RoundPoint Mortgage Reviews and Rates

November 30, 2012 7 Comments »
RoundPoint Mortgage Reviews and Rates

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RoundPoint Mortgage Company is a wholly owned subsidiary of an opportunistic investment firm named TravelStock Group.

TravelStock Group saw the incredible opportunity that existed in online mortgages back in 2007 due to the real estate boom. They quickly formed RoundPoint Mortgage to hop on this cash cow. Today TravelStock Group runs a number of companies in multiple countries around the world.

Officially, RoundPoint Mortgage was started in 2007 as a refinancing program to help customers stay in their homes, although many of their mortgage products with noteworthy rates today are only available to those with stellar credit scores and large loan needs (usually $500k +). 

RoundPoint is licensed to originate loans within 47 states (excluding California, Nevada, Florida, and Maryland) and the District of Columbia.  Additionally, RMC maintains FHA and USDA approvals and utilizes a group of best-in-class strategic partners.

RoundPoint Mortgage Rates:

Product
Rate
APR
30 year fixed 3.375% 3.552%
20 year fixed 3.250% 3.372%
15 year fixed 2.750% 2.888%
5/1 LIBOR 2.500% 2.971%

(The interest rates above assume a $300,000 loan with 20% down and zero points.)

Their is a 7 step process to obtain funding for a home loan through RoundPoint Mortgage. 1) The first step involves filling out a web form with the desired mortgage or refinance product you are looking for. 2) After reviewing their fee structure you fill out an application. 3) Lock in your loan. 4) Send them your information – W2s, pay stubs, etc. 5) Mortgage loan is processed. 6) Sign. 7) Funded and closed.

RoundPoint Mortgage Complaints and Reviews:

As with any online lender there are no shortage of complaints surrounding RoundPoint’s mortgage services. We tend to focus on their BBB (Better Business Bureau) rating rather than ratings and reviews listed on other sites as they can sometimes be manipulated by people within the company.

RoundPoint Mortgage has an A- rating on the BBB with 23 total registered complaints – all of which have been closed and resolved. Of the 13 complaints the majority (13 to be exact) had to do with problems with the actual product or service, 9 had to do with misleading advertising or sales and just 1 had to do with billing or collection issues.

Do you have personal experience in the home loan or mortgage process with RoundPoint Mortgage? If so, please leave your feedback below!

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  • Mom333

    We had our loan close really fast. Within 3 weeks of first calling Roundpoint our loan was closed. A couple questions came up during the process and our loan officer was very fast in getting questions answered. I would recommend.

  • kim

    I was bait and switched a little with my APR but they moved pretty fast with the process.

  • Ron

    Did everything over the phone and online (with a little faxing thrown in). Bobby Jackson was a great agent to work with. Closed the loan quickly, even had the notary come to my house to sign paperwork. Highly recommended. Got 3.875 / 15 years!

  • Jim

    These guys are awful. They give good rates, but their customer service leaves a lot to be desired. They were always very hard to reach, and they took a long time to get back to me whenever I left messages. Also, it’s clear that they write their own reviews on Zillow. The format for all of their reviews is suspiciously similar. And whenever people leave poor reviews, that is when you will see an influx of new reviews in order to get the first page of reviews to be all top ratings. Shameful.

  • Camille

    The beginning process was great until they look for all sorts of reason to denied my loan. The reason was I could not proved my primary residency even after I provided them more legal documents than they needed. Then they said I still refinance under investing property which pay higher interest rate. This is clearly a bait and switched operation. I would not recommend this business to anyone. I’m about to report this to DA unless they fix the issue. Even then, I’m very uncomfortable to continue doing business with them.

  • Donna

    Horrific customer service experience. Didn’t put our loan start date in the computer correctly and started hounding us for money we didn’t owe but no one could look qt the loan documents to verify the truth. Then payments were misapplied and after talking to Roundpoint at least over 30 times we still haven’t seen a corrected account sheet after three months of trying to get it fixed. Stupid clueless people.

  • T.

    I am sharing this to help others take caution. My story seems to follow many of the other poor reviews. Got to 80 day mark of this process and was told that it had been to long and I need to start over in sorts. At first it was smooth, I got my paper work to them in 1-2 days only because I had started this with another company and had it allllll ready! They did tell me it would be a couple weeks and probally no communication. Finally I e-mail after 3 1/2 weeks and I was told oh sorry we have been so so swamp with loans its December. I got them a couple more things they asked for in a couple days and then nothing again for a couple weeks. Finally they asked for something that took me 19 days to get, 4 of which were weekend days, when they aren’t even available, but hey I will count them. They said great! Another week went by, OK its been 80 days what is going on? Oh all is fine! I asked several times all terms are the same nothing is wrong? YES YES then, THE next day I was told, sorry its been to long we have to start over and you need to pick a new rate????? What????? My rate went up/ I lost my $800 Lender rebate/ and that No FEES was now $140 that they could roll into my loan! MY loan officer was awesome he truly tried and made every effort to make this work. But I was planning on paying a $375 appraisal fee and using that $800 rebate to pay my $920 title company fees, that I found to keep costs down . Costing me $495 total.
    The new terms would of cost me nearly $1500 and a higher rate on my loan. That is a lot of money for a single mom. So I passed. I made it very clear from the beginning I stopped a previous process, because of fee changes and rate hikes. What a waste of time! But I will not take something just because I have been dealing for to long! I have great credit, great debt ratio, and actually would of been good for there business. So Sorry RoundPoint your loss. To top it off when I said sorry you lost a good customer and gained another bad review. I was told sorry you saw some bad reviews, but we do thousands of loans and a small amount of bad ones is to be expected! I get he was upset but come one every business should care about poor reviews they will add up and even if you loose one person because of it isn’t that BAD!!!! Shame on you Roundpoint