Transaction Includes Approximately 250,000 Customers
and $37 Billion in Unpaid
Principal Balance
DALLAS, April 26,
2023 /PRNewswire/ -- Rushmore Loan Management
Services LLC ("Rushmore" or the "Company"), a leading residential
mortgage servicer, today announced that it has entered into a
definitive agreement to sell its residential mortgage servicing
platform, which includes approximately 250,000 customers with a
total of approximately $37 billion in
unpaid principal balance (UPB) to Mr. Cooper Group ("Mr. Cooper")
(NASDAQ: COOP), one of the largest home loan servicers in the
country. The transaction follows Mr. Cooper's agreement to acquire
Roosevelt Management Company, LLC ("Roosevelt"), Rushmore's parent
company, to serve as the platform for its mortgage servicing rights
(MSR) fund asset management strategy.
Both transactions are expected to close by mid-year 2023,
subject to various regulatory approvals and other customary closing
conditions.
"During the past several months of discussions with Mr. Cooper's
outstanding leadership team, I have become increasingly impressed
with the strength and breadth of their platform and believe this
combination provides a unique opportunity to take our operations to
the next level," said Terry Smith,
CEO of Rushmore. "Our combined entity will provide an unparalleled
offering to a broader base of clients and customers."
Jay Bray, Chairman and CEO of Mr.
Cooper Group, said, "We are delighted to welcome Rushmore's
talented team to our family, and we are committed to providing a
seamless experience for their important clients. Working together,
we will bring to market one of the leading special servicers in the
industry."
Houlihan Lokey is serving as
financial advisor and Mayer Brown is serving as legal advisor to
Rushmore. August is serving as strategic communications advisor to
the Company. Wachtell, Lipton, Rosen & Katz acted as legal
advisor to Mr. Cooper.
About Rushmore Loan Management Services
Rushmore Loan Management Services LLC is a residential
mortgage servicer with services that include special servicing,
prime sub-servicing, and property disposition through Dakota Asset
Management. It is dedicated to providing outstanding service and
customer support with a commitment to ethical business practices.
For more information, visit www.RushmoreLM.com.
Contact
Steven Goldberg
/ Beau Falgout
August
323.892.5562
Rushmore@AugustCo.com
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SOURCE Rushmore Loan Management Services