Has anyone tried out Roam (Assumable mortgage startup)

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Has anyone tried out Roam (Assumable mortgage startup)

Investor · Member since 2022 · 235 posts · 127 votes

Has anyone used or had a conversation with Roam (withroam.com). Interesting concept on the assumable mortgage front. I'd be curious about your experience.

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Raunaq Singh

Member since 2023 · 1 post · 8 votes

Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.

Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.

Hi Caroline, my name is Raunaq, and I'm the founder of Roam.
I don't know where you heard about this $5,500 fee, but we don't charge that.

We also don't "take" buy side commissions. A large amount of our buyers are unrepresented and we have referral agents to assist them. This ensures they have the assistance they need on the largest transaction of their lives.

We only make money if our clients save money, and assumable mortgages can help people save a lot of money. We charge 1% but the average customer saves $15k/year and $350k over the life of the loan.

If you have any questions you can reach me on here!

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Account Closed
Rental Property Investor · Fredericksburg, VA · Member since 2011 · 5 posts · 7 votes
3y
I've checked out the website for a few days and just now clicked on "Get Started" I gave them my budget and VA eligibility and location. I was hoping I could learn more about the houses for sale or get better filters. But no. There is no value in giving them all that info. You don't get anything more or different than you can get just by looking at the listings. Then go to another site to learn more about the house you are interested in.
6 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
Why would you pay them $5500 for something that is free? scammy
6 Reply
Michael S.
Rental Property Investor · Gilbert, AZ · Member since 2015 · 49 posts · 56 votes
2y
I'm surprised that there is not more conversation about WithRoam. I'm curious to try them out for at least one owner occupied client transaction to see how they work at transferring the loan, forms they file, required contract wording, etc.

Taking it a step further in the Phoenix market, I'm willing to pay the Roam fees (1% of purchase price)for my buyer out of the buyer side commission.
3 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed
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- Farhad Khan
  New to Real Estate · Saint Louis · Member since 2023 · 9 posts · 2 votes
  1y
  Quote from @Chris Seveney:
  
  While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed
  Check the CEO's X account. He has raised more the 11+ million seed money. That says it all!
  1 Reply
- Chris SeveneyBusiness Member
  Moderator
  Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
  3w
  Am I reading this correctly online that the company has shut down?
  The workaround for a 3% mortgage just got harder to pull off
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- Robin SimonBusiness Member
  Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
  3w
  Quote from @Chris Seveney:
  
  Am I reading this correctly online that the company has shut down?
  The workaround for a 3% mortgage just got harder to pull off
  
  Yes
  [email protected]
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- Chris SeveneyBusiness Member
  Moderator
  Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
  1y
  Quote from @Farhad Khan:
  
  Quote from @Chris Seveney:
  
  While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed
  Check the CEO's X account. He has raised more the 11+ million seed money. That says it all!
  
  I have seen many people raise seed money, that means nothing. We seee syndicators raise money all day long for bad days. Just because someone raises money does not mean its a good idea. 95%+ of startups fail. I have done zero research on this company so i cannot comment about the company, but just because of company "says" they raised money does not mean people should follow or its a legit business diea.
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- Jay HurstBusiness Member
  Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
  1y
  Quote from @Farhad Khan:
  
  Quote from @Chris Seveney:
  
  While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed
  Check the CEO's X account. He has raised more the 11+ million seed money. That says it all!
  
  There have been a number of companies who raised 400+ million plus in the buy before you sell space, calling themselves "fintech" only to have a completely unworkable business model that chewed through the cash in a matters of a few years. Initial raise does not mean much if you have the right connections.
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Jay HurstBusiness Member
Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
2y
Quote from @Chris Seveney:

While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed

Just another example of private equity throwing money at bad business model's in our space.
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2 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y
@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.
2 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y
Quote from @Jay Hurst:

Quote from @Chris Seveney:

While this sounds like a good idea, I don’t see how a company like this can survive - such a small market segment and once rates level out and are more consistent they have not really be needed
I know them. They now have two posters on BP cheerleading, lordy save me.

Just another example of private equity throwing money at bad business model's in our space.

0 Reply
Paul Stout
Member since 2023 · 3 posts · 13 votes
2y
Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.

Hey Caroline, I don't know where you heard about the $5,500 fee but that's incorrect. The only cost is a 1% fee paid for by the buyer.
So far as the assumption process goes, it's possible to do it yourself, but Roam makes it substantially easier. There's a reason that historically so few people did these types of transactions.
And lastly, Roam's website is probably the best way to find a home with an assumable mortgage. They are quite difficult to find on other property search engines.
7 Reply
Raunaq Singh
Member since 2023 · 1 post · 8 votes
2y
Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.
Hi Caroline, my name is Raunaq, and I'm the founder of Roam.
I don't know where you heard about this $5,500 fee, but we don't charge that.

We also don't "take" buy side commissions. A large amount of our buyers are unrepresented and we have referral agents to assist them. This ensures they have the assistance they need on the largest transaction of their lives.

We only make money if our clients save money, and assumable mortgages can help people save a lot of money. We charge 1% but the average customer saves $15k/year and $350k over the life of the loan.

If you have any questions you can reach me on here!
8 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y
#CFBP will surely be fining this app in time. There are CFBP posters on BP even.
It's illegal to advertise mortgage rates without a license any state. Advertisement from website - no APR no NMLS licenses. The app cannot guarantee a consumer is going to get this low rate. #scam
The app has zero secret sauce as to what property has an assumable loan, they just look for any prior VA or FHA mortgage recorded which doesn't mean seller will cooperate. With buyer side commissions attacked - legal cases: Burnett, Moehrl and Nosalek I don't see how a selling agent is going to give away commissions to an out of state Realtor.
If any serious person wants a list of properties with VA or FHA assumable loans in a city or location, I'll give them to you for FREE. This information is public records. No guarantee the seller will take your offer, no guarantee you can qualify for the assumption. Don't burn hundred dollar bills.
6 Reply
Heather Hall
Rental Property Investor · Fallbrook, CA (San Diego area) · Member since 2019 · 98 posts · 29 votes
2y
hi Caroline, how do you find a list of those assumable loans? Per our realtor, she can only find them if the listing agent has annotated VA/FHA/USDA assumable in the listing . . . Essentially if the selling realtor does not check that box, then potential buying realtors will not know if the home loan is assumable.

Do you as a realtor have other access? I get listings each week for assumable loans but the list on with ROAM is much larger.

Quote from @Caroline Gerardo:

#CFBP will surely be fining this app in time. There are CFBP posters on BP even.
It's illegal to advertise mortgage rates without a license any state. Advertisement from website - no APR no NMLS licenses. The app cannot guarantee a consumer is going to get this low rate. #scam
The app has zero secret sauce as to what property has an assumable loan, they just look for any prior VA or FHA mortgage recorded which doesn't mean seller will cooperate. With buyer side commissions attacked - legal cases: Burnett, Moehrl and Nosalek I don't see how a selling agent is going to give away commissions to an out of state Realtor.
If any serious person wants a list of properties with VA or FHA assumable loans in a city or location, I'll give them to you for FREE. This information is public records. No guarantee the seller will take your offer, no guarantee you can qualify for the assumption. Don't burn hundred dollar bills.

1 Reply
Heather Hall
Rental Property Investor · Fallbrook, CA (San Diego area) · Member since 2019 · 98 posts · 29 votes
2y
Hi @Raunaq, do you think with Roam will add assumables that are multi family ? I know some veterans use their VA loans to buy a duplex, etc. and live in one unit.

so far I have only seen SFH or townhome or condo on With Roam.

HH

Quote from @Raunaq Singh:

Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.
Hi Caroline, my name is Raunaq, and I'm the founder of Roam.
I don't know where you heard about this $5,500 fee, but we don't charge that.

We also don't "take" buy side commissions. A large amount of our buyers are unrepresented and we have referral agents to assist them. This ensures they have the assistance they need on the largest transaction of their lives.

We only make money if our clients save money, and assumable mortgages can help people save a lot of money. We charge 1% but the average customer saves $15k/year and $350k over the life of the loan.

If you have any questions you can reach me on here!

0 Reply
Heather Hall
Rental Property Investor · Fallbrook, CA (San Diego area) · Member since 2019 · 98 posts · 29 votes
2y
@Raunaq Singh
Quote from @Heather Hall:

Hi @Raunaq, do you think with Roam will add assumables that are multi family ? I know some veterans use their VA loans to buy a duplex, etc. and live in one unit.

so far I have only seen SFH or townhome or condo on With Roam.

HH

Quote from @Raunaq Singh:

Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.
Hi Caroline, my name is Raunaq, and I'm the founder of Roam.
I don't know where you heard about this $5,500 fee, but we don't charge that.

We also don't "take" buy side commissions. A large amount of our buyers are unrepresented and we have referral agents to assist them. This ensures they have the assistance they need on the largest transaction of their lives.

We only make money if our clients save money, and assumable mortgages can help people save a lot of money. We charge 1% but the average customer saves $15k/year and $350k over the life of the loan.

If you have any questions you can reach me on here!

0 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y
@Heather Hall your title rep or customer service rep can pull all the recorded FHA and VA loans recorded 2020-2021 when rates were under 3% Be super careful with the VA's they are a protected class in 9 out of 10 cases and recent overturn in VA mods indicates those in trouble will end up in court. Realtor has forms to be signed and disclosures for the veteran. Then farm the same list Roam sells without giving away your commission.
2 Reply
Heather Hall
Rental Property Investor · Fallbrook, CA (San Diego area) · Member since 2019 · 98 posts · 29 votes
2y
@Caroline Gerardo
thank you !

Quote from @Caroline Gerardo:

@Heather Hall your title rep or customer service rep can pull all the recorded FHA and VA loans recorded 2020-2021 when rates were under 3% Be super careful with the VA's they are a protected class in 9 out of 10 cases and recent overturn in VA mods indicates those in trouble will end up in court. Realtor has forms to be signed and disclosures for the veteran. Then farm the same list Roam sells without giving away your commission.

0 Reply
Ron S.
Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
2y
it's just this quarter's get rich quick scheme. The devil is always in the details. Why pay anyone for anything you can get yourself for free?
3 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y
@Ali Nichols- these responses dont make it sound too good .....assumable loans can be challenging to work
1 Reply
Cameron Davis
Investor · Austin, TX · Member since 2017 · 126 posts · 45 votes
2y
Quote from @Ron S.:

it's just this quarter's get rich quick scheme. The devil is always in the details. Why pay anyone for anything you can get yourself for free?
You ask, why pay for something you can get for free? I'd say the average person (maybe not investors on BiggerPockets) would get lost the moment you say, "You can find these loans yourself online... It's public records." The Roam site tells you which properties have these loans, what the interest rates are, what the monthly payments are, what your down payment will be, and they supposedly help you through the process. I have no clue as to what some of these other posts are talking about when they mention "there's a $5,500 fee, the agent will have to cut their commission", or several of the other comments. People can decide for themselves if this service is worth 1% of the purchase price.
5 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y
@Ali Nichols- Havent heard of them
0 Reply
Kyle Smith
Member since 2024 · 1 post · 7 votes
2y
Quote from @Caroline Gerardo:

@Michael S. They don't: find property, process the assumption, transfer a loan, guarantee anything.

They do take a $5500 nonrefundable fee and 1% buyer side commission so as an agent I can't see how you would try them out as you will need to cut your pay. The servicer may have their own fees, rules, and disclosures.

Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover. Agent is also responsible to disclose to VA seller that they will lose a percentage of their eligibility and the loan might show on their credit after the fact.
Servicer isn't set up with lots of staff processing so the buyer needs to turn in their whole financial history for the past two years in one email, don't trickle in papers they get lost. Owner occupied only.

had to make an account to say you are talking about something you dont understand. They do have guarantees. that you will close within 60 days on an assumable or they pay the first 2 months after that of mortgage payments for the seller. This is incentive for sellers to allow the assumable. They will also check for you by getting ahold of the owner if the are open to it, and do the negotiating. They also dont take the 1% from the agents commission so i dont know where you got that from. Its a separate payment made once home is bought. and they can advertise rates because they have their own in house lenders. Thats why they have roam boost. where if you dont have the full equity amount, you can pay a higher interest rate and lower down payment to roam lenders.
7 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y
@Kyle Smith glad you ran an advertisement for them.
Assumptions take months. The company cannot guarantee it will ever close, and they put the seller at risk when the seller moves out praying it will close.
So they just do it for free according to you.
1 Reply
Joe HomsBusiness Member
Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
1y
@Ali Nichols I started working with Roam about 3 months ago and have been able to close 3 transactions and working on 3 more. I am the agent representing the buyers and the most difficult part is educating the Listing agents and seller's that this can be done. It definitely works.
Good Investing...
[email protected]949-625-4533
3 Reply
Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
6mo
I'm a buyer's agent on the Front Range who specializes in assumable transactions. A few observations after closing these deals:

The value of third-party assumption services is deal discovery and process management for buyers who don't know how to navigate servicers. A 1% fee is a real cost, but for a buyer saving $800+/month on a 3% mortgage, the ROI is obvious.

Going direct: if you work with an agent and TC who knows the servicer landscape, you can handle this without a middleman. The paperwork is the same. The servicer doesn't care either way. What matters is who's chasing the assumption packet and knowing which servicers move fast vs. slow.

Lakeview has improved significantly (30-60 days in some cases). Others still run 90-120 days. That's a servicer-side issue, not a function of who's managing the process. Any timeline guarantees in this space are aggressive — I've seen them not hold in real deals.

Bottom line: process management services for assumable transactions are legitimate. It's just a way to handle a complicated transaction. Worth it for some buyers, not necessary for others who have the right representation.
The Assumable Guy544 Reviews
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Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
6mo
I'm a buyer's agent on the Front Range who specializes in assumable transactions. A few observations after closing these deals:

The value of third-party assumption services is deal discovery and process management for buyers who don't know how to navigate servicers. A 1% fee is a real cost, but for a buyer saving $800+/month on a 3% mortgage, the ROI is obvious.

Going direct: if you work with an agent and TC who knows the servicer landscape, you can handle this without a middleman. The paperwork is the same. The servicer doesn't care either way. What matters is who's chasing the assumption packet and knowing which servicers move fast vs. slow.

Lakeview has improved significantly (30-60 days in some cases). Others still run 90-120 days. That's a servicer-side issue, not a function of who's managing the process. Any timeline guarantees in this space are aggressive. I've seen them not hold in real deals.

Bottom line: process management services for assumable transactions are legitimate. It's just a way to handle a complicated transaction. Worth it for some buyers, not necessary for others who have the right representation.
The Assumable Guy544 Reviews
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Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
5mo
Roam's the real deal. I've closed a lot of these. Here's what the actual experience looks like on the ground.
The 1% Roam charges comes from the buyer side commission, so if you're working with a buyer's agent separately, that needs to get worked out upfront. Roam also has their own referral agents in most markets, so unrepresented buyers aren't walking in blind. The founder is right, they don't charge the $5,500 that was mentioned.
What Roam actually does well: assumption processing. That's the piece that kills deals. Most servicers (Pennymac, SLS, Mr. Cooper) have assumption departments that are slow, lose paperwork, and don't care about your closing timeline. Roam has built relationships with those processors and knows how to move the file. That alone is worth the 1%.
Timeline is the other thing people underestimate. Budget 45-90 days from accepted offer to close on a VA assumption, 30-60 on FHA. If you're buying with a contingency on your current house, you need a patient seller. It's manageable but you have to set expectations early.
The math still wins even with that friction. $400K loan at 3% vs 6.14%: $746/month savings. That's $8,952/year. Over the life of the loan, you're keeping $268K that would otherwise go to the bank.
The equity gap is where most buyers get scared off. It's not a dealbreaker. I've had buyers put $16K down on a $430K home at 2.99%. Depends on how much of the original loan is paid down and what the seller is asking. You can cover the gap with a second mortgage, gift funds, or in some cases a seller carry. Run the numbers on each deal individually, they're all different.
If you've got specific questions on how it works in practice, happy to go deeper.
-
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