Irvine, California-based residential loan servicer Rushmore Loan Management Services opened a branch in San Juan, Puerto Rico, earlier this month.
Rushmore services performing, re-performing, and non-performing residential loans. The Puerto Rico location is the firm's third office (the first two are in Irvine, California, and Dallas, Texas), and the first outside of the continental U.S.
"Expanding our operations to include Puerto Rico is a great opportunity for our future growth while ensuring personal, high-quality service to Puerto Rican borrowers," Rushmore CEO Terry Smith said. "Rushmore’s customers will have the convenience of making payments online, at any FirstBank branch throughout the Island and at our onsite facility in San Juan."
According to Smith, the new San Juan office is currently staffed with 50 local employees who have already begun servicing REO properties in the area. Rushmore is the first Specialty High Touch servicer in Puerto Rico, and the new office aligns with Rushmore's strategy of buying additional mortgage portfolios, acquiring new sub-servicing residential loan pools, and purchasing mortgage servicing rights.
"We’ve been successful in this role stateside, and now look forward to expanding our services to Puerto Rican borrowers and local residential loans," Smith said.