Rationale

S&P Global Ratings' ranking on RoundPoint Mortgage Servicing Corp. (RoundPoint) is ABOVE AVERAGE as a residential mortgage loan primary servicer. On July 27, 2021, we affirmed the rankings (see "RoundPoint Mortgage Servicing Corp. ABOVE AVERAGE Residential Primary Servicer Ranking Affirmed; Outlook Stable"). The ranking outlook for the ranking is stable.

Our ranking reflects:

• An executive team of experienced leaders comprised of former Freedom Mortgage Corp. (Freedom) executives, promotions within RoundPoint, and outside hires;
• Continued investment in staff engagement and training programs;
• Robust vendor management program with supporting technology;
• RoundPoint's continued enhancement of processes and automation in loan administration to increase efficiency; and
• Portfolio delinquency levels that generally better than peers although elevated due to the COVID-19 pandemic.

Furthermore, RoundPoint maintains a disaster recovery and business continuity plan, including response procedures to address operational disruption as a result of a pandemic event. The company implemented its plan due to the COVID-19 pandemic. Management reported that there were no disruptions to the company's operations or data facilities.

Since our prior review (see "Servicer Evaluation: RoundPoint Mortgage Servicing Corp.," published Feb. 26, 2020), the following changes and/or developments have occurred:

• An acquisition by Freedom was completed;
• A new executive team comprised of Freedom, RoundPoint, and outside hires was put into place after the acquisition;
• RoundPoint's MSR portfolio was transferred to Freedom as part of a business model change to focus on retail originations and subservicing;
• RoundPoint changed its cadence of phishing simulation exercises to monthly from quarterly;
• The company hired a vice president of application development;
• It implemented a proprietary change management system for task tracking and implementation monitoring;
• RoundPoint moved to industry-recognized compliance testing software;
• Cash management was split into payment processing and cash operations; and
• The company launched a questionnaire that is used by agents to determine the delinquency resolution path.

The ranking outlook is stable. Since the completion of the merger with Freedom, RoundPoint has changed its executive management team and business model and continues the process of aligning its risk management framework with that of Freedom. Based on management statements, servicing operations will remain relatively unchanged. Considering that the company continued to invest in its operations after the completion of the sale and has maintained its competitive servicing performance, we believe that it will remain a capable residential servicer. We will continue to monitor RoundPoint's ability to adapt to its new business model along with the effectiveness of its internal controls and servicing metrics.

In addition to conducting an on-site meeting with servicing management, our review includes current and historical Servicer Evaluation Analytical Methodology data through December 31, 2020, as well as other supporting documentation provided by the company.

Profile

RoundPoint, founded in 2007, was acquired by Freedom in August 2020 and now operates as a subsidiary of Freedom.

RoundPoint is a fully licensed servicer in all 50 states, the District of Columbia, and the U.S. Virgin Islands. RoundPoint is an approved Fannie Mae and Freddie Mac seller servicer, and an approved U.S. Department of Agriculture servicer.

RoundPoint's servicing sites are located in Fort Mill, S.C. and Dallas with a vendor operated call center site in Guadalajara, Mexico. RoundPoint also uses vendor sites in India to augment staff for support functions. In the second half of 2020, a strategic decision was made to transfer the Freedom retail loan origination business to RoundPoint. The transfer of these approximately 90 retail offices began in January 2021 and is scheduled to be completed in the third quarter of 2021.

After the acquisition, RoundPoint sold its mortgage servicing rights to Freedom resulting in a year over year reduction in its prime servicing portfolio (by unpaid principal balance [UPB]) by just under 45% as of Dec. 31, 2020 (see Table 1). This reduction in the portfolio resulted in a shift in its geographic makeup, though it remains geographically distributed with no concentration in a single state (see table 2) or investor distribution (see table 3). RoundPoint's strategy is to increase its servicing portfolio via retail originations and subservicing.

Table 1

Table 2

Table 3

Management And Organization

The management and organization subranking is ABOVE AVERAGE for residential primary servicing.

Organizational structure, staff, and turnover

Following the closing of the Freedom acquisition, RoundPoint changed its senior executive team. Some leaders transitioned to RoundPoint from Freedom, others were promoted internally, and there were some external hires. RoundPoint's new CEO, chief accounting officer, executive vice president (EVP) of human resources, VP of capital markets, senior VP (SVP) of corporate real estate, and SVP of marketing moved to RoundPoint from Freedom. The servicing channel executive and SVP program management positions were filled internally via promotions while the chief administrative officer and EVP of retail lending were external hires.

In spite of the senior executive turnover, RoundPoint reported good levels of industry experience and tenure, although both are shorter than peers. Overall turnover levels are higher than peers and have been increasing over the last few reporting periods but are considered manageable.

RoundPoint employs a staffing model that utilizes portfolio forecasts, loan transfers, and delinquency rates to anticipate staff level requirements in advance of the need. The model is run twice per month and contemplates both onshore and offshore staff.

Training

RoundPoint provides its management and staff with a diversified array of ongoing training programs. RoundPoint focuses more on classroom training than on-the-job training with new hires, but, in aggregate, devotes more hours to new hire training than we see with similarly ranked peers. The training department staff is split between instructional designers and trainers. In addition to the training staff, RoundPoint has an Advanced Content Educator (ACE) program, which trains leaders in the organization in delivering training content. Department specific curricula, in addition to the general training programs, are in place, and managers toolkits enable managers to self-serve training information as needed.

Since our last review, in addition to the new EVP of human resources noted above, changes to the RoundPoint training team and program include:

• Adapted training materials for use in a virtual learning environment;
• Trainers became certified interactive virtual trainers;
• Promoted a trainer into the newly created learning management administrator role; and
• Created and launched quarterly workshops for employee professional development.

Systems and technology

We believe RoundPoint operates in a sufficiently automated environment. RoundPoint maintains a disaster recovery and business continuity plan, including response procedures to address operational disruption as a result of a pandemic event. RoundPoint implemented its plan due to the COVID-19 pandemic. Management reported that there were no disruptions to the company's operations or data facilities.

Since our last review, RoundPoint hired a new information technology (IT) VP as well as a new VP of application development. Planned improvements to the servicing portal were delayed in order to implement website changes to support the new retail channel. Management says the servicing updates are to be completed by year end 2021.

Servicing system applications

The following systems support the operations:

Table 4

Business continuity and disaster recovery

RoundPoint maintains business continuity and disaster recovery plans. Disaster recovery exercises are held annually with the most recent tabletop exercise performed on Nov. 19, 2020, which RoundPoint says was successful. In the event of a disaster, RoundPoint utilizes an alternate servicing site, work-from-home capabilities, or offsite data centers. It also contracts with a recovery solutions provider, which will provide emergency workstations within 48 hours of request.

Business recovery plans are reviewed quarterly and tested annually. RoundPoint has a co-location data center with daily and monthly cloud backups. Critical systems have 24-hour recovery point and recovery time objectives.

Cybersecurity

RoundPoint's information security framework was built utilizing the FFIEC recommendations as a guidepost. Tools and practices used by RoundPoint for data security include:

• A third-party security information and event management program that monitors internal and external activity;
• Firewall, data loss prevention, web filtering, and antivirus technologies;
• Use of two factor authentication;
• Monthly phishing simulation campaigns, which had previously been performed quarterly;
• Annual internal information security risk assessments that assess the effectiveness of the controls;
• By policy, annual third-party penetration testing. While the last test identified no material issues, it was performed in April 2020;
• Information security awareness training; and
• Monthly user access reviews and annual user template reviews.

Internal controls

RoundPoint relies on three lines of defense within its control environment to detect risk and provide necessary oversight. RoundPoint uses an internal audit management system, quality control testing software, and a proprietary governance, risk, and compliance (GRC) tool to manage enterprise audit, quality control, and compliance findings and action items.

Since our last review, management changes have been made in each of the lines of defense including:

• The chief risk officer left the company and was not replaced as his duties were moved under the chief administrative officer;
• An SVP of credit risk was hired in February 2021 who reports to the chief administrative officer;
• The VP servicing compliance, who also managed quality control (QC) and change management, was replaced by a RoundPoint attorney who was promoted to chief legal officer;
• A new VP of internal audit was hired in March 2021 to replace the former SVP of internal audit and who now reports to Freedom's SVP of audit with administrative reporting to RoundPoint's CEO.
• An IT audit manager was hired by Freedom who will be responsible for conducting the RoundPoint IT audits.

In addition to the management changes noted above, the compliance business partners moved to Freedom but continue to perform the same functions for RoundPoint. RoundPoint and Freedom are currently working through the reconciliation of their compliance management systems to align methodology and testing.

Policies and procedures

We believe RoundPoint demonstrates proper controls and a proper structure for developing, documenting, updating, and disseminating its mortgage servicing policies and procedures to staff. The compliance department is responsible for the administration of policies and procedures documentation. When procedure changes are required, the revised procedure document will undergo a formal change control process to ensure all appropriate approvals are received. The business units work with compliance to ensure regulatory standards are met. Each procedure document is reviewed annually to ensure relevance for publication and to assess if any revisions are needed to the content.

Quality assurance and call monitoring

RoundPoint's first line of defense is made up of intradepartmental quality assurance (QA) processes that are used to evaluate risks and controls within operations. Larger departments--such as loss mitigation, default, and loan boarding--have segmented QA teams in their departments, whereas QA reviews are completed by a supervisor or senior staff in smaller departments. QA performs in-line testing rather than post-transaction testing to identify issues and correct issues at the time the process is being performed.

Supervisors in the business units monitor five calls per customer service, collection, and loss mitigation agent per month, and QC monitors an additional five. An agent scorecard is used to assess agents as part of their performance management. The QC review focuses on risk-based items. QC also monitors chats via screen prints stored in the imaging system.

Compliance and Quality Control

Compliance is responsible for regulatory change management, licensing, examination management, regulatory change control, and compliance integration. The regulatory change control process, which manages both regulatory and investor changes, includes a dedicated resource to monitor and identify required changes. Weekly meetings are held with the business units to review the status of the changes. RoundPoint's compliance integration team works with the business units to track and monitor remediation plans and reviews and approves all changes to business processes, internal controls, and policies and procedures. While staff members report into the compliance department, they are aligned with specific business units. This alignment provides greater visibility to changes within the business unit by compliance and allows the compliance staff to become specialists. In 2020, RoundPoint implemented a proprietary web-based change management application. New regulatory or investor requirements are entered into the system and the steps to implement requirement changes can be assigned and tracked to completion.

The servicing QC area reviews the servicing and default operations on a risk-based schedule to protect the company against the risk of loss from noncompliance with company, investor, and regulatory guidelines. It also performs targeted reviews such as those conducted specific to CARES Act requirements.

In April 2020, RoundPoint implemented compliance testing software. Servicing QC uses this software for test creation, sampling, and test result documentation. Executive summary reporting is published, and meetings are held to review the results with the team leaders in the various servicing areas on a monthly basis.

Internal and external audits

The third line of defense is the internal audit program, which operates independently of the first two lines of defense. As noted above, the VP of internal audit reports to the SVP of Freedom internal audit. She, in turn, reports to the Freedom audit committee. Post-acquisition, RoundPoint and Freedom are in the midst of an exercise to align audit methodologies, but, in the meantime, there have been no changes to RoundPoint's audit processes.

On an annual basis, internal audit performs a risk assessment across all auditable entities, risk ranks the quantified residual risk, and develops the annual audit plan based on input from the board of directors and available audit resources. Internal audit utilizes process maps and risk and control matrices in its risk assessment. RoundPoint uses an internal audit tool that acts as the central repository for all risk and controls across the organization. In addition to storing the data, the system is used for the risk and control certification process and to house all audit work papers.

Audit frequency is conducted on a 12- to 36-month cycle based on high, medium, or low risk rankings, with high-risk items scheduled to be tested every 12 to 18 months. The compliance team manages the remediation process, and internal audit validates completion before closure. Internal audit reports findings to the board and the operation managers, and audit issues are matched against regulatory requirements.

We reviewed various audits from 2020 and 2021 and considered them to be comprehensive. Audit reports include detailed outlines for the audit objectives, scope, and sample size as well as findings and remediation plans. There were limited high risk findings.

We also reviewed RoundPoint's Service Organization Controls (SOC-1) Type II report and 2020 Regulation AB report for the period of Dec. 1, 2019, through Nov. 30, 2020. There were two exceptions noted in the SOC-1 report, both of which have been remediated. There were no areas of non-compliance noted in the RegAB report.

Complaint management

RoundPoint manages customer complaints within the customer contact department; however, escalated complaints are managed by the risk department. All complaints are directed through a centralized intake process and entered into the workflow and tracking system. Complaints are categorized as high- or low-risk based on the complaint source and content. Research pertaining to complaints is completed by the complaint staff as well as subject matter experts within the business units. All high-risk responses are reviewed by the QA manager and compliance before they are sent. For low-risk complaints, a sample review is performed. Customer advocates act as liaisons between the customer and the business unit. While RoundPoint sends all written responses as required, the customer advocate will also call the customer within 48 hours of receiving the complaint to acknowledge receipt. When the resolution letter is ready to be sent to the customer, the customer advocate will call the customer with the results of the research. Reports are reviewed daily to ensure compliance with regulatory timelines. Root cause and trend analysis reports are distributed to the business units on a monthly basis and to the board of directors on a quarterly basis. As of Dec. 31, 2020, RoundPoint averaged one day to acknowledge customer complaints and 14 days to resolve complaints.

Vendor management

RoundPoint has an established process for the selection, engagement, and management of third-party vendors, including conducting due diligence before approval. The responsibilities of vendor management are segmented into vendor management and oversight, offshore vendors, and attorney oversight. The vendor management and oversight team works with the business to identify and select appropriate vendors. Once identified, a risk rating is assigned by the risk department based on a risk assessment scorecard. A vendor management application is used to track and manage vendor requirements. The system includes workflows that allows users, including vendors, to work within the system. Vendors can complete questionnaires and upload required documents directly to the system. Requirements for due diligence and ongoing oversight are driven by the risk level.

The business units monitor vendors through monthly reports, scorecards, communication and meetings with the vendors, and periodic site visits. Scorecard metrics are developed by the business unit and risk management and approved by risk management. Monthly scorecards are used to monitor overall vendor performance and are submitted to vendor management for all high-risk-rated vendors. Quarterly updates regarding vendor performance are provided to the third-party oversight committee.

A network of foreclosure and bankruptcy attorneys is managed by the business, third-party oversight, and the legal department. RoundPoint has an attorney oversight manager and governance committee; the manager oversees a due diligence process for on-boarding new attorneys. Attorney scorecards are reviewed monthly and are based on systemic data as well as feedback from the bankruptcy and foreclosure groups. Annual reviews include both a process review (performed by vendor management) and a legal review (performed by RoundPoint in house counsel). Annual on-site visits are conducted in the attorneys' offices, based on a risk rating or if issues are identified. The vendor management system also includes RoundPoint's default attorney network. Since our last review, RoundPoint has been closely monitoring firms' financial and operational wherewithal due to COVID-19 and its effects and have implemented a monthly survey to gather financial and staffing information.

Insurance and legal proceedings

RoundPoint has represented that its directors and officers, as well as its errors and omissions, insurance coverage is in line with the requirements of its portfolio size. As of the date of this report, there were no material servicing-related pending litigation items.

Loan Administration--Primary Servicing

The loan administration subranking is ABOVE AVERAGE for primary servicing.

New-loan boarding

RoundPoint has dedicated staff for its loan boarding and transfer process. It boards 100% of its loans electronically.

New loan set-up features include:

• Data validation and reconciliations that are performed both pre- and post-boarding;
• A 81.53% document-to-system check that while higher than peers, is lower than previously reported by RoundPoint;
• Optical character recognition for its document-to-system reviews; however, certain data fields that pose higher risks (for example, interest rates and social security numbers) are reviewed by onshore staff due to the risk associated with incorrect data; and
• Expanded document-to-system reviews for certain loan populations (ARM loans, previously modified loans, etc.)

Payment processing

RoundPoint has an efficient cash management operation that incorporates satisfactory internal controls, minimizing the risk of loss from human error or fraud, and that incorporates innovation to increase efficiency. In early 2020, cash management was split into payment processing and cash operations. Payment processing is primarily responsible for the daily posting of funds received while cash operations is responsible for the controls and exceptions related to cash functions (reversals, suspense management, payoff quotes, etc.).

Highlights and controls of the payment processing function include the following:

• RoundPoint processes approximately 93% of payments through electronic means, with the remaining 7% (primarily loan payoffs) manually processed.
• The lockbox file is run through a rules engine prior to posting to improve posting accuracy and reduce the number of payment corrections.
• A similar rules engine is used for funds in suspense, which management says results in the automated posting of approximately 90% of suspense funds.
• Payment processors reconcile postings to the system daily.
• There was no staff turnover.

Due to the COVID-19 pandemic, payment processing staff work on-site in rotating shifts to manage payments in the secure payment rooms, and those working from home process payments virtually (lock box rejects, suspense, accounts with payment instructions, etc).

Investor reporting

The investor accounting area prepares reconciliations by confirming that loan and system balances agree with bank account statements. RoundPoint completes 100% of investor reporting and remitting electronically, in line with the industry. RoundPoint utilizes custodial and clearing account reconciliation software. There were minimal aged open reconciling items greater than 60 days and no aged items greater than 89 days for the second-half 2020 reporting period. Senior management reviews and approves monthly investor reports and reconciliations.

RoundPoint utilizes system functionality to manage investor portfolios. All purchase and sale agreements are captured within a database, which the investor reporting department can use to transfer loans to the correct portfolio. Logic is built around timing requirements for transfer dates. In addition, RoundPoint uses software for subservicing client invoicing and an automated process for transferring assets for interim servicing.

Escrow administration

RoundPoint escrows approximately 87% of accounts in its prime servicing portfolio for taxes and insurance. It uses a national tax vendor for tax tracking only and manages disbursements, tax-related calls, and escrow analysis in-house. A national insurance vendor is used for insurance policy monitoring and payment. RoundPoint has a dedicated in-house loss draft team utilizing a workflow system that is visible to call center and escrow staff.

Escrow management processes and statistics are as follows:

• RoundPoint continues to report non-reimbursable tax penalties ($.25) much higher than we see from comparably ranked peers. Management says they are comfortable with this metric due to the fact they manage all but the tax tracking in house.
• Escrow turnover rates of 12% are higher than the average reported by peers.
• The insurance vendor's 1.2% abandonment rate and 23 second average speed of answer are in line with peers.
• Monthly report cards for the insurance vendor and annual site visits are used to monitor performance.
• A PMI checklist that populates data from the servicing system, launched since our last review, streamlines the data input tasks associated with PMI removal reviews.

Mortgage reconveyance

RoundPoint uses a third-party vendor for its mortgage reconveyance process. The company reported that less than 1% of reconveyances in processing were out of statutory compliance, with no penalties reported as a result of the noncompliance.

RoundPoint staff who manage documents requiring original signatures are considered essential employees and therefore continued to work from the office locations during the COVID-19 pandemic.

Special loans administration

For adjustable-rate loans, personnel perform dual verifications to confirm that the indices are correctly input into the system. A weekly scrub of the portfolio against the Defense Manpower Data Center is performed to identify loans where a borrower qualifies for benefits under the Servicemembers Civil Relief Act (SCRA). For those borrowers that qualify, RoundPoint updates the borrowers account for the provisions of the SCRA whether a borrower requests them or not. In addition to the weekly review, there are multiple reviews performed before foreclosure referral or sale to confirm the borrower is not affected by these regulations.

Customer Contact Center

RoundPoint currently operates customer contact groups in Charlotte, Dallas, and Guadalajara. The vendor staff in Guadalajara is trained and monitored to the same standards as RoundPoint internal staff. In addition to customer service and collections, the customer contact department includes the complaint management (correspondence), letter fulfilment, workforce management, triage, home emergency assistance response (HEART), and customer advocate teams.

In 2020, the SVP of RoundPoint's contact center was promoted to servicing channel executive, and a tenured contact center vice president was promoted to SVP.

The customer service team handles loans that are pre-30 days delinquent as well as customer inquiries while the default contact center team is made up of triage (collections and pre-loss mitigation), single point of contact (SPOC), and the HEART team.

RoundPoint uses a survey for customers that is a single question and provides the opportunity to leave a voice mail. The QA team listens to all negative survey results and the associated calls.

Attributes and metrics are as follows:

• Management turnover of just under 19% for customer service and staff turnover of approximately 28% are much higher than historically reported by RoundPoint and also higher than peers.
• An interactive voice response (IVR) system for specific call inquiries assists borrowers in obtaining information regarding payment status, escrow items, making a payment by phone and website password resets also has a call back feature.
• The IVR capture rate is just under 62%.
• The average speed of answer and abandonment rates for customer service were better than those reported by peers while those reported for collections were comparable (see Table 5).
• The percent of registered website users is down to approximately 64% from 80% reported at the end of 2019.
• Speech analytics is used to identify complaints.
• An agent questionnaire was launched that combines borrower responses with loan characteristics to determine the delinquency resolution path and package, if applicable.

RoundPoint, in response to the COVID-19 pandemic:

• Trained all customer contact staff members as HEART team;
• Implemented website self-service tools for borrowers to enroll in and cancel forbearance plans;
• Modified onboarding training by extending it four days to add days for shadowing and nesting; and
• Specialized call and email campaigns to borrowers on COVID forbearance plans with no contact.

Table 5

Default management

RoundPoint's default management industry experience and tenure are generally in line with peers, while its staff industry experience, with the exception of foreclosure, is better than peer averages. Management turnover rates were higher than comparably ranked peers along with collection, foreclosure, and real estate-owned (REO) staff turnover (see table 6).

Table 6

RoundPoint reported a year-over-year increase in delinquency, consistent with the increase in delinquency across the industry due to the COVID-19 pandemic; however, the delinquency rates remained generally better than peers (see table 7). There was a degradation in the transition rates from higher-to-lower delinquencies as well as those from lower-to-higher buckets when compared to peers.

Table 7

Collections

RoundPoint's customer care triage team manages all accounts 30- to 60-days past due. Calling campaigns are based on a behavior model. The call center is blended between inbound and outbound calls, and the behavior scoring model is used for borrowers that are three- to 15-days delinquent. Collectors may handle contact with the borrower until loss mitigation assistance is requested, or where the delinquency is greater than 60 days. SPOCs are assigned when loans are boarded, which collectors will reference when transferring the borrower.

We believe RoundPoint's collection practices are effective in identifying opportunities to improve delinquency rates.

Loss mitigation

RoundPoint's SPOC model includes the contact center triage team. The triage team members handle the collections and customer contact for all delinquent loans through resolution, loss mitigation activation, or liquidation. RoundPoint assigns SPOCs at the time the loan is boarded to the system, but they do not become engaged until the borrower is in active loss mitigation, whether it is a retention (modification) or liquidation (short sales and deeds in lieu) solution. SPOCs are aligned by portfolio/investor type. RoundPoint uses a variety of loss mitigation options to resolve delinquencies; however, in response to the pandemic and the launch of COVID specific forbearance plans, forbearance remains the predominant solution in use (see table 8).

Table 8

Since our previous review, RoundPoint segmented loan processing into specialized job units:

• Vendor orders;
• Vendor order fulfilment, which reviews the documents on receipt;
• Income/asset calculation; and
• Permanent modification calculation, which reviews all modification documents and updates the agency systems with the modification data.

Processes, controls, and metrics we considered include the following:

• RoundPoint uses an industry-recognized loss mitigation workflow system to help streamline and automate the loss mitigation process.
• Every evaluation processed by RoundPoint goes to an underwriter for recalculation.
• Real time dashboards are used to monitor metrics, which were expanded to include COVID specific metrics.
• RoundPoint continues to report higher-than-average loss mitigation average speed of answer and abandonment rates (see table 5).
• The average number of days to a workout decision was 21.

Foreclosure and bankruptcy

The foreclosure and bankruptcy department is divided into three areas:

• Operations, which performs all tasks associated with foreclosure and bankruptcy accounts, aligned by investor.
• Oversight, which performs timeline management and works with counsel and investor, aligned by investor.
• QA, which reviews 100% of the work completed by the operations team and by counsel, aligned by document type and investor.

As a result of the COVID-19 moratoriums, which limited the amount of work required by the foreclosure teams, the bulk of the foreclosure staff were redeployed to other areas of servicing or to work on special projects.

Highlights and controls of the foreclosure process are as follows:

• Prior to referral to foreclosure, a review of the loan and associated documents is completed.
• Workflows within the default servicing platform are used for both foreclosure and bankruptcy processes.
• Foreclosure bids are calculated automatically based on loan parameters.
• Pre-sale certifications are completed and must be approved prior to foreclosure sale.
• SCRA checks occur on a periodic basis from the time of referral through the foreclosure and post-sale processes.
• All bankruptcy proof of claims (POCs), payment change notices, and motions for relief are reviewed by RoundPoint staff and filed by the attorney.
• A post-filing review validates the accuracy of the documents filed with the court.
• RoundPoint reported that no POCs were rejected by the court for the second half of 2020.

Real estate-owned

RoundPoint utilizes a national REO vendor to manage its limited REO portfolio. The RoundPoint asset managers are responsible for overseeing the vendor using key metrics to monitor performance, including turn rate and execution rate. List, offer, and sales price are reviewed and approved based on investor delegated authority or sent to the investor for approval. An REO dashboard is used to provide greater transparency of the status of the portfolio.

Financial Position

The financial position is SUFFICIENT.

Related research

• Select Servicer List, June 3, 2021
• Servicer Evaluation Spotlight Report™: Environmental, Social, And Governance Factors Have Consistently Powered Our Servicer Evaluation Rankings, Nov. 16, 2020
• Servicer Evaluation Spotlight Report™: U.S. Residential Mortgage Servicers Gear Up To Face COVID-19 Related Challenges, April 10, 2020
• Servicer Evaluation: RoundPoint Mortgage Servicing Corp., Feb. 26, 2020
• Analytical Approach: Global Servicer Evaluations Rankings, Jan. 7, 2019