Rushmore Loan Management Services, a national residential mortgage servicer and wholesale loan originator, is now an approved Fannie Mae and Freddie Mac (government-sponsored enterprise or GSE) seller and servicer, 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,’ says Terry Smith, CEO of Rushmore, in a release. ‘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.’
In related news, Irvine, Calif.-based Rushmore has also received a positive rating from Standard & Poor's Ratings Services, which gave the firm an ‘average’ ranking as a residential special servicer and primary servicer.
Standard & Poor's cited the company's experienced management and staff, multiple auditing mechanisms, proprietary technology, competitive servicing metrics, and good oversight and controls in default management as strengths. The ratings firm also ranked Rushmore's management and operations as above-average.
‘This is a great vote of confidence for Rushmore as a growing organization, and we will continue to make investments in the company to ensure excellent service and controls that exceed our customers' expectations,’ adds Smith.