Capital one sold my mortgage to rushmore loan management

Capital One Financial Corp. is selling about $17 billion worth of mortgages as part of its exit from the single-family home-lending business.

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Can I stop my mortgage from being sold?
What happens when my mortgage is sold to another company?
Who bought out Rushmore mortgage?
Is Rushmore Loan Management a debt collector?

The move comes after Capital One said in November that it would stop originating residential mortgage loans and home-equity lines of credit, citing the complex and competitive nature of the business and the interest-rate environment.

Capital One said Tuesday it reached a deal to sell the first and second-lien mortgages to DLJ Mortgage Capital Inc., a subsidiary of Credit Suisse AG. Credit Suisse then agreed to sell most of the mortgages to Pacific Investment Management Co., according to people familiar with the matter. Pimco is one of the world's largest managers of bonds and other fixed-income securities.

Interest rates on typical single-family mortgages have remained well below those seen before the financial crisis. The 30-year fixed-rate mortgage averaged 4.55% last week, according to data from Freddie Mac, marking its second consecutive week above the 4.5% mark. The last time average fixed mortgage rates were above 4.5% in consecutive weeks was January 2014. Rates averaged above 6% from 2006 to 2008.

"We determined that our originations business did not have sufficient scale to be competitive in a market where scale really matters," Capital One Chief Executive Richard Fairbank said on a call with analysts in January.

Capital One expects to complete the deal and record a gain on the sale in the current quarter. The company had about $16.63 billion worth of total home loans on its books as of March 31.

"Strong market demand enabled us to negotiate and sign this complex transaction more quickly than we thought possible," Capital One financial chief R. Scott Blackley said Tuesday in prepared remarks.

Capital One isn't alone in rethinking its home-lending strategy. Last month MB Financial Inc. said it would no longer originate residential mortgage loans outside its Chicago-area home market because of high competition and low margins in the sector. The Chicago-based bank said it would continue to hold residential mortgage loans on its balance sheet.

As a result of the sale, Capital One said it would resume repurchasing shares of its common stock through June 30.

Shares of Capital One were up about 2% at $90.74 in midday trading in New York.

Write to Austen Hufford at and Justin Baer at

Select Portfolio Servicing, Inc. (SPS) has announced that it has entered into a definitive asset purchase agreement with Rushmore Loan Management Services LLC (Rushmore) to acquire certain Rushmore assets, including hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.

The closing of the transaction is expected to occur in the fourth quarter of 2022, subject to various regulatory approvals and other customary closing conditions. After the transfer, Rushmore will operate as a division within SPS, led by the current President of Rushmore Servicing, Jocelyn Martin-Leano, who will report to SPS CEO, Randhir Gandhi.

"We believe that this combination of two highly rated and well-recognized brands will create a stronger company to better serve our customers, clients, regulators, and associates," said SPS CEO Randhir Gandhi. "I believe that we are like-minded with very similar cultural values, which should result in a strong and successful future together."

"Rushmore Loan Management Services is honored to be joining the SPS team and proud to be part of the legacy SPS is creating," said Rushmore Servicing President, Jocelyn Martin-Leano. "As we enter into this new era, we are well-positioned to build something truly special together and provide unmatched service to our customers and clients."

This combination of these top-tier servicing brands will create a strong value proposition to the residential mortgage loan servicing industry–offering a platform with deep expertise in servicing residential mortgage loans. With Rushmore under the SPS umbrella, SPS will employ over 1,600 associates that service approximately 1.4 million loans.

Houlihan Lokey served as financial advisor and Mayer Brown served as legal advisor to Rushmore. Alston & Bird served as legal advisor to SPS.

SPS Select Portfolio Servicing, founded in 1989 and headquartered in Salt Lake City, Utah, operates as a mortgage servicing company. SPS specializes in the servicing of single-family residential mortgage loans. SPS provides seamless and ethical customer care with their talented team of high-performing servicing associates.

Rushmore Loan Management Services LLC is a residential mortgage servicer with services that include special servicing and prime sub-servicing, and property disposition. It is dedicated to providing outstanding service and customer support with a commitment to ethical business practices.

Can I stop my mortgage from being sold?

Can you stop your mortgage from being sold? No, you do not have the ability to stop your mortgage from being sold.

What happens when my mortgage is sold to another company?

A transfer or sale of your mortgage loan should not affect you. “A lender cannot change the terms, balance or interest rate of the loan from those set forth in the documents you originally signed. The payment amount should not just change, either. And it should have no impact on your credit score,” says Whitman.

Who bought out Rushmore mortgage?

Select Portfolio Servicing agrees to buy Rushmore assets | National Mortgage News.

Is Rushmore Loan Management a debt collector?

Rushmore Loan Management Service is a debt collection agency in Irvine, California with branch offices in Dallas, Texas and San Juan, Puerto Rico. It was established in 2008, has 1,000 employees, and is managed by its CEO, Terry Smith.