Articles Tagged with ''Massachusetts''

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.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

Ireland extradites fugitive to U.S. to face raft of mortgage fraud charges

Country’s first extradition to the U.S. since 2012
On Friday, Patrick Lee, a 44-year-old man with dual U.S. and Irish citizenship was arraigned in federal court in Boston on more than 50 charges relating to a mortgage fraud scheme that he allegedly perpetrated in the run-up to the housing crisis. Lee was arraigned last week after being extradited from Ireland. It was Ireland’s first extradition to the United States since 2012.
Read More

Mortgage company founder admits to defrauding Ginnie Mae out of $2.5 million

Former president of Mortgage Security Inc. admits to diverting mortgage funds
The founder and president of a defunct Massachusetts mortgage company pleaded guilty this week to defrauding Ginnie Mae out of approximately $2.5 million. Beginning in 2011, Robert Pena, the founder and president of Mortgage Security Inc., allegedly began diverting money that borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
Read More

Massachusetts becomes first state to sue Equifax over massive data breach

AG Maura Healey: “Equifax needs to pay for its mistakes”
Following through on a threat made last week, the state of Massachusetts is suing Equifax over the credit reporting agency’s massive data breach, which exposed the personal information of 143 million U.S. consumers to hackers. Massachusetts’ lawsuit is the first enforcement action taken by a state in the wake of the data breach at Equifax.
Read More

Massachusetts planning to sue Equifax over massive data breach

AG Healey: This may be the most brazen failure to protect consumer data ever
Equifax, which is already facing inquiries from the Consumer Financial Protection Bureau, the House Financial Services Committee, and others over the credit reporting agency’s massive data breach, has a new problem on its hands – Massachusetts Attorney General Maura Healey.
Read More