Rushmore Loan Management Services, LLC complaints

The servicing responsibilities transferred from Wells Fargo Home Mortgage toRushmore effective February 25, 2021. Insurance claims checks are made payable to both the homeowner and Rushmore. Rushmore is added to the checks as they have a security interest in the property as collateral for the debt. The two party check(s) provides Rushmore with some measure of control over how the proceeds are used. They are afforded this right by specific language in the originating documents. Upon receipt of the endorsed Claim Check, Insurance Estimate, and Mortgagor Affidavit, Rushmore can authorize the issuance of half of eligible claims funds. The second disbursement will be sent upon receipt of inspection reports (50%-75% work completion) and will total 75% of claims funds. The final disbursement will be sent once the final inspection report confirmed 90-95% or greater work completion. Rushmore received the insurance claims funds on September 13, 2021, for $24,407.08. During the telephone conversation held on September 18, 2021, you were advised that the claims funds we received did not match the amount on the insurance estimate, and therefore we required updated bid information that matched the Lien Waiver or clarity regarding the amount paid to the contractor. We also advised that we required a signed copy of the W-9 form, and an inspection to disburse funds. Several additional conversations were held regarding the above-mentioned information. We received the required documentation on November 12, 2021, and ordered an inspection of the work completed on November 17, 2021. The inspector will contact you to schedule a time to complete the inspection. Once we receive confirmation from the inspector that the work completed is 90% or greater we will disburse the balance in full. We sincerely regret any inconvenience you may encountered and we appreciate your willingness to provide Rushmore with the required documentation. As of the date of this response, the account is due for the October 1, 2020, monthly installment. If you would like to discuss available payment assistance and remittance options, please call the assigned representative: Single Point of Contact (SPOC): Name: Susanne Olson Direct Number: 949.341.6418

Read More

Read More

Rushmore strives to provide each customer with the utmost in customer care and professionalism and we regret to hear of any unsatisfactory experience or difficulties experienced due to the damage to the property. Insurance claims of over $40,000.00 are required to be monitored for the repair status as confirmed in the enclosed Loss Draft Information Packet that was previously sent to you. As the lender holds a lien on the property, under the terms of the Mortgage, the lender is allowed to require the documentation referenced in the Loss Draft Information Packet and monitor the repair status with inspections for disbursement of the claim funds. Rushmore previously received three insurance claim checks in the amount of $11,054.06, $14,221.84, and $8,880.68, which were endorsed by Rushmore and released to you. The most recent insurance claim check of $23,171.98, was received and deposited into the restricted escrow balance on June 8, 2021. As the total net claim funds are $57,328.56, at this time, the repair status needs to be monitored. We confirmed on a call on October 23, 2021, that we can release an interim draw of $8,839.84 based on the repair status of the property and prior disbursements made, and you declined this interim draw amount. The current repair status of the property based on the most recent inspection completed on October 17, 2021, is 70%. Rushmore can disburse 75% of the total funds we have received based on a 70% repair status. Total net funds received are $57,328.56; therefore, total disbursements at this time can be $42,996.42. Since $34,156.58, has already been endorsed and returned to you, the remaining interim draw we can disburse at this time is $8,839.84, as we explained on the October 23, 2021, call. For the roof repairs to the property Rushmore can disburse $5,973.41 once verification is received that the contractor is paid in full, and we receive a Form W-9, and Conditional Waiver and Release of Lien from the contractor. At this time, this documentation has not been received. Also, for the remaining repairs for soffits, flooring, final paint, baseboards, cabinets, and appliances, Rushmore has not yet received contractor documentation for these repairs. The enclosed letter was sent to you requesting for IRS Form W-9 and Contract for these repairs. If additional claim funds are received, we can further review for disbursements upon receipt of additional funds. Should you have any additional questions, please contact our Loss Draft Department at 866.661.9372.

Read More

As explained, Rushmore has received total insurance claim funds of $57,328.56, & a total of $34,156.58 has been disbursed as of the date of response. Therefore, the current restricted escrow balance is $23,171.98. Rushmore can only release Ins claim fund amounts to the extent of amounts we receive, & your contract with Hub City reflects with bids of $73,759.56; which is more than total Ins claim funds Rushmore has received. If you're alleging damages of $120,000 occurred & believe the Ins Co should disburse additional funds in relation to your Ins claim, please contact Ins Co directly. For release of the current restricted escrow balance, release of these funds is subject to the monitored claim requirements. As explained prior, at this time Rushmore can disburse $5,973.41, in relation to the roof repairs to the property; however verification the contractor is paid in full, a Form W-9, & a Conditional Waiver, Release of Lien from the contractor is required for us to release these funds. Furthermore, based on the 70% repair status of the property, Rushmore can disburse an interim draw of $8,839.84. However, you declined. Rushmore declines your request to disburse the entire $23,171.9

Read More