Rushmore Mortgage refers to the mortgage servicing brand formerly known as Rushmore Loan Management Services LLC, which in recent official disclosures has been renamed Cypress Loan Servicing LLC. This page offers an in-depth look at key facts, eligibility, costs, and risks involved with Rushmore Mortgage products—helping borrowers, homeowners, and industry participants understand current rules, compliance updates, and practical considerations when working with this lender or its successors.
Who This Mortgage Is For
Serviced homeowners with existing Rushmore or Cypress-branded mortgages, including primary residences and investment properties.
Borrowers seeking conventional, FHA, VA, or USDA mortgage servicing that may be managed by Rushmore/Cypress after loan origination.
Homeowners dealing with payment processing, escrow, or foreclosure prevention through Rushmore or its successor, Cypress Loan Servicing.
Individuals needing information about mortgage servicing transfers, including those impacted by regulatory actions or consumer protection settlements.
Key Facts (At-a-Glance)
Item
Details
Loan Purpose
Purchase, refinance, or mortgage servicing on existing home loans; usually conventional, FHA, VA, or USDA products.
Property & Occupancy
Primary residences, second homes, and investment properties; eligibility varies by program.
Rate Type
Fixed-rate and adjustable-rate mortgage (ARM) servicing; rate structure depends on underlying note.
Term Length
Typically 10–30 years; sample/illustrative.
APR
Varies by applicant/lender and original loan terms; sample/illustrative.
Points & Credits
Discount points and lender credits apply at origination, not during servicing; sample/illustrative.
Down Payment
Set during loan origination; typical minimums vary by loan type (3%–20%+); confirm specifics at origination.
Loan-to-Value (LTV)
Max LTV depends on original program and property type; varies by program.
Debt-to-Income (DTI)
Qualification caps set at underwriting; usually 43%–50% sample/illustrative.
Mortgage Insurance
PMI (conventional); MIP (FHA); may be cancelable; depends on original loan type and LTV.
Recent regulatory action: In 2025, the Commonwealth of Massachusetts secured a $2 million settlement with Cypress Loan Servicing (formerly Rushmore) for alleged violations of consumer protection and foreclosure prevention laws (official Massachusetts AG news release).
Servicing transfers can lead to confusion, disruption in payment processing, or delays in escrow administration, especially during rebranding (Rushmore to Cypress).
Possible historical concerns with loss mitigation or handling homeowner hardship; always confirm dispute resolution pathways.
Borrowers may have limited choice of servicer after loan transfer, regardless of original lender or product.
Costs, APR & Amortization
Monthly mortgage payments typically include principal, interest, and—if escrowed—taxes and homeowners insurance.
Interest rate set at origination; the APR represents both the nominal rate and most up-front fees (e.g., points), whereas escrowed taxes/insurance are not included in APR disclosures.
Private mortgage insurance (PMI) for conventional loans and mortgage insurance premiums (MIP) for FHA loans are required when applicable; removal depends on loan type and remaining balance.
Servicing fees and late charges may apply if payments are missed; all fees must comply with federal (e.g., CFPB), state, and investor guidelines.
$568,800 (sample/illustrative, principal & interest only)
Fixed vs Adjustable (ARM)
Rushmore/Cypress services both fixed-rate and ARM products; the type is determined at origination and cannot be changed through servicing transfer.
Fixed-rate options offer consistent monthly principal and interest payments for the entire loan term, providing payment predictability.
Adjustable-rate mortgages start with a fixed interest rate for an initial period (e.g., 5–7 years), then move to periodic adjustments tied to a published index (e.g., SOFR, CMT) plus a margin.
ARM resets introduce rate risk: payment can rise if market rates increase. Caps (periodic/lifetime) limit the amount an ARM rate can adjust at each change and over the life of the loan.
Eligibility, Underwriting & Documentation
Borrower eligibility and underwritten terms are determined at original loan approval, not changed by Rushmore/Cypress servicing transfer.
Typical qualification factors: credit score (minimums vary by program), DTI below 43%–50% (sample guideline), maximum LTV as set by backing program (e.g., FHA/VA cap).
Complete employment/income documentation, asset verification, and property appraisal required at loan origination; these records are archived by original lender and servicer.
Escrow administration and insurance monitoring ensure taxes and required policies remain current.
Review current eligibility or loss mitigation requirements on official program pages (e.g., HUD guidelines).
Application, Disclosures & Closing Timeline
Borrowers complete application, undergo income/asset review, and receive key disclosures (such as the Loan Estimate and Closing Disclosure) from originating lender.
Once closed, mortgage servicing may be transferred to Rushmore/Cypress, who must send a “hello letter” notifying the homeowner and outline payment instructions as required by federal law.
Ongoing, homeowners interact with the servicer for payment processing, escrow management, insurance claim coordination, and any loss mitigation inquiries.
Servicers must comply with federal (CFPB), state, and investor requirements for all disclosures and processing timelines.
Government-Backed & Special Programs
Rushmore/Cypress services mortgages from a range of government-backed programs, including FHA, VA, and USDA loans. These programs provide borrower protections and may offer forbearance or loss mitigation under hardship.
Special forbearance, modification, and deferment programs may be available in hardship cases per agency rules.
Rate Locks, Points & When to Reprice
Rate locks and discount/lender points are established during initial loan approval; servicing by Rushmore/Cypress does not involve locking rates or adjusting point structures.
Borrowers considering refinance (via current or new servicer) may need to request a new rate lock; always confirm policies, lock periods, and costs with the originating lender.
Refinance & Remortgage Options
Borrowers with Rushmore/Cypress-serviced loans may seek rate-and-term or cash-out refinance to change loan features, lower payments, or tap equity—often requiring new underwriting and disclosures.
Streamline refinance options may be available for qualifying FHA or VA loans serviced by Rushmore/Cypress; check government agency rules for eligibility and cost details.
Review break-even analysis for closing costs and new loan features; compare disclosures for APR, fees, and insurance requirements on any refinance transaction.
Risks & Responsible Borrowing
Servicing errors, regulatory infractions, or breakdowns in escrow management can expose homeowners to missed payments or lapses in insurance; always monitor account activity and respond promptly to servicer communications.
Borrowers with ARM products should plan for possible payment increases after reset periods.
Missed payments may trigger late fees or, in worst cases, foreclosure. The 2025 regulatory settlement highlighted foreclosure-related risks and the importance of robust consumer protections (see official Cypress/Rushmore agreement documentation).
Budgeting for taxes, insurance, and maintenance costs remains essential for homeownership stability.
Alternatives & Comparisons
Side-by-Side Comparison
Feature
Rushmore Mortgage (Cypress)
Fixed-Rate Alternative
ARM/HELOC Alternative
Rate Type
Both fixed and adjustable-rate products serviced
Fixed-rate throughout loan term
Adjustable (after intro period) or revolving (HELOC)
Down Payment
Set at origination, varies by loan; sample 3–20%+
Similar; confirms at application
Similar (ARMs); HELOCs often require 15%+ equity
Insurance (PMI/MIP)
Applies by program; may be removable once thresholds met
PMI or MIP based on LTV/program
PMI for high-LTV ARMs; typically not for HELOCs
Closing Costs
Typically 2–5%, applies at origination and refinance
Similar costs structure
ARMs similar; HELOCs may have lower/no closing costs but higher variable rates
Frequently Asked Questions
Why did Rushmore Mortgage change its name to Cypress Loan Servicing LLC?
As of 2025, Rushmore Loan Management Services LLC rebranded as Cypress Loan Servicing LLC following regulatory settlements.
The change was documented in official Massachusetts government records and related legal agreements.
How can I report or avoid mortgage scams related to Rushmore or Cypress?
Report suspected scams to the servicer and federal regulators (e.g., CFPB).
Does the 2025 settlement affect my existing mortgage terms?
The settlement mainly addressed servicing practices and regulatory compliance, not the underlying loan terms.
It may provide additional consumer protections and remediation for impacted homeowners per state and federal rules.
Conclusion & Next Steps
Rushmore Mortgage (now Cypress Loan Servicing LLC) remains a major servicer for a range of home loan products. Homeowners should stay alert to regulatory changes, monitor their accounts, and address any servicing issues promptly.
If you wish to verify program details, check the official loan limits or visit housing authority portals linked above for program specifics and consumer support.
