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Select Portfolio Servicing Inc. (SPS) has entered into a certain asset purchase agreement with Rushmore Loan Management Services LLC to acquire certain assets of Rushmore, the company announced today.
The acquisition will include the hiring of Rushmore management staff and the idea of a Rushmore maintenance contract, he said.
The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approval and other customary closing conditions.
Following the transfer, Rushmore, based in San Antonio, Texas, will operate as a division within SPS led by current Rushmore CEO Jocelyn Martin-Leano, who will report to Randhir Gandhi, CEO of SPS.
“We believe that the combination of two well-known brands will create a strong company to better serve our customers, customers, regulators, and partners,” said Gandhi. According to him, the merger will help secure a successful future.
“Rushmore Loan Management Services is honored to be part of the SPS team and proud to be part of the legacy created by SPS,” said Martin-Leano.
According to him, this joint venture will help serve the clients in the most effective way as we enter a new era.
The combination of these types of services will create a strong concept for the residential mortgage industry and provide a platform with deep experience in residential mortgage service, the company said.
With Rushmore under SPS, SPS will employ more than 1,600 partners who handle approximately 1.4 million loans.
Houlihan Lokey was a financial advisor and Mayer Brown was a Rushmore advisor. Alston & amp; Bird acted as legal counsel for SPS.
Founded in 1989, Select Portfolio Servicing is headquartered in Salt Lake City, Utah, and specializes in single-family home maintenance.
Reference Source: National Mortgage Professional
