Articles Tagged with ''Massachusetts''

New Fed Mortgage acquiring Commonwealth Mortgage

Acquisition will allow New Fed to expand into four new states
New Fed Mortgage, a growing mortgage lender based in Massachusetts, is set to expand its business even more through the acquisition of Commonwealth Mortgage, a direct-to-consumer lender that is also based in Massachusetts.
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Massachusetts enacts new laws taxing and regulating short-term rentals

Law takes aim at rise of Airbnb and the like
A few months after initially approving new laws that regulate and tax short-term rentals in the state of Massachusetts, the state’s governor signed the laws into effect late last week. The laws take aim at the rise of Airbnb and similar short-term rental platforms in the state.
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Shellpoint reaches $4 million settlement for allegedly violating Massachusetts foreclosure laws

Mortgage servicer will provide $3.5 million in principal reduction
Shellpoint Mortgage Servicing will provide Massachusetts homeowners with $3.5 million in principal reductions as part of a settlement with the state for allegedly violating Massachusetts foreclosure laws and “failing to help homeowners avoid foreclosure.”
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Airbnb takes Boston to court over city’s “draconian” short-term rental rules

Argues city’s laws violate Constitution, federal and state laws
The city of Boston has new rules surrounding short-term rentals that are set to go into effect on Jan. 1, 2019. According to Airbnb, Boston’s short-term rental rules violate the Constitution, multiple federal laws, and Massachusetts state law. Airbnb also claims the city's rules threaten short-term rental sites with “draconian” punishments should they violate the city’s rules.
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Massachusetts man cops to 9-year multifamily mortgage fraud conspiracy

Used fake loan documentation to obtain loans that cost $4.3 million in losses
A Massachusetts man admitted in court last week that he took part in a nearly decade-long multifamily mortgage fraud conspiracy that defrauded financial institutions of millions of dollars. Court documents showed that Joseph Bates and other conspirators took part in a mortgage fraud scheme that stretched from 2006 through 2015, involved at least two dozen fraudulent loan transactions, and caused $4.3 million in losses to lenders.
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Massachusetts approves short-term rental tax

Airbnb and others on the cusp of receiving a 5.7% minimum tax on rental transactions in the state
Massachusetts' legislature just approved a bill to tax and register all short-term rental activity in the state. Nationally, the temperature is rising in the short-term rental industry as more and more entities seek to regulate its growth.
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HarborOne Bank spins off Merrimack Mortgage business, founds HarborOne Mortgage

Combines internal mortgage operation with Merrimack Mortgage
Back in 2015, HarborOne Bank, a Massachusetts-based bank, boosted its mortgage business by acquiring Merrimack Mortgage Company, a privately held mortgage originator based in New Hampshire. Now, HarborOne is combining its internal mortgage operation with Merrimack Mortgage and establishing a new mortgage business, which will be called HarborOne Mortgage.
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Ocwen reaches settlement with Massachusetts mortgage regulator, but state lawsuit remains

Reaches final administrative settlement with raft of state regulators
Ocwen Financial’s troubles with state regulators are nearly over, for now, at least. The nonbank disclosed Fridaythat it reached a settlement with the Massachusetts Office of Consumer Affairs & Business Regulation’s Division of Banks, which took regulatory action against the company last year along with more than 30 other states over alleged escrow and other mortgage servicing issues.
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Monday Morning Cup of Coffee: Gloves come off in Warren vs. Mulvaney

CFPB architect accuses acting director of being evasive and misleading about agency
The battle between Sen. Elizabeth Warren, D-Mass., and CFPB Acting Director Mick Mulvaney just hit a whole other level. Warren, the architect of the CFPB, accused Mulvaney of ignoring or providing “evasive, misleading, or incomplete answers” to more than 100 questions asked of him by Democrats about the CFPB's activities. But Warren’s letter isn’t just tough talk. As the kids say, she’s got receipts.
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Massachusetts hits Nationstar (aka Mr. Cooper) with fine, sanctions over servicing abuses

Accused of offering borrowers “unfair and deceptive” mortgage modifications
Nationstar Mortgage, the nonbank now known as Mr. Cooper, allegedly put hundreds of borrowers in Massachusetts at a heightened risk of foreclosure by offering them “unfair and deceptive” mortgage modifications, the state’s attorney general said Tuesday. “Nationstar failed to stop foreclosures and this settlement gives homeowners in the hardest hit areas in Massachusetts a chance to stay in their homes,” Massachusetts AG Maura Healey said.
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