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Rushmore Loan Management Services

Rushmore Loan Management Services

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Frequently Asked Questions

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General Information

You may check your account information through our website. Go to “Manage My Account” and select “Account Login.” Once you have logged in, select “Current Loan Information.” Or, you may call Customer Service at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT).

If your loan is owned by Fannie Mae or Freddie Mac, you may reach customer service for your loan by calling, toll-free, (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

Complete and return a Third Party Disclosure form.

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Recent Loan Transfer
The most important information to know is the Transfer Date, or day that your loan is transferred to Rushmore’s servicing system. The letter you received from your prior mortgage servicer includes this date. If you did not receive the letter, you can contact your prior servicer to get the transfer date. You will also receive a letter from Rushmore on or just before your transfer date with information including your loan number and transfer date as well as a payment coupon. For 7 days following your transfer date, your loan information is being reviewed and verified. Once the verification is complete, your loan will be accessible through our automated loan information line and on our web-site at www.rushmorelm.com. In the interim, this helpful FAQ will help you understand the transfer timeline and options for making your next mortgage payment.
There are a few options: If you have already received an introductory letter from Rushmore, you can use the interim payment coupon provided. If you have not received the letter and payment coupon, you can mail the payment to: Rushmore Loan Management Services at P.O. Box 514707 Los Angeles, CA 90051-4707. Please include your prior servicer’s loan number on your check or money order. If you already sent your payment to your prior servicer, that’s okay, as your prior servicer will forward your payment to Rushmore and the payment will be applied to your account. This could take a couple of weeks – but rest assured you will not receive a late charge as a result of this process.
If you were set up for monthly automatic draft payment (ACH) or monthly online bill payment with your prior servicer, your drafts will not automatically transfer to Rushmore. Information regarding how to set up a new automatic draft payment and online bill payment will be included in the welcome package that will be mailed to your address within 15 days of your transfer date. If you have a scheduled payment due before you set up your recurring payment process, you can mail a payment to: Rushmore Loan Management Services at P.O. Box 514707 Los Angeles, CA 90051-4707. Please include your prior servicer’s loan number on your check or money order.
A welcome package will be mailed to your address within 15 days of your transfer date. This package will include your new Rushmore Loan number, important information regarding your account, how to contact Rushmore, and our customer service hours. Also included is information regarding website access, automatic payment set-up and other helpful tools to manage your account. If you are still having trouble, contact Rushmore Loan Management Customer Service (888) 504-6700. Representatives are available to assist you Monday through Thursday from 6 am – 7 pm and Friday from 6 am – 6 pm PT.

Generally, the terms of your loan will not change as a result of a transfer of servicing. Rushmore will honor the terms of your loan that were in place with your prior servicer, including any existing repayment plan or loan modification to which you agreed with your prior servicer. Contact Customer Service toll-free at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm and Friday 6:00 am to 6:00 pm (all times PT) if you have questions.

If your loan is owned by Fannie Mae or Freddie Mac, you may reach customer service for your loan by calling, toll-free, (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

Yes. Your previous servicer will forward any payment they receive to Rushmore within sixty (60) days after your loan is transferred, and we will credit it to your loan. After the sixty (60) days, this service may no longer be provided and any payment sent to your prior servicer may be returned to you.

Yes. If your loan was transferred from Rushmore, Rushmore will forward any payments received within sixty (60) days after the effective date of the transfer to your new servicer. After the sixty (60) days, this service may no longer be provided and any payment received by Rushmore may be returned to you.

While your prior servicer will notify your insurance carrier of the transfer, it is highly recommended that you confirm your carrier has been properly notified. In the event they did not receive notification, please ask your insurance carrier to change the mortgagee clause to: Rushmore Loan Management Services LLC, its successors and/or assigns ATIMA PO Box 692409 San Antonio, TX 78269-2409 Note: Please make sure your Rushmore loan number is included on any insurance documents sent to Rushmore.

It is possible that in the future, your loan may be transferred to another servicer. That decision will be made by the owner of your loan. If the servicing of your loan is transferred again, you will receive written notification.

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Home Equity Line-of-Credit
You can begin using your Rushmore checks effective August 30th, 2018.
If you live outside of Texas, you will receive 6 convenience checks. Additional check orders will be in quantity of 25 and a $30.00 fee may be applicable.
If your loan payment includes a premium for optional products, it will no longer be included in your payment, as these services provided through Capital One have been cancelled. To obtain vendor contact information, please contact a Capital One representative.
Some product features such as overdraft protection from your home equity line-of-credit (equity line advances (i.e. transfers) to your Capital One checking account) will no longer be supported. Please check with your bank for other overdraft options.
You can access your account 24-hours a day on your mobile phone’s web browser, to view your account information, make a payment and establish future payment arrangements.
Access to your home equity line of credit through your local branch will no longer be supported; however, you can access your account online 24-hours a day to view your account information, make a payment, and establish future payment arrangements.
Electronic check transactions will no longer be supported, but you can use the convenience checks to write a check and deposit into your checking account.
Your convenience checks will be mailed between August 22 and August 24, 2018; please allow 5-7 business days to receive them. If you live in Texas, Texas regulations do not allow us to automatically mail checks to you. If you would like to request checks, please call 888-504-6700.
If you’ve written a check from your line of credit account, the recipient must present the check to Capital One to be cashed on or before August 24, 2018 or it will be returned. Remember, you can always take an advance until August 28, 2018 instead of writing a check.
The last day an electronic advance can be presented to Capital One is August 28th.

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Insurance Information

You are required to obtain and maintain a fire (hazard) policy. If the home is non-owner occupied, this type of policy may also be referred to as a landlord’s or commercial policy. If your fire (hazard) policy specifically excludes windstorm damage, you are required to obtain a separate windstorm damage policy. If your property is in Puerto Rico, you are required to obtain and maintain earthquake insurance. Although earthquake insurance is not required outside of Puerto Rico, you may want to consider obtaining this coverage in some locations. If any structure is located in a Special Flood Hazard Area as identified by FEMA, you are also required to obtain and maintain flood insurance. If the home is a condominium or town home, please check with your homeowners association to verify what type of coverage the association’s policy provides.

Make sure your policy shows the following Loss Payee (Mortgagee): RUSHMORE LOAN MANAGEMENT SERVICES ITS SUCCESSORS AND/OR ASSIGNS ATIMA Mail a copy of your policy to: PO Box 692409, San Antonio, TX 78269-2409. Please include your account number. You can also update your account online by providing your current insurance information at www.imcovered.com/rushmorelm.

Your basic insurance coverage must be equal to the lesser of the outstanding loan balance, the replacement value of the structure or the maximum amount allowed by law in the state where your property is located.

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Property Taxes

No. Rushmore contacts the property tax assessment offices directly to obtain annual tax information. There are specific tax agencies that require a homeowner authorization form be signed by the customer. If any authorization is needed, Rushmore will send you a written request.

When Rushmore receives information from the taxing authority that your taxes are past due, we send a letter requesting proof of payment. If you have already paid your taxes, please mail proof of payment to Rushmore at: Rushmore Loan Management Services LLC P.O. Box 9203, Coppell, TX 75019

Please contact Customer Service toll-free at 1-844-323-3780 8am-8pm Eastern Mon-Fri (7am-7pm CT) or you can send it to P.O. Box 9214, Coppell, TX 75019.

Rushmore contacts the property tax assessment offices directly to obtain annual tax information so you do not need to send those to us. There are specific tax agencies that require a homeowner authorization form be signed by the customer. If any authorization is needed, Rushmore will send you a written request.

This information is included in your billing statement and is available through our website. Go to “Manage My Account” and select “Account Login.” Once you have logged in, select “Loan Activity.” Also you will receive a very detailed annual escrow analysis statement that will show, among other items, moneys collected, disbursements made, and anticipated disbursements for the coming year.

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Adjustable Rate Information

An interest rate cap limits the amount your interest rate can change at each adjustment. There can be two types of caps: Periodic Change caps, which limit the amount the rate may increase or decrease at each change; or Life of Loan caps, which specify the highest or lowest that your interest rate can be over the life of the loan.

Negative Amortization occurs when your monthly payments do not cover all the interest owed. The interest that is not paid in the monthly payment is added to your principal loan balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that are not high enough to cover the interest due or when the minimum payments are set at an amount lower than the amount you owe in interest.

An adjustable rate mortgage is a loan in which the interest rate in the note can change periodically. The interest rate changes at certain defined points during the life of the loan, based on changes to an index.

The interest rates for ARMs are calculated based on an index rate plus a margin. ARM loans typically calculate the interest rate on adjustment by adding a margin to a specific published index, such as the London Interbank Offered Rate (LIBOR) Index. The value of the index changes periodically, going up or down over time. Changes to the index value may cause changes in your interest rate. The margin that will be added to that index rate is stated in your ARM note.

You will receive notification by mail approximately 210 to 240 days prior to the effective date of the initial interest rate change. This notice will contain an estimate of your new interest rate and payment amount. You will also receive a notice between 60 and 120 days prior to the effective date of the initial interest rate change. This notice will contain your exact interest rate. Going forward, you will receive an interest rate change notice between 60 and 120 days prior to the effective date of each interest rate change throughout the life of your loan.

With most ARMs, there is an initial period when your interest rate is fixed, after which the loan interest will begin to adjust periodically. Your interest rate will be recalculated at designated “Change Dates”, which may be monthly, quarterly, yearly, or multi-year periods. The period between each rate change is called the adjustment period. If the interest rate changes, your total monthly payment generally will also change.

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Escrow Information

Escrow payment amounts may increase if there is a shortage of funds in your escrow account. Some of the most common reasons for escrow shortages are: 1) An increase in the amount of your annual property taxes; 2) An increase in your annual insurance premium; or 3) the actual tax or insurance payment from escrow differs from the original estimate. If you have questions about an increase in your property taxes or homeowner’s insurance premiums, please contact your local taxing authority or insurance agent, respectively. They are the best source of information to explain changes in your bill.

An escrow account is a special account dedicated to covering the costs for:

  • Real estate taxes
  • Homeowner’s (hazard) insurance
  • Mortgage insurance, if applicable
  • Catastrophe (wind) insurance, if required
  • Flood insurance, if required
While escrow accounts generally include escrows for both taxes and insurance, in some cases, escrow accounts only cover property taxes. If you have an escrowed loan, part of your monthly loan payment is put into your escrow account. During the year, Rushmore takes payments from the escrow account to pay your current taxes and, if applicable, your homeowner’s insurance premiums as they become due and payable.

Please feel free to contact our Customer Service Department for requirements on how to set up an escrow account by calling toll-free at 888-504-6700.

If your loan is owned by Fannie Mae or Freddie Mac, you may reach customer service for your loan by calling, toll-free, (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

There is no fee required to establish an escrow account with Rushmore; however, a deposit for the purpose of creating an initial balance in your escrow account will be required. Over the first 12 months that your escrow account is active, Rushmore will collect a deposit in 12 equal payments. This amount is in addition to what is collected to pay all installments of taxes and/or insurance premiums to be paid from your escrow account.

The amount applied to your escrow account each month is determined by the amount needed to pay your taxes and/or insurance on an annual basis. This amount will change only when the amount needed to pay these items either increases or decreases, or the scheduled payment for the last year has not been met. You can find the amount of your escrow payment listed on your monthly billing statement or by visiting the “Escrow Information” section of this web site.

You can check your account information through our website. Go to “Manage My Account” and select “Account Login”. Once you have logged in, select “Escrow Information” or contact Customer Service toll-free at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT).

This information is included in your billing statement and is also available through our website. Go to “Manage My Account” and select “Account Login.” Once you have logged in, select “Loan Activity.” Also, you will receive a very detailed annual escrow analysis statement that will show, among other items, moneys collected, disbursements made and anticipated disbursements for the coming year.

If your escrow account balance is less than the required amount needed at the time of your analysis, it may have a projected shortage. Your escrow shortage is automatically spread over a 12-month period and included in your monthly payment. You do, however, have the option to pay the shortage in full. If you choose to pay the escrow shortage, your monthly mortgage payment will be adjusted to reflect the payment. When remitting the payment, be sure to indicate that the purpose is to pay the shortage, to ensure it is applied correctly. If you believe the shortage amount is incorrect please compare the anticipated escrow disbursement amounts for those items escrowed according to your statement with your annual tax bill and/or insurance renewal to ensure the amounts are correct.

Currently, that option is not available, but watch for our website enhancement notifications in the future.

If your loan is current and your Escrow account has a surplus of $50.00 or greater, you will receive a check in the mail within 15 business days after the annual analysis statement. Surpluses under $50.00 will be retained in the escrow account and used to reduce your escrow payments for the coming year.

You can either use the “Contact Us” feature on our website to send us your request, or you can contact Customer Service toll-free at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT).

Supplemental bills are your responsibility. You will be responsible for making any payment that is listed on the Supplemental Tax Bill. Supplemental bills should only occur one time after a change of ownership takes place.

If you have an escrow account for the payment of property taxes, please send your tax bill to us at: Rushmore Loan Management Services LLC, P.O. Box 9214, Coppell, TX 75019

An escrow cushion is allowed by federal and most state laws and acts as an additional safeguard to cover unanticipated disbursements or disbursements made before all of your payment have been made into your escrow account. The maximum allowable cushion is equal to two monthly escrow deposits unless otherwise required by state law.

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Service Members

The Service Members Civil Relief Act (SCRA) provides certain legal protections and debt relief to members of the Armed Services on active duty or active military service, and their dependents. The SCRA offers many protections, including the following protections related to mortgage loans:

  • While servicemembers are on active duty, it limits the interest rate to a maximum of 6 percent for a mortgage loan obtained prior to his/her entering active duty.
  • In a legal action to enforce a real estate debt, sale, foreclosure or seizure of a property cannot occur without a court order during the servicemember’s active military service, and for twelve months thereafter.

Members of the Armed Services who are on active duty or in active military service can receive protections, as well as their dependents. This applies to members of the following groups:

  • Active duty members of the Army, Air Force, Coast Guard, Marine Corps, Navy and National Guard.
  • Active service members of the commissioned corps of the National Ocean Administration or the national Public Health Services.
  • All U.S. citizens serving with the armed forces of a nation with which the United States is allied in the prosecution of a war or military action.
  • Their spouses and dependent children.

Please provide us with written notice of your active duty status, including a copy of your military orders. Please call Customer Service toll-free at 888-504-6700 if you believe you may qualify for SCRA benefits.

For further information on SCRA, please visitwww.militaryonesource.com for information and help with budgeting, debt reduction and credit issues. Or you may call toll-free to one of the following numbers:

Your unit’s Judge Advocate and the installation’s Legal Assistance Officer are available to help you. To find the military legal assistance office for your branch of the armed services, go to http://legalassistance.law.af.mil/content/locator.php

Several states have laws with greater protections for servicemembers, including members of their State Guard.Please let Rushmore know if you are an active servicemember experiencing financial difficulty, so that we may assist you in identifying programs that are available to you. Even if you are not entitled to protection under the SCRA or an applicable state law, Rushmore may be able to help under its own Service Members relief programs.

If your loan is owned by Fannie Mae or Freddie Mac, you may be eligible for additional protections beyond those required under the SCRA. For more information, please call customer service, toll-free, at (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

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Payment Information

This information appears on your monthly billing statement and can be accessed on this web site. Go to the: Manage My Account menu and select “Account Login.” Once you have logged in, select “Current Loan Information.” From there, you can access your billing statement.

If you have an adjustable rate mortgage, your loan payment may increase (or decrease) as the interest rate changes at each change date, as specified in your Mortgage Note. To verify the current rate of interest on your loan, please review your monthly billing statement. Or, you may refer to the Adjustable Rate Mortgage Change Notification you received in the mail. See Adjustable Rate Mortgages for more information.Your monthly payment may also increase if the amount you are required to pay into your escrow account increases. See Escrow Accounts for more information.

Please call our Customer Service representatives toll-free at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT). They will help you determine if you owe additional funds.

The One Time Draft online payment service is a quick and convenient payment option allowing the withdrawal of your mortgage payment directly from your checking or savings account via Electronic Funds Transfer.Go to “Manage My Account” and select “Account Login.” Once you have logged in, click the “One Time Draft” link and follow the instructions that appear on the screen.

Rushmore accepts payments by mail, accompanied by your billing coupon. Please note that payments received after 3 pm daily, and all payments received on weekends or holidays, will be processed the next business day. Payments are effective as of the date they are received.

Payments By Mail
You may send payments to: Rushmore Loan Management Services LLC, PO Box 514707, Los Angeles, CA 90051-4707.

Overnight Payments
You may send payments to: Rushmore Loan Management Services LLC, 15480 Laguna Canyon Road, Suite 100, Irvine, CA 92618.

Yes, please call our Automated Loan Information Hotline by dialing 888-504-6700, toll-free. The system will prompt you to enter your account number and the last four digits of your Social Security number. Then you will be offered various menu options, including the ability to access information regarding your account, make payments via phone, and update your account information. You may make an automated payment by phone. There will be a $5.00 service charge for this service. If you wish to make payments via a live representative, you may call Rushmore’s Customer Service-toll free number, at 888-504-6700, during regular business hours. This service incurs a $10.00 fee, except where prohibited by state law and/or the terms of your mortgage loan agreement.

Although you can’t pay your mortgage with a credit card, you can set up automatic mortgage payments so that your monthly payment can be withdrawn automatically from your checking or savings account each month.

With “Automatic Payment,” your mortgage payment can be automatically deducted from your checking or savings account every month. You may choose to make your payment on any of the following dates:

  • Payment due date
  • 1st of the month
  • 5th of the month
  • 10th of the month
  • 15th of the month

To set up Automatic Payments, please call Customer Service at 888-504-6700, or set up automatic payments through the “Manage My Account” section of our website.

Please allow up to 5 business days after automatic payments have been requested for the first automatic payment to occur.

We will attempt two times to obtain payment. If at any time, you anticipate having difficulty making a payment, please contact Customer Service, toll-free, at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT).

By Phone: Call Customer Service toll-free at 888-504-6700 Monday – Thursday from 6:00 am to 7:00 pm or Friday from 6:00 am to 6:00 pm (all times PT). 
Website: Cancel the automatic withdrawal through the Manage my Account section of our website.

This is the period after the payment due date during which you can make your payment without being assessed a late fee. Your mortgage note will contain information regarding the grace period.

Yes. You have until the first business day thereafter to make a payment a payment before late fees are assessed.

Payments are processed within 24 hours of receipt. To verify a payment was received, call our Automated Loan Information Hotline toll-free, at 888-504-6700. The system will prompt you to enter your account number and the last four digits of your Social Security number. Then, you will be offered various menu options, including the ability to access information regarding your account, make payments via phone, and update your account information. Or check your account information through our website. Go to “Manage My Account” and select “Account Login.” Once you have logged in, select “Current Loan Information” or “Loan Activity.”

Yes, you can make additional payments at any time if your payment has already been made for the current month. Additional principal payments help reduce the overall term of your mortgage. Depending on the terms of your mortgage, you may be required to pay a prepayment penalty if you pay a certain percentage of your balance, or if you pay off the loan in full.

This information will be in your Promissory Note and/or Prepayment Penalty Rider.

A Loan Assumption occurs when a purchaser of a property assumes the existing mortgage loan debt of the original customer (who is now “selling” the home and loan debt to the new buyer). Loan assumptions must be approved by the lender.

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Past Due Payments

If you are having difficulty with your payments, or if you anticipate having difficulty in the near future, please contact our Home Retention Counselors immediately, by calling toll-free at 888-504-7300. Even if you feel you do not have any resources or ability to pay your loan, our Counselors may have options to discuss with you.

If your loan is owned by Fannie Mae or Freddie Mac, there are specific loss mitigation programs for which you may be eligible. For more information about these potential options, you may call customer service, toll-free, at (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

Typically, you would be assessed a late fee and Rushmore is obligated to report late payments to credit bureaus every month; so, late payments may have a negative effect on your credit rating.

Yes. In most cases, the grace period is stated in your promissory note. Loan payments received within the grace period will not incur charges. If your due date falls on a weekend or holiday, your grace period will not start until the next business day.

If a payment is not received by your due date or within the applicable grace period, you will be assessed a late fee. This late fee will be posted to your account one day after the end of your grace period. Late charges vary according to the terms of the loan and applicable law in the state where your property is located, as well as and based on the type of mortgage loan that you have.

Generally, no. But if you anticipate that you may have a problem making your full monthly payment, please contact our Home Retention Counselors immediately, toll-free at 888-504-7300. They can help you.

Rushmore reports to the main credit bureaus every month, so even one late payment can affect your credit report. When payments are made on time, this monthly reporting helps you build a positive credit history.

You need to make all your past-due payments, as well as pay any fees and interest charged as a result of late payments. To find out exactly how much you owe, or to make payment arrangements call our Collections Department toll-free at 888-504-7200. If you are unable to bring your loan current through a repayment plan, call our Home Retention Counselors at the same number to discuss your potential options.

If your loan is owned by Fannie Mae or Freddie Mac, you may reach customer service for your loan by calling, toll-free, (888) 616-5400, Monday – Thursday from 6:00 AM to 7:00 PM, or Friday from 6:00 AM to 6:00 PM (all times PT).

Yes. Your next billing statement will note the fees due as a result of a late payment, and it will add those fees into your next payment amount.

If you have an escrow account, Rushmore will continue to pay taxes and insurance to protect the property. However, just as with your mortgage, you would still owe this money, plus any late fees and interest accrued.

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