Items Tagged with 'Massachusetts'

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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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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • Massachusetts sues Ocwen for "abusive" mortgage servicing practices

    Massachusetts already acted to prevent nonbank from operating in state
    Massachusetts recently put Ocwen Financial out of business in the state as part of a wave of state regulators that placed various business restrictions on Ocwen for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank, but it looks like the state isn’t done with Ocwen yet. Massachusetts Attorney General Maura Healey also announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.
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  • Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

    Nonbank says that states’ restrictions will cause “significant harm” to consumers
    Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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