Articles Tagged with ''Massachusetts''

Massachusetts mortgage company founder jailed for defrauding Ginnie Mae out of $2.5 million

Mortgage Security founder Robert Pena gets 32 months in prison
The founder and president of a defunct Massachusetts mortgage company will spend nearly three years in prison after admitting to defrauding Ginnie Mae out of approximately $2.5 million. Court documents show that starting in 2011, Mortgage Security founder Robert Pena began diverting money borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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Caliber Home Loans fined for allegedly steering struggling homeowners into risky mortgage modifications

Massachusetts claims Caliber offered interest-only loans instead of permanent mods
Caliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in the state of Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.
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Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

Settlement will see Ocwen provide $2 million in restitution
Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged "widespread" mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for "unnecessary and expensive force-placed insurance policies," imposing "excessive fees on delinquent borrowers," and failing to "properly process escrow and insurance payments."
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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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