Massachusetts seniors will receive more than $130,000 in refunds as a result of a settlement with a mortgage broker, its employee and an insurance agent that resolves claims they induced elderly clients to take out reverse mortgages and invest the proceeds in unsuitable variable annuities, Attorney General Maura Healey announced today.
The U.S. Attorney’s Office has reached a $1,025,000 civil settlement with First American Mortgage Trust, d/b/a NXTLoan.com, a small mortgage lender based in Brighton, Mass., and its founder and CEO, Barry S. Polack, in connection with allegations that they submitted false insurance claims on mortgages insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA).
MERSCORP Holdings, Inc. today announced that Judge Mark L. Wolf of the U.S. District Court for the District of Massachusetts adopted and incorporated Magistrate Judge Donald L. Cabell’s Report and Recommendation, which granted summary judgment to defendants and applied the well-settled law of the First Circuit and the Massachusetts Land Court in affirming Mortgage Electronic Registration Systems, Inc.’s (MERS) role in mortgages in the state.
United States Senator Elizabeth Warren (D-Mass.), and Congressman Elijah E. Cummings (D-Md.), Ranking Member of the House Committee on Oversight and Government Reform, released a Government Accountability Office (GAO) report that documents the dramatic growth of nonbank mortgage servicers and details the need for stronger regulatory oversight of the industry. GAO produced the report in response to a request from Cummings and Warren.
The Massachusetts Association of Realtors® (MAR) reported today that homebuyers took advantage of mild winter weather, moderating home prices and mortgages rates hitting a 12-month low (3.695%*) to push pending home sales up to their highest level in the month of February since MAR began recording this data in 2004. Unsurprisingly, Realtors® confidence in the market was positive again in February.
North Shore Bank is Offering MassHousing’s Operation Welcome Home Mortgage Loans for Massachusetts Veterans
MassHousing announced today that North Shore Bank is offering Operation Welcome Home, MassHousing's mortgage program designed to make it easier for Massachusetts veterans to purchase their first home.
MERSCORP Holdings, Inc. today announced that the Commonwealth of Massachusetts Appeals Court, in affirming the dismissal of a borrower’s wrongful foreclosure lawsuit against a loan servicer, upheld MERS’ interest as the mortgagee and the right to assign the interest
National mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations that it received commissions and other kickbacks relating to force-placed insurance policies that it procured for struggling Massachusetts homeowners, Attorney General Maura Healey announced toda
A $470 million joint state-federal settlement has been reached with national mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses, Attorney General Maura Healey today announced.
A Middleton, Mass. mortgage broker was sentenced yesterday in U.S. District Court in Boston in connection with his role in 20 fraudulent loan transactions in the North Shore area.
A Virginia man and woman who recruited participants into a multi-year, multi-property mortgage fraud scheme in Roxbury and Dorchester were sentenced this week in U.S. District Court in Boston.
MassHousing developed the loan program after finding that VA loans have some restrictions that make it more challenging to use in Massachusetts than in other states. There are relatively few lenders in Massachusetts offering the VA loan.
A mortgage broker from Middleton was convicted today of attempted bank fraud in federal court. Michael P. O’Donnell, 53, was convicted of one count of bank fraud after a three-day bench trial before the Honorable Douglas P. Woodlock, United States District Judge. Judge Woodlock scheduled sentencing for Oct. 20, 2015.
In an effort to help low-income residents find higher-paying jobs, the U.S. Department of Housing and Urban Development (HUD) announced a $2 million grant for the next four years to the Boston Housing Authority. BHA competed with 57 other applications across the nation to be one of nine agencies awarded a Jobs-Plus grant. The HUD funding comes with more than $1 million in matching funds through the City of Boston aimed at increasing education levels, job search and placement and financial literacy assistance for public housing residents.
MERSCORP Holdings, Inc. today announced that the Massachusetts Court of Appeals ruled that MERS is a valid mortgagee that can hold legal title to the mortgage with the right to assign its interest in the mortgage.