is a one-stop shopping site for quotes on a variety of maintenance services, like house cleaning, air conditioning, heating repair and even junk removal.
Home warranty. RoundPoint has partnered with Cinch Home Services to offer a variety of home warranty plans, for covering basic appliance breakdowns or major system repairs like air conditioning and plumbing.
The mortgage application process
- How to apply. You can apply for mortgage preapproval online or contact a loan officer to discuss financing options.
- Submitting loan for approval. If you apply online, you’ll upload loan documents through a loan portal, and RoundPoint will work with its appraisal and closing affiliates to schedule appointments.
- Final approval and closing. Closings are scheduled through RoundPoint Mortgage.
- Servicing. Because RoundPoint is predominantly a loan servicer, they provide extensive information about loan transfers and how to set up an account online.
Pros and cons of a RoundPoint Mortgage Servicing loan
- Provides detailed information and support options for servicing your mortgage
- Offers comparison shopping options for a wide variety of home-related services
- Offers limited mortgage options to choose from
- Doesn’t provide details about loan qualifying guidelines at its website