FOR IMMEDIATE RELEASE – Tuesday, January 24, 2017
ROUNDPOINT MORTGAGE SERVICING SELECTED AS SOLE ASSET MANAGEMENT PARTNER FOR POINT, ESTABLISHING FIRST SERVICING RELATIONSHIP IN SHARED EQUITY INDUSTRY
Growing non-bank servicer to manage assets for rapid expansion by Fintech innovator
Charlotte, NC – January 19, 2017 – RoundPoint Mortgage Servicing Corporation, one of the nation’s largest non-bank mortgage servicing companies, announced today that it has been selected as the sole servicing partner by Point, the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt, for Point’s growing portfolio of fractional residential real estate assets.
Under the agreement, RoundPoint Mortgage Servicing, a top-20 non-bank mortgage servicer and a prominent provider of mortgage liquidity, will manage assets acquired by Point. Homeowners sell Point a fractional interest in their properties in exchange for a tax-deferred lump sum without interest rates or monthly payments. Within 10 years, the homeowner exits the agreement by either selling their home or buying out Point. Most homeowners use the capital to diversify their wealth, invest in their businesses, renovate their homes, or pay off debts.
Point provides homeowners with a brand new finance solution that aligns homeowner and investor interests and, for the first time, investors can buy fractional interests in owner-occupied residential real estate through a digital platform. As more lenders grapple with creating products that meet the needs of varying borrower types, Point is one of the more innovative FinTech firms to have developed a compelling product for homeowners to tap their real estate equity. “This type of innovation is critical to the continued growth of the housing market,” said Kevin Brungardt, CEO of RoundPoint Mortgage Servicing. “We are delighted to have been selected as Point’s servicer and we are looking forward to a long and successful relationship.”
“As demand for our product continues to grow, it is clear that both the extent and diversity of RoundPoint’s asset management expertise make it the perfect partner for our unique product,” said Eddie Lim, CEO of Point. “RoundPoint shares our mission to align our interests with homeowners and provide homeowners with a simple, fast and efficient experience, and our partnership enhances our ability to do just that.”
Leading the integration between the two companies, Point’s Product Manager Elissa Kline said, “It was important that we chose a partner that has both a strong reputation on Wall Street and the technical ability to work with a whole new asset class. RoundPoint is unique in that it meets these two requirements and we’re excited to scale our businesses together.”
Brad Johnson, RoundPoint’s COO, added, “Our operational infrastructure, capacity and technology solutions provide a solid ‘back-office’ platform for Point.”
RoundPoint Senior Vice President of Business Development Allen Price commented, “Our ability to efficiently service this product significantly reduces Point’s servicing, operational and compliance related risks, while allowing them to focus on product innovation and distribution.”
About RoundPoint Mortgage Servicing Corporation
Founded in 2007, RoundPoint is a fully-licensed agency and non-agency subservicer for commercial banks, credit unions, mortgage companies and hedge funds. The Charlotte, NC-based company currently services over $75 billion worth of mortgage assets, which are comprised of its own assets and loans subserviced for many other investor types nationwide. RoundPoint is licensed to service loans in all fifty states, the District of Columbia, and the U.S Virgin Islands and is publicly rated by Fitch Ratings (RPS3+, RSS3+), Standard & Poor’s (Average) and Kroll Bond Rating Agency (BB). RoundPoint is a seller and servicer for Fannie Mae and Freddie Mac. It is an approved single family Issuer and servicer for Ginnie Mae, and maintains current MBS issuer eligibility. RoundPoint is also an approved servicer for the U.S. Department of Housing and Urban Development, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture. In addition to servicing loans guaranteed by Fannie Mae, RoundPoint services for third parties and has an extensive portfolio of loans involved in FDIC structured and shared loss transactions. For more information, please call Allen Price, SVP of Business Development (704) 426-8846. Lenders and investors can learn more about RoundPoint’s servicing offerings by visiting roundpointexchange.com. Borrowers may visit RoundPoint’s consumer website at rpmservicing.com.
Point is the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt and gives investors access to a new asset class — owner-occupied residential real estate. Launched in 2015, Point was founded by Eddie Lim, Eoin Matthews and Alex Rampell following their own frustrations with home financing. The Palo Alto-based company is backed by some of the nation’s leading venture capital firms and individual investors including Andreessen Horowitz, Ribbit Capital, Bloomberg Beta, Vikram Pandit and Laurence Tosi. For more information, please visit point.com.
Press Contacts for RoundPoint Mortgage Servicing
Strategic Vantage Marketing & Public Relations
Strategic Vantage Marketing & Public Relations
Press Contacts for Point
Point Digital Finance, Inc.