Due to challenging market conditions and a reduction in overall mortgage production, Rushmore Correspondent Lending has made the extremely difficult decision to unwind their Correspondent Lending business. We remain dedicated to our customers during the wind down and will continue to honor the locked pipeline until the last loan is funded.
We will no longer accept new interest rate locks after September 14th. New rate lock extensions and re-locks will not be allowed beyond an expiration date of 11/1. Original lock terms that expire beyond 11/1 will be honored.
We remind our customers we expect them to fulfill their contractual obligations to Rushmore Correspondent Lending, as per the Seller Guide and LPA. We ask you to deliver final docs and insuring docs in a timely manner.
We appreciate your business and your dedication to Rushmore Correspondent Lending over the past three years.
If you have any questions please reach out to Patrick Reese, President of Correspondent Lending or Linda Chapa, Executive Vice-President of Correspondent Lending.
Regards,
The Rushmore Correspondent Lending Services