Irvine, California-based ""Rushmore Loan Management Services LLC"":http://www.rushmorelm.com/ made announcements of two positive corporate developments Thursday that the company says support a strong outlook for its business.[IMAGE]
Rushmore has received approval to act as a ""Freddie Mac"":http://www.freddiemac.com seller/servicer. With the sanction from Freddie, Rushmore is now an approved seller/servicer for both GSEs, Freddie Mac and ""Fannie Mae"":http://www.fanniemae.com, as well as an approved issuer of ""Ginnie Mae"":http://www.ginniemae.gov mortgage-backed securities.[COLUMN_BREAK]
""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"":http://www.standardandpoors.com, 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.""