Consumer complaint received 2021-04-20 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: RoundPoint Mortgage Servicing LLC
State: WI

Complaint narrative:
I have mortgages on 4 separate properties that were transferred from Quicken Loans to Round Point Mortgage this year. The first payments to Round Point were to be made in the month of XXXX, 2021. I have found that Round Point business practices are unusual, and violate Mortgagor rights under the mortgage, generating additional profits for Round Point, and in ways which are designed to discourage or make impossible the refinancing of these mortgages.

My complaint falls into two categories, Improper assessment of late fees, and actions designed to render refinancing highly difficult if not impossible.

The invoices from Round Point Mortgage bear the follow the following statement, using XX/XX/2021 as an example : If payment is not received by XX/XX/2021 a late fee ... will be charged. Similarly, emails have been received stating that the XXXX is the last date on which payment may be made under the grace period to avoid late fees. 

I arranged for my payments to be handled by bank to bank electronic transfer in the months of XXXX and XXXX of this year. The transfers for the month of XXXX, 2021, were scheduled to occur on the XXXX of this month, which is the date my bank showed the deductions. I am assured by my bank that the transfers were electronic and received by the recipient on the same date. Yet I received a call from Round Point Mortgage stating that these payments were not received on that date and were not posted until the XXXX. They expect to be paid substantial late fees on these mortgages. Further, the Round Point representative on the phone assured me that any payment after the XXXX, rather than the XXXX, would be treated as late. This inaccuracy also concerns me in light of another problem I encountered in the brief time they have serviced my mortgages. 

Earlier this year, when rates were quite low I applied at a local bank to refinance the 4 mortgages payable to Round Point. After many telephone calls we succeeded in establishing a telephonic contact between my bank and Round Point to verify the existence of the 4 mortgages of mine that they had acquired. After I spent many hours assembling data to complete my mortgage application and after the bank had spent money appraising the properties in question, Round Point failed or refused to give the payoff amount to allow the bank refinances to close. Their ploy in doing this was to make repeated calls to me over a period of more than a month in which I was told that the signature on my authorization did not match the signature on their documents, and that I would have to transmit copies of the original note and mortgage to see if those signatures matched that of the authorization they had received. I replied that while I would be happy to send these, it would not resolve the question of signatures matching because I have used an electronically generated signature on the authorization form. They then said it would take 7-14 days to receive their file copies from another office to see if the signatures match. I replied that these still would not match because of electronic signing, but assured them that I had signed an authorization for XXXX XXXX XXXX ( of Wisconsin ) to have access to my file. That is how the conversation ended. To my surprise, I continued to receive the same call from Round Point Mortgage over a period of weeks, making the same inquiry again and again, more than a half dozen times, but probably not more than a dozen times. Each time I received such a call, which appeared to be from a script, I would repeat the same information again to the callers from Round Point. More than a month later I received a single letter from Round Point, stating that they had received an authorization for access to my account from a third party ( not named in their letter ) and that this authorization would be good for only 60 days. But this letter was back-dated to XX/XX/2021, and more than a month of that 60 day period had already passed. 

During the period in which Round Point refused to cooperate with providing payoff amounts so that my refinancing of 4 mortgages could close, rates had gone back up, making the refinance impractical. It seems to me that this was the goal of the delay tactics used by Round Point Mortgage. 

I have not yet received billings for the late fees imposed on my XXXX payments, but learned about them from the person who called me from Round Point today.

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