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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
RoundPoint Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out RoundPoint Loan Modification PackageFind out why no one knows more than we do.
What is in RoundPoint Loan Modification Package?
RoundPoint Loan Modification Request For Mortgage Assistance (RMA)
if you want to get a Loan Modification from RoundPoint first of all submit a completed Request for Mortgage Assistance(RMA) Package. Use of the latest paperwork is necessary. Contacting a professional before submitting any documents will be a lot helpful. Finding the right professionals who can properly help you with the process is very crucial as there are a lot of professionals to choose from. To help you we have put the latest paperwork on our website because that is what we do as a company we help people get Mortgage Relief from the lenders. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the RoundPoint hardship affidavit?
RoundPoint Hardship Letter
RoundPoint has a Hardship letter affidavit built into their application which states your hardships,
Pro Tip: When reviewing you for a modification approval Roundpoint looks for your original reason for defaulting or RFD. If the RFD has not been cured (hardship) has not been resolved in many cases the will not be able to help.
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First let understand what is refinance and how loan modification is different from refinance. In refinance you get a second loan to pay off your first one. When you are doing a loan modification you cannot combine your previous loans. While doing a loan modification we will work with you and your lender to get the terms of your loan modified.
What terms can I change on my mortgage with a loan modification?
Thinking outside the box is not something the banking industry usually does. For this reason the terms you can get modified get very limited.
Interest Rate Modification
The thing that the most people want to modify is their interest rate. To reach affordability the servicer will push based on your income.
Loan Term Adjustment Mod
Extending the loan length can also be a way to decrease the payments but this is not the right way as people have noticed them adding payments to the beginning of the loan. If you want to get the loan extended by the length of your missed payments you cannot do that. The company will extend the loan back to its original length of 30 years in most of the cases. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. Beneficiary of the note and the limitations they set completely control this.
Principal Capitalization and Principal Reduction Modification
Principle Capitalization will be when the lender will take any arrears that you owe them which include past due payment, interest, and fees later adding them to the outstanding balance of what is owed. In rare cases that are generally dictated by the amount of perceived equity in the home (or lack there of) the investor on the loan may be willing to take a reduction on the principal owed
Step 2: Submit Loan Modification Package To RoundPointThoroughly review your documents. The wrong information can hurt you!
RoundPoint Loan Modification Submittal
Getting Your Forms Submitted To RoundPoint To Get The Process Going. What is in the RoundPoint Loan Modification Package?
Usually the following documents are required by all the lenders and are not limited only to RoundPoint Mortgage. You will have to provide your financial information to you servicer such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a loan modification, and a hardship letter.
Step 3: RoundPoint Loan Modification Broker's Price Opinion (BPO) or Appraisal
RoundPoint Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender prefers to first balance out all the options that are available to the homeowner. The lender can check whether the value is acceptable. There are many ways to do a valuation and there are some ways in which the valuation is done online. In some cases a value is completed by a real estate agent, In this type, the broker compares the properties in the area. In some of the cases the broker may want access to the home to do an interior valuation. In some cases only a drive by is enough. The person making the valuation will compare properties that are currently listed and which have been sold recently doesn’t matter which type of valuation they are doing. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
RoundPoint Loan Modification Appraisal
Loan Modification Appraisal Values
Sometimes the investor will require a valuation and for this the lender will get a valuation done on a computer called Automatic Valuation Module (AVM). Due to prohibited costs the investor will rarely hire a broker to do a valuation. The investor will in even rarer cases hire an appraiser to get appraisal. The homeowner may be required to pay advance fees in some of the cases for these services.
RoundPoint Value Disputes and Variances
Filing Value Disputes and Variances
Mistakes can happen from both the rookies and professional so sometimes a value returns too high or too low, If this happens you may have to deal with a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with RoundPoint or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
RoundPoint’s Net Present Value or NPV Process and Analysis.
After the value has returned the lender will wither decide to send file to management for the modification or not. Usually before the submission to management there is an audit process and if approved there is often another auditing process the occurs before an approval letter is issued.
RoundPoint NPV Counters
NPV stands for Net Present Value. Basically NPV is an algorithm that the investor uses to get the value for their money. This is also not a stable value. It changes from day to day. The investor will look at two seperate homeowners and try to figure out where they can get more profit. As usually the loan modification clients are behind in their payments the investor will have to figure out whether taking the owed amount and extending the loan is even worth it or not. Homeowners have to know that when the numbers don’t add up for the investor that is when they are most likely to get declined.
Modification Decline Appeal
RoundPoint NPV Counters
It is an easy way RoundPoint NPV, you have to do is figure out which parts do not make sense and act on those. You should look carefully at each point and try to figure what the ideal output should be. The most typical are incorrect income figures but it could go beyond that to things like the property’s perceived value and even in some cases the consumers credit report.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
RoundPoint will sometimes put you on trial payment plan if you have been approved for the Loan Modification from them. You will not know what the finalized terms will be that they are offering you but the final payment should be inline with what you will be paying for the mortgage at least at the onset of the new plan.
Finalized Loan Modification
RoundPoint Modification Complete
There is finalization process before they complete the loan modification process. In case you are currently on the trial payment plan then the new term documents will be sent out somewhere between second and third trial payment. They usually come with a prepaid package to return the documents to the lender. Once the documents are returned and the loan modification goes through the final audits with underwriting the master loan documents are amended to show the new terms of the loan.
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RoundPoint Home Loan Modification Breakdown
What is the RoundPoint Loan Modification Package?
If you want to get your loan modified serviced by RoundPoint then you will be required to submit package called RoundPoint Mortgage Request for Mortgage Assistance (RMA). It depends on who the investor is so you should take care to submit the latest paperwork according to the investor; it will be better for you If you can consult either RoundPoint Mortgage or a professional. We have put the latest paperwork that we found on the website. ACG helps homeowners with their RoundPoint Loan Modification process. There are 9 Sections to the standard RoundPoint Loan Modification Package.
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RoundPoint Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower /co-borrower Information This section will require you to fill out all the personal details of the borrower and co-borrower.
- Household Income. You will put all the details about the total income of the borrower.
- Monthly Borrower asset This section will contains all the details of the assets.
- Monthly Borrower Expenses This section will contains all the details of the monthly expenses.
- Hardship affidavit/letter In this section you are required to put type of hardship and its reasoning
- Borrower/Co-Borrower Acknowledgement and Agreement This section requires your signature authorizing that everything you have stated is true etc.
- Form 4506-T The final document in the whole page is the 4506-t which is used in order to verify the tax returns that you provided. Make sure to follow the directions thoroughly.
- Real Estate Fraud Certification Both borrower and co-borrower represent that they have not be convicted within last 10 years. Both of them sign the form
- Home Affordable Modification Program Government Monitoring Data Form You are not required to furnish this information, but are encouraged to do so. If you furnish the information, you have to provide both ethnicity and race.
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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.