Select Portfolio Servicing Inc. (SPS), a Salt Lake City-based mortgage servicing company, has acquired residential mortgage servicer Rushmore Loan Management Services LLC of Irvine, California. Rushmore will operate as a division within SPS and will be led by the current president of Rushmore Servicing, Jocelyn Martin-Leano, who will report to SPS CEO Randhir Gandhi. The transaction is expected to close by the end of the year, subject to regulatory approvals and other customary closing conditions. Terms were not disclosed.
Founded in 1989, Select Portfolio Servicing specializes in the servicing of single-family residential mortgage loans. With the addition of Rushmore’s business, SPS will employ over 1,600 people servicing approximately 1.4 million loans.
“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 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 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,” SPS said in a release.