RoundPoint Mortgage Servicing Corp. (RMSC) is a mortgage servicer that purchases mortgage rights from original mortgage lenders and specializes in all areas of servicing mortgages. Its customers pay their mortgage payments via the company’s portals. Company tasks include collecting monthly mortgage payments, helping clients organize their property taxes and insurance premiums, and forwarding dues to the original mortgage lender.

Who They Are

Founded in 2007 and based in Charlotte, North Carolina, RoundPoint is a subsidiary of the Tavistock Group, which is a private investment company that spans 15 countries. Tavistock helps businesses and private homeowners repay their mortgages and property taxes and deal with all mortgage obligations. RoundPoint gives patrons customized accounts on its site to help users with their loans. It provides thorough guidance on all mortgage-related issues, such as property tax, insurance, foreclosures, bankruptcy and natural disasters. The organization directs users to available options that can help them pay their monthly payments, and provides a special program for individuals who have difficulty repaying. The company's ultimate goal is to deliver interest and principal to the original mortgage lender.

RoundPoint operates as part of the RoundPoint Financial Group Inc. and is headed by chief executive officer Kevin Brungardt and president Dave Worrall. The company carries FHA and USDA approval and is licensed to originate loans in 47 states and the District of Columbia.

Mortgage Products Offered

RoundPoint buys mortgage servicing rights (MSR) from sellers of Fannie Mae and Freddie Mac loans and Ginnie Mae securities.

The company also services mortgage products from companies that include Sebonic Financial, NationsChoice Mortgage, Mortgage Capital Associates Inc., Consumer Direct Mortgage and AimLoan.com. It packages these products into the four categories of adjustable-rate mortgages, fixed-rate mortgages, and fixed-rate-refinancing mortgages or ARM-refinancing mortgages. The ARM option is divided into two types: a 5/1 ARM and a 10/1 ARM loan. Both ARM options carry a fixed interest rate for the first five or 10 years, depending on the type of ARM the client chooses. RoundPoint also breaks down its fixed financing and fixed refinancing options into 15-year, 20-year and 30-year choices. Customers choose the product and term duration that suits them.

A fixed-rate mortgage (FRM) is one where the interest rate on the loan remains constant. The fixed-rate mortgage refinance option ensures that the customer's interest rate and monthly payment of principal and interest remain unchanged through the duration of the loan. An ARM has monthly payments which keep pace and fluctuate with interest rates.

Mortgage Rates

Suppose a customer chose a $300,000 loan at a fixed rate with 20% down. If the customer opts for the 30-year fixed-term option, he pays 3.375% with 3.552% APR. For the 20-year fixed-term option, he pays 3.25% at 3.372%, and for the 15-year fixed-term option, the customer pays a 2.750% interest rate with 2.888% APR. Assuming the client chose a 30-year fixed refinance loan at the amount of $320,000, he pays RoundPoint a rate of 4.125% with an APR of 4.136%. If the customer chose a 5/1 ARM for $300,000, RoundPoint's interest rate is 2.5% with an APR of 2.971%.

What Consumers Are Saying

Credio.com gives RoundPoint a smart rating of 66 on a scale of 0 to 100. The company boasts a clean record from the Nationwide Mortgage Licensing System (NMLS), an A+ rating from the Better Business Bureau (BBB) and has only one complaint filed against it with the Consumer Financial Protection Bureau (CFPB). The Nationwide Mortgage Licensing System (NMLS) is the only body in the Unites States that licenses and monitors the activities of mortgage lenders in the country and its territories. The company has been accredited by BBB since 2009. It showed 89 complaints in total, with the main issue being customer service.

Southwest Business Corporation (SWBC) Mortgage Overview

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