Rushmore Loan Management Services, a residential mortgage loan servicer based in Irvine, California, is planning to expand its operations to Puerto Rico with the opening of a new branch in San Juan.

The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.

“Rushmore believes that servicing local residential loans in Puerto Rico with local staff is the right strategy for the company and our Puerto Rican borrowers,” Smith said. “Investing in local talent and growing our operation on the island supports our commitment to continued investments in the Puerto Rican marketplace.”

Smith also said that the company has already begun its search for “talented individuals with mortgage servicing experience” to join the company’s new office.

“We have begun hiring and will continue to hire professionals who want to enhance their career and work with an industry leading company,” Smith added. “We plan to grow the Puerto Rico branch alongside our Dallas and Irvine offices by acquiring additional mortgage portfolios, onboarding new sub-servicing residential loan pools and purchasing mortgage servicing rights.”

The new location is expected to be fully operational by November 1.