Consumer complaint received 2018-03-27
Company: RoundPoint Mortgage Servicing LLC
State: NM
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In early XXXX of XXXX I inquired about loan assumption. A Roundpoint representative ( representative ) assured me that I would be able to assume the loan. During these initial phone calls, it sometimes seemed as if the representative did not understand me and it was difficult for me to understand the representative. What was clear however, was that the representative was sure that I could apply for assumption. So, I proceeded with what I understood to be the process for assumption. 

On XX/XX/XXXX, I requested by email ( attached ) that the paperwork for the loan assumption be sent to me, as directed by a Roundpoint representative. In XXXX, I followed up with Roundpoint by phone to confirm that they had received my email requesting loan assumption paperwork ( packet ). A representative confirmed receipt of that email and stated that the packet would be delivered shortly. 

On XX/XX/XXXX, I sent a letter via email ( attached ), requested by Roundpoint, with details of names of the current owners and assumptors. I received an email confirmation of receipt of that letter on XX/XX/XXXX. In mid XXXX, the co-owner of the property called Roundpoint to follow up on receipt of the required letter. The co-owner was told by a Roundpoint representative that a customer advocate was reviewing the assumption. 

On XX/XX/XXXX, I sent an email to Roundpoint asking for guidance on next steps for continuing the assumption process. On XX/XX/XXXX, a representative from Roundpoint contacted me via email with an attached assumption packet. 

On XX/XX/XXXX, a representative from Roundpoint contacted me via email to tell me that I can not assume the loan ( attached ). 

In XX/XX/XXXXand XX/XX/XXXX I inquired via email to a Roundpoint representative about restrictions to assuming FHA loans and whether my brother alone could assume the loan. A Roundpoint representative then sent me HUD XXXX Chapter XXXX as proof that I can not assume the loan and an email suggesting that my brother could apply but could not assume the loan unless currently living in the home and if he is a different brother than the one who was interested in assuming the loan in the first place. 

I still dont understand whether this loan is assumable or not, and if so, by whom. Furthermore, I do not understand why I, my brother, or both of us can not assume the loan. This poor service on the part of Roundpoint Mortgage has led me to lose lots of time preparing for assuming a loan that they seem to not want be assumed, it has contributed to : my ex-partner accusing me of lying about the assumability of the loan, a missed half mortgage payment, threats of filing a partition of property, stress, poor performance in school, and me spending a great deal of energy investigating options for a conventional refinance with another lender that will cost thousands more than an assumption at a higher interest rate, and perhaps a lower market value if assumability was indeed an option for this and future transfers of ownership.

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