Gave Roundpoint mortgage a "would not recommend rating". Why was it removed?

I recently reviewed my experience with Roundpoint mortgage and gave them a "would not recommend" rating because I believe they failed to adequately communicate with me during the closing process.  I understand that Roundpoint feels they don't deserve a bad rating - they actually called me to explain the it was my fault / my realtor's fault / the title company's fault and just a tiny little bit also their fault, but not enough for me not to recommend them.

Why was this review removed? I believe it was very accurate, and Roundpoint dropped the ball (which they actually did admit). I am even less inclined to recommend them, since they called me only to complain about my rating and the affect on their business, but not to offer any resolution to the damage they caused.

I really like Zillow, but if poor lender reviews are removed based on a lender's request (which I assume is what happened) I don't feel that I can trust the mortgage marketplace any more!
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March 16 2011 - US
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Answers (96)

Profile picture for zuser20140619105750883
I would not recommend Roundpoint as a mortgage company to anyone. We use to have Embrace and they sold the mortgage to Roundpoint. That's all they do is harass for you payment. They call you if the payment is not in their hands the exact day it is due. They totally ignore any grace period. They start calling you the next day asking if the payment has been sent and keep trying to get it taken directly out of our checking account. After reading some the horrible stories that is never going to happen. We where about 4 days late and they told us to go to the bank and get a copy of the canceled check and send to them. Now what does that tell you they are not very good at keeping track to see if the payment was received. The problem is the payment is sent to a PO Box instead to a address. The way you are treated is as if we where 6 months behind in payments. Than the person on the other end tratens my wife by telling her they are going to put a lean on our property!! What kind of business are these people running
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June 19
Profile picture for robin saville68
My challenges with Round Point have been terrible.  Thankfully I have kept great records and recorded my phone conversations with them.  There are so many contradictions in their phone calls and letters that I plan to start posting them. One employee/manager went as far as to admit they need better training at Round Point.  I understand that in life mistakes happen...but they don't seem to be willing to accept their mistakes.  Here is the first video I just posted telling a little of my story.  [Spam/hyperlink removed by Zillow moderator, see our Good Neighbor Policy]
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June 01
Profile picture for RichardBassett

Who thought that I would be back to post a comment for a second time.  I paid my mortgage on 02/17/14 to avoid any further entanglements with RoundPoint's inability to properly process additional principal payments propertly and figured that would be the end of it.  Now I cannot seem to get my cancelled deed and this is 04/29/14.  After 3.5 hours of phone calls and broken commitments, still nothing.  I suspect that divorces are easier to settle and hope that I am completely free of any association with RoundPoint  at some point in the near future.    

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April 29
Profile picture for qnbui69
I too have my loan with Roundpoint because of their low rates. I actually have my loan with them twice! Guess I didn't learn the first time around. Their appraisal was lower than the 20% I needed both times. I didn't care that much since I was OK with putting money into the loan to bring the principle down and to get the low interest rates. Before Roundpoint I had Wells Fargo at a much higher rate. Anyways, each year comes around, Roundpoint would try to stick me with hazard insurance. I live in a condo and I pay my HOA each month for fire, earthquake and maintenance. Roundpoint don't even bother checking, they just try to get me a hazard policy at an outrageous rate, maybe to line their pocket or because they just don't care. I have to waste time each year fighting to get the hazard policy remove. Dealing with it as I write this. If you can get the same rate elsewhere, I recommend you get it somewhere else unless you want horrible service.
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April 09
Profile picture for ccherukuri
Glad that i saw this thread...i was just about to start my application for a loan with them. I spoke to them yesterday and the person sounded very nice and polite. He said he would waive all the fees and also credit some $1700. I felt it was too sweet to believe and did some search and found this thread where 99% of the reviews were talking bad about them. So i did further search and saw some Yelp reviews and same was the case.

I'm not sure how they had so many positive reviews on Zillow Market Place and that's the only place i see positive reviews. The person i spoke with was very proud to advertise that they have got 3000+ reviews on Zillow Marketplace.

I'm really glad i did not give out all my personal info to them before seeing this stuf...

Thanks ALL for sharing your valuable experiences...it is and will definitely help people like me who are in search of a good mortgage company. Having said that, appreciate is someone can suggest any good experiences they had with other mortgage companies.

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April 02
Profile picture for res170y08
Their low closing cost and low interest rate was what I was attracted to them. They gave me a 4.125% with 1,050.00 in lender credit...i was really happy. Immediately I started getting everything ready so we could close within a reasonable time. When we got the appraisal back, we were shocked that it came 65,000 short than expected. I tried to fight the appraiser company by providing proof of the exact home that sold for 410,000 (with no upgrades) a year ago. I sent them internet links of all properties that were recently sold that were compared to mine, I also provided proof of 75,000 worth of upgrades that we have done. Finally, they came with their answer and it was: Since it was too long ago we had to compare it to properties with identical square footage. These homes were not even close to home.... Wow!

Now they went from 4.125% to 4.375. At this time we were to involved that I didn't mind paying $30 more every month. Recently I got an email congratulating me that my file was for final approval and was just waiting for tile company. I felt confidant that we would close soon. I was wrong!!!!

 One of the loan officers emailed me saying that HE never priced the second mortgage as part of the original loan so now my new rate is 4.625. A common mistake that could of been prevented since the beginning. Since it was a cash out second, now they had to give me the interest rate to date which was 4.625. IF YOU WANT TO SAVE MONEY, TIME, AND HEADACHES PLEASE READ THIS BEFORE  APPLYING WITH ROUNDPOINT MORTGAGE. 
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March 26
Profile picture for user7347040
I'm now scared to death!!!!! I want to pay extra every month and also pay bi weekly. AND add a paid off at my death type of benefit. I am a single mom and want to be sure this company will work with me. I bought my home in June 2013 and knew my local bank would transfer me. I've been transferred 2 times. I wondered why they NEVER answer calls, messages or emails!!! I finally talked to a rep to make a payment via phone she made the payment quickly and was very very nice. Now I pay over the website to avoid extra costs. But whyyyyyy won't they answer me when I WANT to give them extra $$$$$$$. This is getting discouraging!!!!
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March 23
Profile picture for PMAalways
I would not recommend Rounpoint either. They mismanaged my loan from the beginning. They asked for a property survey a couple of days before closing which should have been done early in the process. They also allowed a faulty appraisal to go through that did not meet guidelines. I did get my money back for the appraisal, but it cost me time off from work plus travel costs as I took the time off to close for which I was not reimbursed. So I am out around $1,000 due to faulty services. I went with another lender and all of the issues that were problems with Roundpoint, their appraiser and underwriter were in fact non-issues. My word of advice to anyone appling for a loan is to understand every part of the loan process including the appraisal, property surveys and the underwriting process incuding specifics of the  guidelines they follow.
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March 17
Profile picture for trenakupper
Our loan was sold to Roundpoint December of 2013.  35 days passed before I had an account number to make a mortgage payment. Once I had this number, two months worth of payments were made just to receive a letter shortly after that my escrow account was in a negative balance and my monthly payment would go up $67.00 per month.   Roundpoint "estimated" the amount collected for the year 2013. My loan was with Cobalt the year 2013 and I have an escrow statement of exactly what was collected. As a matter of fact, we had a refund from Allstate insurance for $153.00 that was over paid. DO NOT USE THIS COMPANY!
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March 01
Profile picture for RichardBassett

Rates may be good but there are many other problems such as; having to resubmit closing documents that were mishandled, not being able to pay from online bank accounts without paying a processing fee, attempting to pay additional principal or escrow, and having to pay $80 for a payoff quote.  It does not appear that the company is capable of providing the services they would like to.

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February 18
Profile picture for sunnyview
"Get bent Roundpoint."

LOL Many people would agree with that.
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January 30
Profile picture for stevemull599
Roundpoint. What a joke. I called them a month ago for refinance. Been through about 6 other lenders getting rates and closed with one the other day. Roundpoint just called me today wanting my business. Get bent Roundpoint.
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January 30
Profile picture for chriscooper7091
wow. I was going to sign up and use round point for my mortgage. After reading there reviews, I am unfortunately going to apply elsewhere.
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January 24
Profile picture for david reid1
I have been waiting on Roundpoint for nearly three months now.  Poor communications, broken promises and just plain incompetence on their part.  I am a vice president at a bank and elected to go with an outside company for my mortgage.  I wish I had read the reviews first.  The promise of closing within 30 days has long passed and my loan officer, Eric P., has tried to do what he can, but he seemed frustrated as well by their back office incompetence.  I figured since we started this in late September, there would be no problem closing before year-end, but here we are on New Years Eve and I have not heard from them, even though they promised they would communicate a closing date to me last week.  There are a lot of good mortgage companies out there, unfortunately this is not one of them.  BEWARE!!!
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December 31 2013
Profile picture for rnaples1
Has anyone ever received a call back from RoundPoint Mortgage Servicing Corporation? How about an effective email address to contact someone in authority at this corporation? Much appreciated.
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December 13 2013
Profile picture for joe blotnick
Do not use this company.

I also got ripped off by Roundpoint. They make it easy for your income and debt to fit into their ratio's by "checking with their underwriters" and telling you that you are pre-approved. The day after you apply, you get charged for your Appraisal and called by the appraiser. Mine took place two days later. Then I hear that the underwriters say that my debt:income ratio was way too high. My contact, Bryant Thompson, who seemed like a really nice guy never ever returned my phone calls.

So I got in touch with the Customer Advocate, Lauren Liberto who was super nice and promised to get the inaccuracies of the way they were accounting for my income and debt straightened out (my own bank's underwriters said it was wrong), but ultimately could not help me and again just stopped communicating. Look elsewhere.
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December 11 2013
Profile picture for NULYFE2014

@ ALL,
YES ROUNDPOINT MORTGAGE SERVICING IS BEYOND TERRIBLE.
IT'S AWFUL THAT YOU HAVE TO RESORT TO FILING COMPLAINTS WITH THE BBB OR THE FEDERAL TRADE COMMISSION JUST TO GET ROUNDPOINT TO RESPOND TO YOU.
LAUREN LIBERTO IF YOU ARE READING THIS, I KNOW YOU ARE PROBABLY A BUSY PERSON BUT PLEASE TAKE THE TIME TO REACH OUT TO THOSE OF US THAT ARE HAVING ISSUES WITH THIS COMPANY.
I HATE LIKE CRAP MY LOAN WAS EVER SOLD/TRANSFERRED TO THIS COMPANY IT'S VERY HARD AND UPSETTING GETTING THE ASSISTANCE YOU NEED.
BAD COMPANY JUST DOWN RIGHT BAD!
LAUREN BY THE WAY------WORD OF MOUTH SOMETIMES DOES THE ADVERTISING FOR A COMPANY, SEE ALL THE BAD COMPLAINTS BELOW????? WOWWWWW!

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December 06 2013
Profile picture for sunnyview
Thanks for the update robin! I am hoping the best outcome for you, but you are smart to plan ahead in recording and documenting just in case. Better safe than sorry :)
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December 04 2013
Profile picture for robin saville68
Update:  Lauren Liberto reached out to me and we talked via email.  I appreciate her efforts.  I discovered that there are two different divisions to RoundPoint (both still are the same company).  I am involved with RoundPoint Mortgage Servicing...many of you with RoundPoint Mortgage.  Mr. Liberto said she would forward my concerns onto her equal and that was 8 days ago.  So far no-one has contacted me.

As I said in my first post, I encourage you to record all phone conversations with RP.  It is pretty easy to do with a smart phone.  I have recorded so many promises and admittance of error and mistakes from RP reps that it is almost comical...but more sad really.  As I said, one rep went as far as to say "We need much better training."  When a company is handling issues related to a mortgage and your money, there is no excuse for representatives to require better training and even admit such.

I received a restraining order from a court against my lender (RP is the servicer) for my concerns of illegal actions.  Even with a restraining order I continued to receive threats, then apologies, then threats, then apologies from Round Point.  And I received conflicting information repeatedly and negatives put on my credit.  I have let different attorneys and even a former US District Attorney hear or know of my recordings and all were in disbelief of what RP did.  I have not yet made recordings public because I am first hoping for a positive and fair resolution.  If that does not happen I will make the recorded conversations public in every media outlet I can.  If by chance a RP rep reads this and thinks I am wrong in what I say was promised, no worries, go back and listen to the recordings yourself since I was told each time that the conversations were being recorded.
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December 04 2013
Lauren,

I haven't heard back from you, and I certainly feel taken advantage of by your company. RoundPoint Mortgage cost me $395 in appraisal fees and another 20%+ in rate changes, not to mention a month of my time. I've been victim of shady business practice and lies. This is why I decided to write my own RoundPoint Mortgage review and I don't think it will be long until Google picks this up and starts ranking it when people search for your company. I would have much rather worked this out with you, your team, or the lender that I was working so hard to please.

For those of you reading this, what RoundPoint Mortgage did to me is inexcusable. They quoted me 3.0%, bumped me up to 3.125% because I wanted cash, then took a strong position that I don't actually live in the home that I live in and forced me to either take 3.375% or to kill the deal. Shady business practices at best, and RoundPoint Mortgage did this because the rates went up and they knew they had me backed in a corner to take their offer. As a man of principal, and a man that simply doesn't need the money, I declined to be a victim of this RoundPoint Mortgage scam and made my own complaints here, on my website, and will likely push to such sites as RipOffReport.com etc.

See what greed gets you?
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November 29 2013
Lauren,

I would like to express my concerns and discuss them live with you. I was recently told my your company that my refinance is "dead." This decision was unfair and I feel that the only reason it was made was due to the change in rates while I had my rate locked; RoundPoint didn't want to acknowledge the deal so they made excuses to either raise the rate or kill it.

For our readers out there, I am refinancing my primary residence, am self-employed, have an credit score of near 800, and have plenty of assets to cover this loan-to-assets ratio. I am what you call a prime-candidate or a perfect application, yet RoundPoint wouldn't finish the deal, costing me $395 for an appraisal without remorse.

Thanks,
Daniel
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November 27 2013
Profile picture for sunnyview
Many complaints to read. Roundpoint has a 2.1 Google review scores with customers willing to share what they experienced. If you have a current complaint, you can contact the BBB for Roundpoint and ask for assistance. You also have other options.

Ms. Liberto's offer in this thread appears to be Roundpoint reputation damage control so I would take her up on it. If she helps you, you win. If she can't help, post your experience as a warning to others.

Doing good business means providing good service not just putting out fires. I would hope that a companies would understand that, but if they don't the internet is one way to tell others your experience and get support.
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November 27 2013
Profile picture for GeneHorr
Roundpoint Mortgage Servicing Corporation just took over my mortgage which was financed by Franklin Mortgage Company about 4 years ago.

The experience so far is quite horrible.

I pay additional principal on the monthly payment along with a coupon showing the distribution (fairly simple - normal payment plus extra principal).  According to the person I finally reached on the telephone whenever one does this rather than applying the payment properly they put the full payment in the "other" category and send out late notices until someone gets around at a later date and applies the payment properly.  I could not get a straight answer as to whether they properly backdate the payment to the date received nor speak to anyone about receiving an amortization schedule showing the interest calculations.

The person answering the phone stated that the phone number listed on the statement (which goes immediately into an automated attendant with no method to select an operator or any other human to speak to) is the only phone number the company has nor is anyone able to talk to anyone else in the company.

My recommendation would be not to deal with this company if you have any choice in the matter and if you are forced to be sure and document everything and record your phone calls.
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November 27 2013
Hello my name is Lauren Liberto and I am the Customer Advocate Manager at RoundPoint.  I am sorry to read that some of you had trouble with your recent RoundPoint experience.  I would welcome the opportunity to discuss your concerns live.  [Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
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November 26 2013
Profile picture for rajkc
I would not recommend roundpoint mortgage. Their communication was poor at best. They did not extend my lock rate date and they wanted me to pay more fees upfront than initially locked.
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November 15 2013
Profile picture for robin saville68
Round Point is incompetent!  I started recording my phone calls with them because of their many promises not kept.  It was also interesting how often customer reps did not have the notes from my previous conversations.  I even had one lady apologize on the phone and said that they need much better training.  While I was surprised to hear her say that, I was also shocked.  I will be doing a YouTube video soon with portions of my conversations with them.  They also violate credit laws and collection laws.  Everyone...record your conversations...just like they say they can record the conversation.  Each state has different rules.  Although I am certain many of the employees are decent people happy to have a job, the company itself often is terrible, unethical and breaks the law.
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November 03 2013
Profile picture for andreapark5
I would not recommend dealing with Roundpoint.  They are unethical and illegally posting to my credit.  They bought the servicing rights to my loan after I started bankruptcy proceedings.  Even after the bankruptcy discharged and the home was sold in foreclosure they will not stop reporting negatively on my credit.  It has been two and half years now and they state they will continue to report negatively for another 3 years.  Federal bankruptcy laws are there to help your get a new start which I can not do while they continue to report that I am late on my payment.  They will not call me back when I leave messages for the supervisors and the customer service reps don't know what they are talking about.  They just keep reading from their script.  I know I am not the regular customer case, but trying to deal with them has been a nightmare.
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October 09 2013
Profile picture for user5990519
Wow, It was Roundpoint's fault there were liens on the title that they did not know about?

Maybe they took a while to get to that point but still.....their fault?  Really??  Why weren't they cleared or disclosed?

Wonder what all the other negatives are hiding. 

I have not had a perfect experience but most of what went wrong was my fault for not fully understanding the program.  Yes my fault.  Not sure if it would be better any where else.  A friend is closing on a house and going through the same stuff from a different vendor.  They are probably all the same.
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September 30 2013
Profile picture for user5257100
My experience with Roundpoint has been horrible. Like others, I was attracted by the great interest rates and low closing costs. The process has been going on for FOUR MONTHS. My loan officer has been promising me since the beginning of the week we would be ready to close any day. Yesterday, I received an email from her saying there are liens on the title that need to be removed. Four months in process and they're just checking title now?? It's clear Roundpoint has just been jerking me around and never intended on giving me this loan. They screwed me out of a great interest rate and I'm going to be paying for that mistake for the life of my loan. Thanks Roundpoint. Do not start the loan process with these people!!!!!!!
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September 28 2013
Profile picture for user69210967
As others have noted, Roundpoint is all about quickly promising the loan and collecting the appraisal fees.  The first couple of weeks seem promising with the loan is moving right along, no problems to close out, and then as others note...nothing, no communication, no responses to requests.  Then after six months of "just about complete" they back out of the previously locked in interest rate.  Information from current bank indicated it took Roundpoint 5 months before making first contact on payoffs.  Stay away from their initial attractive interest rates and low closing fees.  You will pay much more after having to start over after 6 months of rising interest rates!
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September 10 2013
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