Report: #893277

Complaint Review: RoundPoint Mortgage

  • Submitted: Tue, June 05, 2012
  • Updated: Wed, August 22, 2012
  • Reported By: RW — San Jose California United States of America
  • RoundPoint Mortgage
    5032 Parkway Plaza Blvd.
    Charlotte, North Carolina
    United States of America

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I have a net worth of at least 1.7 million dollars, 1.1 million in highly liquid stocks and bonds.  Most of the 1.1 million is in I.R.A., accounts, $108,000 in an inherited I.R.A. thet can be immediately liquidated as 1099-R retirement income and the rest I can liquidate as immediate income in Feb. 2013, when I turn 59 and a half.  2010 and 2011 were very bad years for me and my consulting practice earned almost nothing.  However, in 2012, I have already earned over $45,000.  My credit rating is excellent.  I started renting two rooms in my house this year, giving me rental income of $1,100 a month.  In August of 2013, I am eligible to receive social security payments of $2,400 a month as a widows pension.  The loan I am requesting, $147,000 is less than a third the value of my home, $500,000.
With all this income and assets and the home worth triple the loan amount, thiese people turned me down for a loan!  The stated ressons were they could not count my 2012 income because a 1099 on it has not yet been issues, yet they were furnished with check sbubs from the small consulting frim I worked for as an alternative.  In addition, they refused to recognize any of the I.R.A. money as immediately realizable income because "You have not yet taken any money out."  Now, who is the worst credit risk-someone 59 and a half already using their I.R.A. money or someone still not touching it because they are hustling as a consultant and landlord?   I am complaining to Congress about these scumbags and so should you!!!
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This report was posted on Ripoff Report on 06/05/2012 01:46 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 UPDATE Employee

Lender Response - Roundpoint Mortgage refusing loan to person worth 1.7 million.

AUTHOR: Roundpoint Mortgage - (United States of America)

Hello Valued Consumer,

I am a member of the Roundpoint Mortgage executive team and wanted to take a moment to respond to your post about your transactional experience with Roundpoint.  I have combed through our recent pipeline to see if I could match the information you added to your post to a file within our system, but I can't seem to uncover who you are.  I would be more than happy to look at your scenario again.  I actually am not surprised to read this.   I see within the stream of consciousness from your post and those that followed from other users, that the topic of the mortgage bailouts was brought up.  Since the economic issues in 2008, mortgage guidelines have definitely constricted.  A mortgage transaction can often be a difficult pursuit with stiff documentation and ratio requirements.  The retired consumers in this country are one of the groups most affected by the guideline constraints.  Each and every loan is run through the government's Fannie Mae or Freddie Mac automated approval engines for review.  Lenders are unable to make credit decisions based merely on a stellar credit profile such as your own, or what I assume yours to be.  Lenders must adhere to the Freddie Mac or Fannie Mae guildines for calculating income which are two-fold.  First, a borrower must exhibit that any income stream used for qualification purposes has been received for the previous 2 consecutive years.  Second, a borrower must exhibit that any income stream used for qualification purposes will reasonably continue for 3 years. 

It sounds to me from reviewing your post that you can easily satisfy the 3-year continuance requirement given that as you state, the balance of the retirememnt account is in excess of 1 million dollars.  You are what we would call a "self -directed retiree" who directs his own income from a large retirement account.  The issue that you are having is that you cannot satisfy the first requirement - you have not withdrawn income yet from this account for the previous 2 years. 

I understand how silly it sounds.  As a mortgage professional, it is often difficult to explain these intricate rules to borrowers with such healthy credit and financial portfolio such as yourself.  But rules are rules, and as one of the responders to your post intelligently wrote - the mortgage industry is indeed highly regulated.  We must follow the rules as well.

I am terribly dismayed that we were unable to secure financing for you, but I can assure you that we are not "scumbags" as you have indicated on your post.  We are just a company following the federal guidelines set forth for the securing of mortgage financing in today's extremely challenging market.

If I can offer any additional information or insight or even if you want me to look at the scenario again, I would do so gladly. 
Julia Beckelman
VP - Customer Relations
Roundpoint Mortgage
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#2 Consumer Comment


AUTHOR: Flynrider - (USA)

" Taxpayers Own the Banks-We Should Decide Who Gets the Loan  "

I'll go along with your simplistic logic.  I'm a taxpayer and I say:  no loan for you. In your fairytale financial system, does every borrower decide whether he/she qualifies for a loan, or is that just for you?

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#3 Author of original report

Taxpayers Own the Banks-We Should Decide Who Gets the Loan

AUTHOR: RW - (United States of America)

Are you crazy?  Your assertion that I do not get to decide if I qualify for a loan is ridiculous!!!!You see, the taxpayers now own the banks with this huge bailout and we the taxpayers, should not only be receiving hefty dividends from all these banks, taxpayer panels should decide who qualifies for a loan, not the very, very corrupt mortgage industry.  Insteady, the very, very greedy corrupt banks do not want to loan money right now because the interrest rates are too low so they are making up a bunch of phoney rules so nobody gets any money.  The financial service industry now owns more homes than individual home owners.  And that is the real agenda here-the richest 1% want to make everyone renters, not homeowners, so they can raise rents sky high.  It is taxpayer money, we own you, we get to decide.

Charles Schwab bank turned me down for refinancing at a lower rate than very blatantly turned around and tried to sell me on a 7 year APR loan when I have a thirty year fixed mortgage at 5 and one eighth.  Instead of servicing loans, the mortgage is in the business of corrupt speculation on "derivatives" on other warped loan packages.

Yeah, let me post my comments about not getting a loan on MoveOn. org and see the reaction!!!

Thomas Jefferson was right-the cental banks are more of a threat to our liberty than standing armies.  Abolish the Federal Reserve, stop letting it pint money and do what the consitution says-the U.S. government prints the money.

Oh, yes, there is also this thing called juries.  Let a jury of 12 people decide if I qualified for a loan and was denied one illegally.  But according to your comments, you do not believe in juries. 
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#4 Consumer Comment

I am serious.

AUTHOR: Flynrider - (USA)

  Rant about bailouts until the cows come home.   Your assertion that you should be the one who decides if you qualify for a loan remains ludicrous.    I know you're pissed that you were turned down, but Congress actually supports the much more strict lending criteria that is in place today.   If you recall, it was the lack of lending criteria that started this whole mess in the first place. 
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#5 Author of original report

Mortgage Companies Highly regulated-Trillions in Bailouts

AUTHOR: RW - (United States of America)

You can not be serious!  Mortgage companies are a highly regulated in industry and in exchange for 10 trillion dollars in tax payer bailout money, they agreed to legislation helping distressed homeowners.  The mortgage company took huge amounts of welfare from US the taxpayers, then refused to help any homeowners.   Of the 3 million homeowners eligible for refinancing under the bailout deal, only 50,000 have been helped.

Write to Congress and complain!!!
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#6 Consumer Comment

Not how it works.

AUTHOR: Flynrider - (USA)

   You want to complain to congress that they will not lend you money on your terms?  You can't be serious.   The lender gets to make the decision, based on their own criteria (not yours), whether or not to lend you money.   That's how it's always worked and will continue to work.   Where did you get the idea that the borrower gets to decide whether they are a good risk?  
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