Select Portfolio Servicing, Inc. (SPS) has announced that it has entered into a definitive asset purchase agreement with Rushmore Loan Management Services LLC (Rushmore) 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," said SPS CEO Randhir 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," said Rushmore Servicing President, Jocelyn 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."
This combination of these top-tier servicing brands will create a strong value proposition to the residential mortgage loan servicing industry–offering a platform with deep expertise in servicing residential mortgage loans. With Rushmore under the SPS umbrella, SPS will employ over 1,600 associates that service approximately 1.4 million loans.
Houlihan Lokey served as financial advisor and Mayer Brown served as legal advisor to Rushmore. Alston & Bird served as legal advisor to SPS.
SPS Select Portfolio Servicing, founded in 1989 and headquartered in Salt Lake City, Utah, operates as a mortgage servicing company. SPS specializes in the servicing of single-family residential mortgage loans. SPS provides seamless and ethical customer care with their talented team of high-performing servicing associates.
Rushmore Loan Management Services LLC is a residential mortgage servicer with services that include special servicing and prime sub-servicing, and property disposition. It is dedicated to providing outstanding service and customer support with a commitment to ethical business practices.