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, 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.

Middleton Mortgage Broker Convicted of Bank Fraud

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.

Boston Housing Authority awarded $2 Million from HUD and more than $1 Million from...

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.

Massachusetts Court of Appeals Rules in MERS’ Favor

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.

Massachusetts Court of Appeals Affirms Lower Court Judgment in MERS’ Favor

MERSCORP Holdings, Inc. today announced that the Court of Appeals of Massachusetts ruled in Mortgage Electronic Registration Systems, Inc.’s (MERS) favor, finding that an assignment by MERS was vali


Housing downturn isn’t just hard on sellers

For local real estate agents, it's survival of the fittest Part of the allure of the real estate market is the ability to make a...


Pending Sales Maintain Steady Year-Over-Year Increases for Almost Four Years This...

The Massachusetts Association of Realtors® (MAR) reported today that ongoing buyer demand pushed pending sales up three percent over last year. Pending sales have been up 47 of the last 48 months, marking almost four years of positive gains in single family homes put under agreement. Realtors® confidence both in the market and in home prices was positive in February. This month’s “Hot Topic” question finds that the conversation of "tiny" houses has never come up between the majority of Realtors® and their clients