Get Rushmore Loan Management Services Form

1. What documents do I need to submit for a modification review with Rushmore Loan Management Services?

   To expedite your modification review, Rushmore Loan Management Services requires the following documents: a completed, signed, and dated Borrower Assistance Application from all obligated borrowers; the most recent one month of paystubs or two consecutive paystubs if you have new employment; all bank statements from the most recent month for each borrower; signed and dated federal tax returns from the most recent calendar year, or a letter of explanation if not required to file taxes; the most recent HOA statement if applicable; a completed, signed, and dated IRS Form 4506T or 4506T-EZ. For non-borrowers contributing towards the mortgage, a signed letter from them stating their monthly contribution amount, a letter of authorization for a credit report, proof of their income, and their most recent bank statement are required. Additional documents may include tax returns and profit and loss statements for self-employed individuals, lease agreements and bank statements for rental property income, and various documents verifying fixed or variable income sources.

2. How do I contact Rushmore Loan Management Services if I have questions about the form or my application?

   If you have any questions or concerns regarding the form or your modification review application, you can contact Rushmore Loan Management Services toll-free at 1-888-504-7300. Their office hours are Monday through Thursday from 6:00am to 7:00pm, and Friday from 6:00am to 6:00pm Pacific Time. These representatives can assist with inquiries and provide further guidance on your application process.

3. Where do I send my completed Borrower Assistance Application and required documents?

   Your completed Borrower Assistance Application, along with all required documentation, can be sent to Rushmore Loan Management Services LLC by mail or secure fax. For mail submissions, address them to: Attn: Loss Mitigation, 15480 Laguna Canyon Road, Irvine, CA 92618. If you prefer to fax the documents, the secure fax number is 949-341-2238. Ensure all pages of each document are included to avoid delays in the review process.

4. What should I do if my financial circumstances have changed and I need to reapply for assistance?

   If your financial situation has changed since you initially applied for mortgage assistance, you need to submit a new application detailing your change in circumstances. Along with a new Borrower Assistance Application, include a signed and dated letter of explanation that outlines your changed situation. It is also important to provide any relevant supporting documents that can verify your current financial status. This may include, but is not limited to, updated pay stubs, bank statements, or other evidence of income or expenses that were not previously considered.

5. If I'm not required to file taxes, what documentation should I provide instead?

   If you are not required to file taxes, Rushmore Loan Management Services requests that you provide a signed and dated letter of explanation. This letter should clarify why you are not required to submit federal tax returns and, if possible, include any supporting documents that affirm your financial status or income sources. This could be in the form of benefit statements for fixed incomes, such as SSI, pension, long-term disability, or any other relevant financial information that verifies your income and ability to contribute towards the mortgage.

When completing the Rushmore Loan Management Services form, individuals often make errors that can delay the processing of their application. To ensure a smoother procedure, paying attention to the following mistakes is crucial:

1. Incorrectly completed or unsigned Borrower Assistance Application: It's imperative that all obligated parties fill out, sign, and date the application. An incomplete or unsigned application can result in unnecessary delays.
2. Insufficient documentation of income: Submitting less than the required number of pay stubs or not providing proof of other income sources as specified can hinder the review process. For new employment, a minimum of two consecutive paystubs is mandatory.
3. Omitting pages from bank statements or tax returns: Every page of the required bank statements and tax returns must be submitted. Leaving out pages, even if they seem unimportant, can lead to a request for additional documentation.
4. Failure to provide documentation for all accounts and properties: Neglecting to include statements for all bank accounts or documentation related to rental properties and other assets can cause your application to be considered incomplete.
5. Not supplying documentation for non-borrower contributions: If a non-borrower is contributing to mortgage payments or household expenses, their signed letter stating this, along with proof of their income and a recent bank statement, are necessary for a thorough review.

Avoiding these common mistakes can significantly improve the processing time and outcome of your modification review with Rushmore Loan Management Services. Proper documentation and thoroughness are your allies in securing the assistance you need.

When preparing to submit a Borrower Assistance Application to Rushmore Loan Management Services, individuals may be required to gather various documents and forms in addition to the core application itself. The goal of these documents is to provide a full picture of the borrower's financial situation, enabling a more efficient review process. Below are four additional forms and documents typically requested alongside the Borrower Assistance Application:

• Hardship Affidavit: This document details the specific circumstances that have led the borrower to seek mortgage assistance. By describing the nature and timing of the hardship, this affidavit supports the application and clarifies the need for loan modification or other relief options.
• Dodd-Frank Certification: In response to the Dodd-Frank Wall Street Reform and Consumer Protection Act, this certification is needed to attest that the borrower has not been convicted of any crimes involving real estate or mortgage transactions within the past ten years. It's a legal requirement intended to prevent fraud.
• IRS Form 4506-T or 4506T-EZ: This form is utilized to request a transcript of the borrower's tax return directly from the IRS. Lenders use it to verify income information provided in the loan modification application, ensuring that the financial data is accurate and up to date.
• Non-Borrower Contribution Form: If individuals not listed on the mortgage are contributing to the household income or mortgage payments, this form documents their contributions. It includes the non-borrower's personal information, the nature of their relationship to the borrower, and the amount they contribute monthly.

In addition to these documents, applicants may be asked for further proof of income, assets, or expenses to fully assess their financial situation. By gathering and submitting all required information promptly, borrowers can expect a more streamlined review process. It's essential to contact Rushmore Loan Management Services directly with any questions or for clarification on specific documentation needs. The key is to provide a comprehensive and accurate financial overview to assist the service provider in determining the most suitable form of assistance.

The Rushmore Loan Management Services form shares similarities with the Uniform Residential Loan Application (URLA). Both forms require detailed personal and financial information from the borrower intended for mortgage-related services. The URLA, much like the Rushmore form, necessitates data on income, employment, assets, and liabilities to assess the borrower's creditworthiness and eligibility for loan assistance or modification. Each form also asks about the property in question, including its use and status, to determine the appropriate loan product or relief service.

Another document similar to the Rushmore form is the Loss Mitigation Application commonly utilized by servicers to evaluate a borrower's eligibility for alternatives to foreclosure. This application, like the Rushmore form, typically requests information regarding the borrower's financial hardship, current income, monthly expenses, and other debts. Both applications require supporting documentation, such as recent pay stubs, bank statements, and tax returns, to verify the information provided by the borrower and facilitate the review process.

The IRS Form 4506-T, Request for Transcript of Tax Return, also bears similarity to the Rushmore Loan Management Services form in that both are used in the loan modification and mortgage assistance process. The 4506-T form allows lenders to access the borrower’s tax return information directly from the IRS, ensuring the accuracy of the borrower's reported income and tax-related information. Rushmore's form requires a signed and dated 4506-T or 4506T-EZ to verify the borrower’s income through their federal tax returns, highlighting the importance of tax information in assessing borrowers' financial situations.

The Dodd-Frank Certification is another document that aligns with the Rushmore form’s purpose. This certification is required under the Dodd-Frank Wall Street Reform and Consumer Protection Act for borrowers seeking assistance or modification of their mortgage loan. It is similar to the Hardship Affidavit included in the Rushmore documentation, where the borrower must describe their financial hardship and affirm their request for assistance. Both documents are crucial for the evaluation process, allowing lenders to determine the appropriateness of modifying the loan terms based on the borrower’s circumstances.

Finally, the Non-Borrower Contribution form shares aspects with the Rushmore Loan Management Services form, particularly for those cases where household income from non-borrowers contributes to the mortgage or household expenses. This form, like the specific section in the Rushmore document, collects information on the contribution amount and source of income from individuals not obligated on the mortgage loan. It underlines the significance of considering the entire household income in determining the borrower's ability to afford mortgage payments, especially when modifications or assistance is being considered.

When completing the Rushmore Loan Management Services form, it is crucial to adhere to a set of guidelines to ensure the application process is smooth and successful. The following list includes things you should and shouldn't do:

• Do gather all the necessary documents before you start filling out the application. This includes pay stubs, bank statements, federal tax returns, and any other required financial documents.
• Do ensure that every obligated party completes, signs, and dates the Borrower Assistance Application. Omitting a signature can delay the processing of your application.
• Do provide detailed and accurate information about your income, assets, and expenses. Accuracy is crucial for a fair assessment of your situation.
• Do check that you have included all pages of your bank statements and tax returns. Missing pages can result in a request for additional documentation, delaying the process.
• Don't leave any sections blank. If a question does not apply to you, it is better to write "N/A" than to leave it empty.
• Don't underestimate the importance of the hardship affidavit. Make sure to explain the nature of your hardship clearly and concisely, and back it up with the necessary documentation.
• Don't send in incomplete documentation. Review the checklist provided in the form instructions carefully to ensure that you have included everything required.
• Don't hesitate to contact Rushmore Loan Management Services for clarification if you have any questions or concerns. It's better to ask than to submit incorrect information.

By following these guidelines, applicants can increase the likelihood of a smooth and successful application process. Remember, the goal is to present your financial situation accurately to obtain the assistance you need.

There are several misconceptions about the Rushmore Loan Management Services form and its requirements. Clarifying these misunderstandings can help borrowers navigate the process more smoothly and ensure they provide all the necessary documentation for their application.

• Misconception 1: Only borrowers are required to submit documentation.

  This is incorrect. Both borrowers and non-borrowers who contribute to mortgage payments or household expenses are required to provide specific documentation, including proof of income and bank statements.

• Misconception 2: Single month's bank statement or paystub is sufficient.

  In reality, the form specifies that borrowers must submit the most recent full month of paystubs and, for self-employed individuals, the last three months or the most recent quarterly profit and loss statement.

• Misconception 3: Tax returns are not essential if taxes are not filed.

  Contrary to this belief, if a borrower was not required to file taxes, they must provide a signed and dated letter explaining the situation.

• Misconception 4: Documentation of expenses is not necessary.

  Any disclosed expenses must be validated with supporting documents. This detail is crucial for assessing the borrower's financial situation accurately.

• Misconception 5: Hardship details are optional on the application.

  The application requires a completed Hardship Affidavit, where borrowers must specify the nature of their hardship and support their claims with proper documentation.

• Misconception 6: Rental income does not need verification.

  For those owning rental properties, it's mandatory to verify rental income through bank statements that reflect deposits or provide alternative evidence like cancelled checks.

• Misconception 7: A credit report authorization is not needed for non-borrowers who contribute financially.

  Actually, a letter of authorization to obtain a credit report for all contributing non-borrowers is required to assess their financial contributions accurately.

• Misconception 8: Communication preferences do not influence the application process.

  The form allows borrowers to indicate if they prefer communication in Spanish, which facilitates assigning a Spanish-speaking representative to assist them.

Understanding the specific requirements of the Rushmore Loan Management Services form can help applicants submit their documentation correctly, facilitating a smoother modification review process.

When seeking mortgage assistance through the Rushmore Loan Management Services, understanding the checklist and requirements is crucial for a successful application process. Here are key takeaways to ensure you are well-prepared.

• Every borrower must fill out, sign, and date the Borrower Assistance Application. This includes all parties obligated on the loan.
• Income verification is a must. Provide the most recent one full month of paystubs, or two consecutive paystubs if newly employed.
• All accounts' most recent bank statements, ensuring every page is included, are required for each borrower.
• Submission of signed and dated federal tax returns from the most recent year, including all schedules, is necessary. If taxes were not filed, a signed and dated explanatory letter is required.
• For those with properties governed by a Homeowners’ Association, the most recent HOA statement is needed to verify monthly dues.
• The IRS Form 4506T or 4506T-EZ must be completed, signed, and dated for tax verification purposes.
• Non-borrowers contributing towards the mortgage or household expenses need to provide a signed and dated letter stating their monthly contribution, along with proof of income and a recent bank statement.
• Various sources of income, including self-employed, rental properties, fixed income, and variable income, have specific documentation requirements outlined in the application checklist.

It is also important to note, if circumstances have changed requiring a reappraisal of your application, a detailed letter of explanation along with relevant supporting documents must be provided.

Should there be any questions or concerns while filling out the application or gathering documents, Rushmore Loan Management Services offers a toll-free number available Monday through Thursday from 6:00 am to 7:00 pm, and Friday from 6:00 am to 6:00 pm Pacific Time to assist applicants.

Filing your Borrower Assistance Application accurately and providing all the required documentation can expedite the review process. Remember to mail or fax the completed application to the addresses provided by Rushmore Loan Management Services, ensuring all information is current and accurate to facilitate a smooth evaluation process.