Select Portfolio Servicing Inc. (SPS) has entered into a definitive asset purchase agreement with Rushmore Loan Management Services LLC to acquire certain Rushmore assets, including hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.
The closing of the transaction is expected to occur in the fourth quarter of 2022, subject to various regulatory approvals and other customary closing conditions. After the transfer, Rushmore will operate as a division within SPS, led by the current president of Rushmore Servicing, Jocelyn Martin-Leano, who will report to SPS CEO Randhir Gandhi.
“We believe that this combination of two highly rated and well-recognized brands will create a stronger company to better serve our customers, clients, regulators and associates,” says Gandhi. “I believe that we are like-minded with very similar cultural values, which should result in a strong and successful future together.”
“Rushmore Loan Management Services is honored to be joining the SPS team and proud to be part of the legacy SPS is creating,” adds Martin-Leano. “As we enter into this new era, we are well-positioned to build something truly special together and provide unmatched service to our customers and clients.”
With Rushmore under the SPS umbrella, SPS will employ over 1,600 associates that service approximately 1.4 million residential mortgage loans.