Mortgage

Mortgage

Mortgage Company President Pleads Guilty to Defrauding Ginnie Mae

The president and founder of a Falmouth mortgage company pleaded guilty yesterday in federal court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of approximately $2.5 million.

Senator Warren Raises Concerns About Aggressive and Misleading Marketing of VA Refinance Mortgages, Urges...

U.S. Senator Elizabeth Warren today raised concerns that certain companies may be aggressively and misleadingly marketing the refinancing of mortgages backed by the U.S. Department of Veterans Affairs (VA), generating fees for themselves at the expense of veterans and American taxpayers.

The Massachusetts Association of Realtors® Charitable Foundation Donates $20,000 in Disaster Relief Aid to...

The Massachusetts Association of Realtors® Charitable Foundation announced today that the group is donating $20,000 to the National Association of Realtors® Realtor® Relief Foundation to fund rescue and recovery efforts underway in the areas of Texas most affected by Hurricane Harvey. All funds go to help Realtors® and others in need with temporary housing, mortgage payments and related expenses

Seniors to Receive More Than $130,000 in Settlement With Insurance Agent and Mortgage Broker...

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.

Mortgage Lender and CEO Agree to Settle to Resolve Allegations of False Insurance Claims

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).

Massachusetts District Court Applies Well-Settled Law Affirming MERS’ Role

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.

Cummings and Warren Release GAO Report Highlighting Dramatic Growth of Nonbank Mortgage Servicers

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.

Mild Weather, Low Mortgage Rates and Moderating Home Prices Lead to Record Number of...

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.

Massachusetts Appeals Court Upholds MERS as a Mortgagee with the Right to Assign the...

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

HSBC to Pay $4 Million, Refund Homeowners for Accepting Compensation Tied to Force-Placed Insurance

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

$470 Million State-Federal Settlement Reached with HSBC Over Unlawful Foreclosures, Loan Servicing

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.

Middleton Mortgage Broker Sentenced to Federal Prison for Bank Fraud

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.

Recruiters in Multi-Million Dollar Mortgage Fraud Sentenced to Prison

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.

Governor Baker Announces New Home Mortgage Loan Program for Massachusetts Veterans

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.

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Rising Pending Home Sales in September Could Signify a Busy Fall...

The Massachusetts Association of Realtors® (MAR) reported today that single-family pending home sales jumped over four percent this month from September of last year, with prices rising close to five percent. Pending condominium sales were also up, rising more than three percent over last year, while prices increased slightly. Realtors® confidence in the market and in home prices were both up again in September. This month’s “Hot Topic” question asks Realtors® how they would describe the appraisal process in the last six months