Rushmore Loan Management Services Completes Acquisition of Correspondent Lending Business from FirstBank

Acquisition of Highly Complementary Business Supports Rushmore’s Growth Strategy and Vision

Hires Patrick Reese as EVP, Capital Markets

IRVINE, Calif. — Aug. 2, 2019 – Rushmore Loan Management Services LLC (“Rushmore”), a leading residential mortgage servicer, announced today that it has closed on its acquisition of the Florida-based correspondent platform from FirstBank. The platform has been rebranded as Rushmore Correspondent Lending Services, a division of Rushmore Loan Management Services LLC.

Rushmore also announced today that it has hired Patrick Reese as EVP, Capital Markets. He will lead Rushmore’s capital markets team, including the correspondent lending business. Mr. Reese joins from Franklin American, where he was part of the team that started Franklin America’s correspondent business from scratch and ultimately built it into a top 10 national lender. He has 25 years of residential mortgage experience, including 20 years in capital markets and 18 years in correspondent lending.

“We are very excited about completing this transaction and launching a correspondent lending channel as part of our growing platform,” said Terry Smith, CEO of Rushmore. “By adding this highly complementary business, we expect to be able to take advantage of opportunities to grow the correspondent lending channel and our existing servicing and loan management businesses.”

Mr. Smith added, “We also are thrilled about bringing on Patrick to lead our capital markets business at this exciting time for the company. He brings extremely valuable industry experience and strong relationships with agencies and the broker-dealer community. His leadership and expertise will be instrumental in helping us drive growth opportunities, and it will help us offer outstanding pricing services to correspondent clients.”

Mr. Reese said, “I am really excited about joining Rushmore and having the opportunity to lead a component of the business that has so much potential for growth now that it is part of the broader Rushmore platform. I also am looking forward to working with Bill Scammell and his outstanding team as we pursue our objective to deliver the best products and services in the correspondence lending industry.”

Rushmore Correspondent Lending Services officially launches today – August 2 – and will immediately have the ability to accept new business while continuing to process and service the existing pipeline of loans. As part of the acquisition, Bill Scammell, who led the correspondent lending business at FirstBank, is joining Rushmore as SVP, Correspondent Lending.

“As always, serving our clients remains our top priority,” said Mr. Scammell. “We expect this to be a seamless transition to the Rushmore platform and look forward to the new opportunities we have to improve the ways we work with our clients and meet their needs. All of our Account Executives have transferred to Rushmore as part of the acquisition and remain available to our clients to answer any questions and provide service and support.”

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About Rushmore Loan Management

Rushmore Loan Management Services LLC is a multi-faceted residential mortgage servicer and residential mortgage lender located in Irvine, California; Oklahoma City, Oklahoma; Dallas, Texas; Pompano Beach, FL; Nashville, TN and San Juan, Puerto Rico. Rushmore has a strong foundation and bright future with significant capital backing and is led by a talented and innovative management team. For more information, visit http://www.rushmorelm.com or http://www.rushmorecorrespondent.com.