Select Portfolio Servicing (SPS) has announced that it is set to acquire certain Rushmore Loan Management Services assets, along with their servicing personnel and contracts, in a move that will see the two companies enter “a new era,” says Rushmore president, Jocelyn Martin-Leano.
This transaction is expected to be completed in 2022’s fourth quarter, pending various approval processes and conditions.
The merging of Select Portfolio Servicing and Rushmore Loan Management Services will “create a stronger company to better serve our customers, clients, regulators and associates,” according to SPS CEO, Randhir Gandhi.
This Acquisition Should Not Affect Your Mortgage Payment Terms
A change in mortgage servicing should not change your total loan amount, interest rate, payment schedule, or any special agreements you have with your current servicer such as a loan modification.
My New Loan Servicer Is Ignoring My Previous Agreements. What Should I Do?
Your new servicer is required by law to honor any agreement you had with your previous servicer. For example, if you had a loan modification in place, or a forbearance agreement that allows you to skip payments for a certain length of time, your new servicer must adhere to these terms.
Your lender is violating federal law if they are:
- Ignoring a loan modification or any prior agreement you had with your previous lender.
- Claiming you are in default when they have accepted your monthly payment.
- Changing the terms of your mortgage agreement.
- Improperly pursuing foreclosure when you have not broken the terms of your mortgage.
If you are facing any of those issues, contact Ira J. Metrick today.