Acquisition of Highly Complementary Correspondent Lending Business Supports Rushmore’s Growth Strategy and Vision
IRVINE, Calif. — June 24, 2019 – Rushmore Loan Management Services LLC (“Rushmore”), a leading residential mortgage servicer, announced today that it has signed an Asset Purchase Agreement to acquire the correspondent lending channel of FirstBank, a Florida-based correspondent platform, and accompanying proprietary Fusion lending technology.
“We are thrilled about this transaction,” said Terry Smith, CEO of Rushmore. “FirstBank has developed an outstanding correspondent lending business under Bill Scammell’s leadership and we are very excited to welcome him and his team to our organization. In addition to expanding the universe of loan servicing offerings that we are able to provide to our customers, we expect that it will also increase our visibility into the broader mortgage lending space — enabling us to gain valuable market insights that can be leveraged across many different facets of our business.”
“We are very excited to join the Rushmore platform, build this business to a larger scale, and take advantage of new opportunities such as having a strong appetite for government loans,” said Bill Scammell, FirstBank’s Director of Correspondent Lending. “These are highly complementary businesses, and we fully expect that joining Rushmore will enable us to accelerate the growth of both Rushmore’s core servicing platform and the correspondent channel.”
The acquisition is targeted to close in the third quarter of 2019.
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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, Dallas, Texas, Oklahoma City, Oklahoma 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 https://www.rushmorelm.com/.
Nashville-based FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), is the third largest Tennessee-headquartered bank, with 66 full-service bank branches across Tennessee, North Alabama and North Georgia, and a national mortgage business with offices across the Southeast. The bank serves five of the major metropolitan markets in Tennessee and, with approximately $5.7 billion in total assets, has the resources to provide a comprehensive variety of financial services and products.
Craig Lackey, EVP, General Counselclackey@rushmorelm.com469-329-5102
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