Rushmore Loan Management Services acquired the Correspondent Lending Channel of FirstBank.

Rushmore Loan Management Services, a leading residential mortgage servicer, acquired the Correspondent Lending Channel of FirstBank, a Florida-based correspondent platform, and accompanying proprietary Fusion lending technology. Rushmore is a multi-faceted residential mortgage servicer and residential mortgage lender and is held indirectly by President Residential Mortgage Partners, an affiliate of TPG. Financial terms were not disclosed. “We are very excited to join the Rushmore platform, build this business to a larger scale, and take advantage of new opportunities such as having a strong appetite for government loans,” said Bill Scammell, FirstBank’s Director of Correspondent Lending. “These are highly complementary businesses, and we fully expect that joining Rushmore will enable us to accelerate the growth of both Rushmore’s core servicing platform and the correspondent channel.”