Rushmore strives to provide each customer with the utmost in customer care and professionalism and we regret to hear of any unsatisfactory experience you had and if you feel that these standards were not met.
For a Rate Renewal and extension of the Maturity Date on the loan; this possible option would require that you credit qualify and that you meet the investor of the loan's Loan-To-Value (LTV) requirements to to qualify. Furthermore, as stated above, the interest rate, if approved, is not based on the original Note since that was deleted with the Note Modification Agreement completed in 2009. You are under no-obligation to refinance with us, or extend the term of the loan with a Rate Renewal option if approved for that option. You may look into refinancing with any other lender of your choosing.
You did qualify for a Rate Renewal Offer Agreement with an interest rate of 5.875% and we sent you the agreement on October 20, 2020. If accepted, this agreement extended the Maturity Date of the Loan to September 7, 2025. This agreement confirms if accepting the Rate Agreement, the signed documents needed to be received by November 3, 2020. This interest rate of 5.875% was valid for this Rate Renewal Offer based on the investor's guidelines for this Easy Orange 5 year extension on the Maturity Date. The interest rate was calculated based on the investor's current approval rate guidelines which takes 5.50% plus the 5-year ICE Swap Rate at the time the offer was approved. This total equaled the interest rate you were offered at 5.875% in accordance with the investor's guidelines for the approved interest rate. As referenced above, you were under no obligation to accept this Rate Renewal Offer, and you could look into refinancing with any other lender to pay the loan in full.
In our review, however, we did determine that an error occurred relating to your prior research request that was opened in which you disputed this 5.875% interest rate offer. We received your dispute of the interest rate that was being offered for the Rate Renewal on October 15, 2020, and we sent you the enclosed Acknowledgement Letter advising we would respond within 30 business days. On November 23, 2020, this research request to issue you a response on this matter was closed with an indication that we already sent a letter on October 20, 2020. The response letter sent October 20, 2020, was the actual offer agreement for the Rate Renewal, and was not a response letter addressing your dispute over the offered interest rate; therefore, a response letter should have been provided to you confirming the 5.875% interest rate offered was valid. We sincerely apologize for this error that a response letter was not issued to you confirming this information.
We did not receive the signed Rate Renewal Offer document from you until December 1, 2020. You did sign this document dated as November 2, 2020; however, the acceptance of the offer cannot be processed until we actually receive the signed document from you. The rate renewal offer expressed that it was needed to be received no later than November 3, 2020. As the account reflected as still due for the October 7, 2020 payment, the account fell greater than 30 days past due contractually since we did not receive the signed agreement until December 1, 2020. We later received another signed Rate Renewal Offer from you on January 6, 2021, from the document you signed dated as December 22, 2020. We were able to process the Rate Renewal Offer on December 15, 2020, with the documents we received from you on December 1, 2020, with the Rate Renewal Offer you dated as November 2, 2020. Therefore, the account was brought contractually current as of December 15, 2020, as reflected on the enclosed transaction history.
Since there was an error that occurred as no response was provided to your October 15, 2020, interest rate dispute for the offer, we have agreed to suppress the late payment that was reported to the credit bureaus for the month of October 2020. We submitted this suppression request to all credit bureaus we report to on January 27, 2020. We report to TransUnion, Equifax, Experian, and Innovis. Please allow approximately 5 business days for the credit bureaus to update this suppression request, which will remove the 30 day delinquent reporting for the month of October 2020. You may utilize this letter for verification this credit adjustment has been submitted to the credit bureaus. This account is now paid in full, effective January 13, 2021. We hope this explanation helps resolve all concerns raised on the account.
Should you have any additional questions, please do not hesitate to contact us.
Customer Service Department
Monday through Friday, 8:00 a.m. to 6:00 p.m. Central
Toll-free number: 1.888.504.6700
Customer Correspondence Department
Rushmore Loan Management Services LLC