Consumer complaint received 2020-08-04
Company: RoundPoint Mortgage Servicing LLC
State: NC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My wife and I have an FHA home mortgage through Roundpoint Mortgage Servicing Corporation. We currently owe about {$270000.00}. Our home was just appraised for {$530000.00}. We want to refinance to take advantage of a better interest rate as well as getting rid of our PMI. This would save us over {$200.00} each month. We applied to refinance with Roundpoint Mortgage Servicing Corporation. The refinance was for a conventional loan that came out to about {$280000.00} after refinancing costs. My wife and I both make more money than we did when we first got the loan. It was originally a loan for {$250000.00} to purchase the home as a short sale, and {$50000.00} cash to make improvements. We have had this loan since XX/XX/XXXXand never have missed a payment or been late. We submitted our tax returns for two years. XX/XX/XXXXwe showed an income of {$96000.00} and XX/XX/XXXX we showed an income of {$100000.00}. I am an XXXX   XXXX  at a local XXXX XXXX XXXX and my wife owns  a XXXX XXXX. She has been in XXXX for 8 years and has shown a steady profit each year. She owned the XXXX when we got our original loan and we were approved based on her income and my income. Her XXXX  is seasonal. She earns most of her total annual income in the second half of the year and really makes most of it in the fourth quarter. We can prove this and have offered income statements from XX/XX/XXXXshowing the majority of the income coming in the latter part of the year. We have offered up evidence to show this is a trend year after year. Roundpoint Mortgage Servicing Corporation refuses to acknowledge her income on an annual basis and only will look at her current year income. Currently, she shows a net income of about {$13000.00}. She actually has earned more so far this year than last year to date. As someone that is on salary, Roundpoint is willing to acknowledge my annual income, but refuses to acknowledge my wife 's income as a XXXX  XXXX  owner. I feel their practice is discriminatory against XX/XX/XXXXXX/XX/XXXXowners   and I feel that they are discriminating against her specifically as a female XXXX owner. She deserves to be given credit for the success of her XXXX  after 8 years of proven financial success. Roundpoint Mortgage Servicing Corporation will not even give her a chance to show this track record. They have shut us down. I also am concerned that Roundpoint Mortgage Servicing Corporation is unfairly stopping us from gaining a better interest rate and allowing us to drop our PMI. It seems that they stand to lose money in the long run if we refinance, so they are using poor and discriminatory lending practices in order to stop us from saving money in order to keep their own financial standing. The simple fact is, my wife and I make more money now than when we first got our loan. This loan will decrease our monthly spending by more than {$200.00}. It makes no fiscal sense for Roundpoint to prevent us from refinancing.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation