RoundPoint Mortgage Scam – My RoundPoint Mortgage Complaints

My RoundPoint Mortgage compliant could have been avoided, but it seems that RoundPoint Mortgage servicing is the type of company that will eventually get into trouble with the BBB (Better Business Bureau) soon enough. My RoundPoint Mortgage complaints began shortly after I submitted my eSigned and “wet-signed” documents. Before I get into the complaint, let me tell you how I got into this mess in the first place.

RoundPoint Mortgage Review

roundpoint-mortgage-reviewI purchased my primary home in 2010 and my rate was 5.0% for a 30-year fixed loan from the initial mortgage servicing company. I noticed that the rates decreased so I went to to gather quotes from competing companies. The RoundPoint Mortgage interest rate came in the lowest at 3.0% for a 15-year fixed loan for $416,000. I decided to move forward with RoundPoint Mortgage at this rate and was assigned a loan officer, Greg Sherrard. First, Greg had replied with a 30-year rate of 3.875%, which seemed great. However, I was interested in a lower rate by going with the 15-year option. He then quoted me the original 3.0% again. I explained to him that I don’t owe $416,000, but that I only owed part of that and wanted to take some cash out. He explained to me that because I am taking cash out, that the new rate would be 3.125%. I agreed to this new rate, because it was still low and a great savings for me.

I submitted my documents, handed over my credit card information to charge $395 for an appraisal, and my mortgage went to processing. I was excited. Mortgage rates started to creep up quickly after I locked my rate in for 30 days. Greg conveniently set his vacation reminder shortly after I submitted documents to RoundPoint Mortgage, which stated that he would be out of the office until just a couple days before our closing date. The appraisal came back very high, and then the problems started.

Greg Sherrard told me that RoundPoint has submitted my documents to underwriting, but underwriting was allegedly reporting some problems with my loan. They pointed out that schedule E showed rental income for my property from the prior year and denied my application for an owner occupied residence. He said that due to this rental income (which was simply some cash that a roommate gives me to rent a room) this property would be considered an investment property, and that they would not be able to process it as owner occupied because I “clearly” didn’t live there. He stated that I need to have “documented proof” that I live in the home, and that according to my tax records (from the prior year dating back as far as 23 months), that such documentation showed that my home is an investment.

For the record, I’ve lived in this exact place since February 1st, 2008. Greg went on to tell me that he couldn’t give me the rate that he had quoted because Fannie Mae wouldn’t purchase the loan upon seeing that I earned rental income from my property. Even if I didn’t live in the home, whatever happened to intent? Actually, intent is exactly what they chose to ignore. RoundPoint Mortgage even states on their own website exactly what an “investment property” is, and it doesn’t sound anything like what Greg Sherrard described it as:

Roundpoint Mortgage Servicing

Investment Property:
Property that is owned with the intent to generate rental income and not intended for owner occupancy.

Has Greg not heard of an Occupancy Agreement? These are standard documents that an owner must sign when getting a loan. Here is a link to an example Occupancy Agreement that penalizes homeowners if they lie about their occupancy.

I called Greg and left him a voicemail and email. After not receiving a response from him, I followed up by writing Greg a long email explaining that I could prove that I occupy the home and am willing to prove it.


I called you and sent you an email earlier today, but have not received a response. I honestly don’t know what you’re expecting from me as a response. I’ve already stated that I live in this property and that this is not an investment property. My intent is crystal clear in that I will be living in this property. I don’t want to argue over it. I know your job got tougher working with people since the Patriot Act, and I don’t want to complicate this more than we need to in order to get the job done. In the end, a successful transaction is all that matters.

I’ve gone ahead and personally contacted Fannie Mae and asked them to clarify their position on what a primary residence is versus an investment property. What matters is my intent for the property in the next 2 to 12 months, and not tax forms dating as far back as 23 months ago. Fannie Mae has something called an “Occupancy Agreement” that appears to be very common in mortgage transactions. This Occupancy Agreement requires an owner to take occupancy within 60 days of closing and remain in the residence for 12 months and alleviates problems/disputes like the one we’re having.

In addition to that, the following should also prove that this is my primary residence:

  1. My personal mail is received at this address.
  2. I have continuously held a condo owner’s insurance policy since I became the owner of record on this property.
  3. The title of this property is in my personal name, and not under any of the LLC’s that actually own any of my rental properties.
  4. If this is an “investment property,” then it would leave me without a primary residence.
  5. The tax return is for 2012, which dates back as far as 23 months prior to today. Any rental income on a tax return from so far in the past should be irrelevant.
  6. I use a key FOB that tracks my entrances to the property.
  7. I have a guest list at the front desk that proves that I have guests to my primary residence.

So, please tell me what you need from me to get this moving along. I’d be happy to take a phone call and work this out. At this time, I also want to know what my position is as far as the rates.


Daniel Moravec

By the end of my lock, the rated ended significantly higher, from 3.0% to 3.675%. That is a 22.5% increase!

RoundPoint Mortgage Complaints

I’m not the only customer to fall victim of a RoundPoint Mortgage scam. There are many other people that have made RoundPoint Mortgage complaints as well. At this time, the average RoundPoint Mortgage review has a 2.1 out of 5.0 star rating on Google Plus. The current score can be found by doing a search for “RoundPoint Mortgage” in and clicking their profile on the sidebar. You can also read RoundPoint Mortgage reviews on, which currently holds a score of only  2.5 out of 5 stars.

You should also be aware that RoundPoint Mortgage has a conflict of interest that they try to get you to sign off on. RoundPoint Mortgage has ownership in the title insurance company that they use, and the title insurance is what I consider to be overpriced. I called around and, had I not been dealing with these RoundPoint Mortgage complaints and problems, would have saved myself about $700 for the exact same service, but by a different company: Lawyer’s Title.

RoundPoint Mortgage Customer Service

Gregory Sherrard

My loan officer was Greg (his full name is Gregory Sherrard). On November 15th, Greg conveniently went on vacation, and I received the following message when I emailed him:

I am out of the office from Friday 11/14/2013till Friday 11/22/2013.

I will be checking my email  once a day.

Greg Sherrard

RoundPoint Mortgage Servicing

The loan officer, Gregory Sherrard, indicated to me that RoundPoint Mortgage sells their loans directly to Fannie Mae. RoundPoint Mortgage may service their loans, but it is only for a short time as their intention is to simply take your loan and sell it to Fannie Mae for servicing. When you’re considering using RoundPoint Mortgage Servicing, make sure you keep in mind that they are in the business of selling their loans to Fannie Mae to make a profit.


Roundpoint Mortgage Complaints

I give RoundPoint 0 stars, as they cost me $395 for an appraisal, were poor with their communication, and in the end found a way to wiggle out of our deal by making up their own truths. I live and occupy my home and intend to keep doing so. I will not be victim of a RoundPoint Mortgage scam where they purposefully increased my rate from 3.0% to 3.375% with no real basis to do so.

2 thoughts on “RoundPoint Mortgage Scam – My RoundPoint Mortgage Complaints

  1. Raymond Holguin

    I am trying to get a adjustment on my property taxes all information was sent to you per your request I get promises on return call I also requested a manager to return my call never happened.


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