Roundpoint Mortgage Company — escrow account fraud!!
ESCROW FRAUD! I highly recommend that you do not do business with this mortgage company. My mortgage was purchased from this company shortly after my closing. In the ten months that they have held my mortgage, I have had numerous issues. Even though I pre-paid a year's worth of homeowner's insurance for closing and I was not required to carry flood insurance, they forced placed policies for both. I sent them proof of insurance and a certificate of elevation, as well as a LOMA from FEMA. I had to call several times as they stated they had not received the documents. Finally, I faxed the documents and called the next day to confirm receipt of the same. After following up three or four times, they canceled the force-placed policies.
Months later I received an escrow analysis. The insurance amounts for the cancelled policies were included, causing a shortage in my escrow account which raised my monthly payment over $300. I called in March and the representative said they would run a new escrow analysis. She said this would be done before my April's payment (three weeks). The analysis was never run. I called again and spoke with a representative in the insurance dept. to verify that they actually did cancel these policies and explained the issue with them. This representative was very nice and confirmed cancellation and called the customer service with me on the phone. We spoke with Arron. He again stated they would run a new escrow analysis removing the insurance premium for the forced insurance I never needed, and no longer had. He said this would be done on May 3. I told him this was an issue for me as my payment was due to come out of my account on April 30th (for May) by auto pay and that this was the second request. I couldn't understand why it was taking over six weeks to get this new analysis. His response to this was to move my auto-payment to May 5th in order for them to have time to run the new analysis preventing them from taking the additional $300 out of my account.
On May 4th, I received an e-mail reminder of my auto-pay, however, it was for still for the incorrect amount. I called immediately and spoke with a representative from the insurance dept and asked them to call the escrow dept with me on the line to verify once again that they did indeed cancel the policy, and that flood insurance should not be included in my analysis. It turns out that after multiple promises by Roundpoint Mortgage to run my new analysis, it still had not been done. She put in yet another request and got back on the line and told me they definitely would have this completed by May 8th. They once again moved my payment, now to May 10th so that they would not auto-debit the incorrect amount. This is now the third request, and it taking almost two months, and hours on the phone to get a new analysis. It is now May 10th and I just received e-mail confirmation that Roundpointe Mortgage, after all this, has debited my account with the $300 increase included. They have never run my corrected escrow analysis and are still charging me for the flood insurance I do not need, want or have.
I have read several complaints regarding this very same issue on several boards, social media, the BBB, etc. It is a reoccurring theme with this company. They never error on the side of the client. In each case, they are over withholding our money. I can not believe a mortgage company is truly this incompetent in maintaining the escrow accounts of their clients. I have read that class action lawsuits have been filed against other lenders over the same thing. Based on the number of complaints by Roundpointe customers all over the net, I am considering contacting a class action attorney to determine what steps would be required to do the same. They are able to run audits of the escrow accounts. Whether it is fraud or convenient incompetence, it is absolute mismanagement; and I believe they have a fiduciary responsibility for the maintenance of these accounts. I am sure they will be able to reach out to those of us who have come forward and complained, as well as secure a list of their customers. I am certain there are many more of us out there.
I am also reporting them to the BBB and the Consumer Financial Protection Bureau. I won't be contacting Roundpointe for a fourth time for this problem. I just don't have the endless hours needed to spend on the phone with them, to deal with yet another incompetent customer service representative to explain the situation over and over again. Interestingly, they sound confused, as if this is an unusual case. After everything I have read, it's what they do best. Just letting a legal representative deal with them.
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