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Rushmore Loan Management Services, LLC complaints

15480 Laguna Canyon Road Suite 100
Irvine, CA 92618
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(949) 341-0777

http://www.rushmorelm.com

Monday - Thursday: 6:00 AM – 7:00 PM PST
Friday 6:00 AM – 6:00 PM PST

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Total Amount in Dispute:
$3,787,752.00

Total Amount Settled:
$1,027,891.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows the company gave proper consideration to complaints presented to them.

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Complaint Closing Statistics

102 complaints against Rushmore Loan Management Services, LLC closed in last 3 years.
Complaints Type of response
6 Making a full refund, as the consumer requested
0 Making a partial refund
54 Agreed to make an adjustment
7 Refusing to make an adjustment
33 Refuse to adjust, relying on terms of agreement
0 Unanswered

102 complaints against Rushmore Loan Management Services, LLC

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2/28/2021

RESPONSE: Agreed to make an adjustment Amount in Dispute: $0.00 Amount Settled: $0.00

Customer Complaint

2/3/2021

It is strange that a customer has to beg to see his loan activity page. Why has Rushmore deprived me or its customers of a loan activity history page detailing date/payment received/disbursement/balance. How does one check for an undisbursed amount without a balance sheet. A monthly transaction statement is no replacement for loan activity page. Rushmore claims I am owing about $1300 yet there is no month I have not paid my montage. How does one resolve such WITHOUT a loan activity page. This is unheard of! Resolution Sought Restoration of my loan activity page showing all payments/ date/disbursement/ balance.

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Company Response

2/12/2021

Rushmore responded to your inquiry regarding the same issues in our most recent letters to you dated November 23, 2020, Dec. 31, 2020, and Jan. 4, 2021. While we realize our findings may not align with your expectations, we believe we have sufficiently addressed your concerns. Notwithstanding the fact that your current complaint is duplicative. forward a screen shot of the page and any error messages you are receiving to the address listed above in the letterhead or contact our Customer Service Department, for further research and troubleshooting. Enclosed, please find the most recent Mortgage Statement dated February 8, 2021, for your review. Monthly Statements are sent within a prompt time after the payment due date or the end of the grace period per the terms and conditions of the Note. If a payment is past due at the time the monthly statement is generated, the statement will reflect the past due and current payments, along with the total fees and charges, as the total payment amount. As of the date of this correspondence, the account is contractually due for the December 28, 2020, monthly payment of $657.00, and subsequent monthly payments. The account reflects the past due amount of $1,314.00, and late charge fee due of $30.00. Currently, there is a suspense balance of $542.37, which can be used towards the monthly payment. Enclosed, please find an updated payment history for your review. If you would like to discuss available payment assistance options, please contact the assigned representative. Single Point of Contact ("SPOC"): Name: Christina Pelayo Direct Number: 469.329.6015 Should you have any additional questions, please do not hesitate to contact us. Loss Mitigation Department Monday through Friday, 8:00 a.m. to 6:00 p.m. Central Standard Time Toll-free number 1.888.504.7300 Sincerely, Customer Correspondence Department Rushmore Loan Management Services LLC

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2/10/2021

RESPONSE: Agreed to make an adjustment Amount in Dispute: $0.00 Amount Settled: $0.00

Customer Complaint

1/19/2021

My 5/1 Adjustable mortgage was sold from CapitalOne to Rushmore (Loan Number 7601584833) in December of 2019 with the Adjustable Rate period ending in October of 2020. According to my original Note's terms, the maturity date of the mortgage was May of 2035, and at the end of each Adjustable Rate period, my new Rate was supposed to be calculated based on the 1 Year Treasury Bill + 2.5 and then rounded off to the nearest 1/8 of a percentage point, so my new rate should have been 0.15 (current 1 Year Treasury Bill) + 2.5 = 2.65 rounded off to the nearest 1/8 of a percentage point (0.125). However, instead of calculating my new adjustable rate based on the terms outlined in the original mortgage agreement (which was still in effect), Rushmore LM had calculated the new rate based on their own formula which came out to the APR of 5.875. I have filed a Dispute with Rushmore regarding this issue in October, and provide all of the documents supporting my claim. While my dispute was still pending Rushmore's decision, I have lost the ability to provide payments online (since my new Loan was not set up in the system while being disputed). Rushmore review took 30 days and they declined my appeal without giving me any answer/reason. After that, they have submitted a 30-day late payment report to all 3 Credit Bureaus. This has forced me to sign their ridiculous rate to get current and get a new Home Equity loan and pay off my Rushmore loan in full. Resolution Sought Retract/remove/delete the 30-day late payment report for November 2020 regarding my Loan Number7601584833 sent to all 3 Major Credit Reporting Bureaus (Equifax, Experian, and TransUnion)

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