One online lender is handling the refinancing rush by targeting borrowers who are eligible for the ""Home Affordable Refinance Program"":harpprogram.org/ (HARP). ""RoundPoint Mortgage Co."":www.roundpointmortgage.com/, a branchless company that conducts web-based loans exclusively, recently announced that it would work with homeowners who may not have qualified for refinancing under HARP's original terms to facilitate the transactions with competitive rates.[IMAGE]
Citing the entity's non-traditional business model, RoundPoint emphasized its low overhead costs, which enable the company to provide competitive rates and terms to customers. Chairman of ""RoundPoint Financial Group"":www.roundpointfinancialgroup.com/, Kevin Brungardt, said of the initiative, ""We provide an increasingly Internet and technology-savvy buying audience the most transparent access to the best pricing and highest levels of customer service for home mortgage products.""
Continuing Brungardt's positive commentary, the president of RoundPoint Mortgage, Nick Florez, noted, ""Our model is validated by our consistent placement as the most attractive[COLUMN_BREAK]
mortgage offering on popular search engines such as Google and Zillow.com, as well as our broadly favorable customer reviews on those sites.""
RoundPoint's statements follow the ""Federal Housing Finance Administration's"":www.fhfa.gov/ decision to allow an estimated 7 million homeowners access to refinancing, courtesy of the newly expanded HARP guidelines. The FHFA anticipates around 1.8 million borrowers contained within the group to take advantage of the option to refinance.
According to the FHFA's updated standards, those that are HARP-eligible include individuals holding mortgages from Fannie Mae or Freddie Mac who are current with their loan payments. Previously, ""underwater"" consumers who met these qualifications were excluded from refinancing under HARP because their mortgages are worth more than the value of their properties.
RoundPoint will cater to borrowers who meet the following requirements: in possession of a GSE-owned or GSE-guaranteed mortgage made before May 31, 2009; do not currently have an FHA, VA, or USDA loan; present mortgage payments are fully current during the past six months and, during the last 12 months, late payments are limited to no more than one recorded 30-day delay; and proven ability to make the new payments.
Based in Charlotte, North Carolina, RoundPoint Mortgage Company underwrites nearly $200 million in mortgages per month. The company, founded in 2007, is a wholly owned subsidiary of RoundPoint Financial Group and has established an ongoing strategic relationship with ""RoundPoint Mortgage Servicing Corporation"":www.rpmservicing.com/ to provide select refinancing programs.