Rushmore Approved as Freddie Mac Seller/Servicer

Rushmore Approved as Freddie Mac Seller/Servicer

11/14/2013 BY: CARRIE BAY

Irvine, California-based Rushmore Loan Management Services LLC made announcements of two positive corporate developments Thursday that the company says support a strong outlook for its business.

Rushmore has received approval to act as a Freddie Mac seller/servicer. With the sanction from Freddie, Rushmore is now an approved seller/servicer for both GSEs, Freddie Mac and Fannie Mae, as well as an approved issuer of Ginnie Mae mortgage-backed securities.

“The Freddie Mac approval will significantly expand the company’s business, enabling Rushmore to originate and service loans for a new customer base,” said Terry Smith,CEO of Rushmore. “This is an important designation for both our employees and broker clients, and we are confident that this will be a competitive advantage as we look to grow the business.”

Rushmore also announced that it has received a positive rating from Standard & Poor’s Ratings Services, which assigned an average ranking to Rushmore as a residential special servicer and residential primary servicer.

Standard & Poor’s specifically identified Rushmore’s strengths as its experienced management and staff, its multiple auditing mechanisms, its proprietary technology along with a vendor system, its competitive servicing metrics, and good oversight and controls throughout the default areas. S&P ranked Rushmore’s management and operations as above average.

“This is a great vote of confidence for Rushmore as a growing organization,” Smith said. “[W]e will continue to make investments in the company to ensure excellent service and controls that exceed customers’ expectations.”

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