Consumer complaint received 2021-04-03
Company: RUSHMORE LOAN MANAGEMENT SERVICES LLC
State: DE
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Rushmore has not responded to loss mitigation " servicing file '' requests with information from XXXX XXXX, XXXX XXXX, and Rushmore Loan Management Services , LLC in accordance 12 CFR 1024.38. 

Rushmore has been non-compliant with " loss mitigation procedures '' pursuant to 12 CFR 1024.41.

Facts- My loan was assigned multiple times after Loss Mitigation " completed applications '' were acknowledged by XXXX XXXX XXXX XX/XX/XXXX ; XXXX XXXX XXXX XX/XX/XXXX ; and Rushmore Loan Management Services , LLC on XX/XX/XXXX. 

The Law- Pursuant to 12 CFR Section 1024.38 38 ( c ) ( 2 ) Servicing file.

2. Borrower requests for servicing file. Section 1024.38 ( c ) ( 2 ) does not confer upon any borrower an independent right to access information contained in the servicing file. Upon receipt of a borrower 's request for a servicing file, a servicer shall provide the borrower with a copy of the information contained in the servicing file for the borrower 's mortgage loan, subject to the procedures and limitations set forth in 1024.36. 

Paragraph 38 ( b ) ( 1 ) ( iv ).

1. Accurate and current information for owners or assignees of mortgage loans relating to loan modifications. The relevant current information to owners or assignees of mortgage loans includes, among other things, information about a servicer 's evaluation of borrowers for loss mitigation options and a servicer 's agreements with borrowers on loss mitigation options, including loan modifications. Such information includes, for example, information regarding the date, terms, and features of loan modifications, the components of any capitalized arrears, the amount of any servicer advances, and any assumptions regarding the value of a property used in evaluating any loss mitigation options. 
38 ( b ) ( 4 ) Facilitating transfer of information during servicing transfers.

Paragraph 38 ( b ) ( 4 ) ( i ).

2. Loss mitigation documents. A transferor servicer 's policies and procedures must be reasonably designed to ensure that the transfer includes any information reflecting the current status of discussions with a borrower regarding loss mitigation options, any agreements entered into with a borrower on a loss mitigation option, and any analysis by a servicer with respect to potential recovery from a non-performing mortgage loan, as appropriate. 

41 ( k ) ( 5 ) Pending loss mitigation offers. 

https : XXXX # XXXX XXXX Loss mitigation procedures. 
( 5 ) Pending loss mitigation offers. A transfer does not affect a borrower 's ability to accept or reject a loss mitigation option offered under paragraph ( c ) or ( h ) of this section. If a transferee servicer acquires the servicing of a mortgage loan for which the borrower 's time period under paragraph ( e ) or ( h ) of this section for accepting or rejecting a loss mitigation option offered by the transferor servicer has not expired as of the transfer date, the transferee servicer must allow the borrower to accept or reject the offer during the unexpired balance of the applicable time period. 

1024.41 Loss mitigation procedures. 
( 5 ) Pending loss mitigation offers. A transfer does not affect a borrower 's ability to accept or reject a loss mitigation option offered under paragraph ( c ) or ( h ) of this section. If a transferee servicer acquires the servicing of a mortgage loan for which the borrower 's time period under paragraph ( e ) or ( h ) of this section for accepting or rejecting a loss mitigation option offered by the transferor servicer has not expired as of the transfer date, the transferee servicer must allow the borrower to accept or reject the offer during the unexpired balance of the applicable time period.

41 ( k ) ( 5 ) Pending loss mitigation offers.

1. Obtaining evidence of borrower acceptance. A borrower may provide an acceptance or rejection of a pending loss mitigation offer to a transferor servicer after the transfer date. Consistent with policies and procedures maintained pursuant to 1024.38 ( b ) ( 4 ), the transferor servicer must timely transfer, and the transferee servicer must obtain, documents and information regarding such acceptances and rejections, and the transferee servicer must provide the borrower with any timely accepted loss mitigation option, even if the borrower submitted the acceptance to the transferor servicer. 

( e ) Borrower response ( h ) Appeal process

Company response to consumer: Closed with explanation