Massachusetts Division of Banks

Massachusetts DOB Enters Consent Order With Company for Unlicensed Mortgage Lending and Illegal Fees

On May 11, 2017, the Massachusetts Division of Banks (DOB) entered into a consent order with a Massachusetts residential mortgage lending company, alleging that, between January 2013 and December 2016, the company engaged in unlicensed residential mortgage lending and charged fees in violation of Massachusetts law, and failed to comply with the Real…

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Massachusetts DOB Issues Findings of Fact and Temporary Cease and Desist Order Against Loan Servicing Company

On April 20, 2017, the Massachusetts Division of Banks (DOB) issued Findings of Fact and a Temporary Order to Cease and Desist against a loan servicing company, alleging that the company engaged in residential mortgage loan servicing practices that violate state and federal laws, and failed to meet the requirements…

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Massachusetts Commissioner of Banks Enters Into Consent Order with Motor Vehicle Sales Finance Company

​On March 24, 2017, the Massachusetts Commissioner of Banks (“Commissioner”) entered into a consent order with a licensed motor vehicle sales finance company, agreeing to refrain from further violations of Massachusetts state law governing the conduct of motor vehicle sales financing.  The consent order came after the Commissioner examined the company and subsequently issued a…

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Massachusetts Division of Banks Announces Return of $2.3 Million to Consumers Under Settlement with Payday Lender

On November 22, 2016, the Massachusetts Division of Banks (“DOB) announced that it has returned approximately $2.3 Million to 1,673 Massachusetts residents, as part of a settlement with an online payday lender. The payday lender allegedly issued payday loans with interest rates between 89 and 135 percent, and annual percentage rates (APR) between…

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Mortgage Lender Agrees to Fees and Injunctive Relief in Settlement Following State Examination on Reverse Mortgage Lending

On March 12, 2015, the Massachusetts Division of Banks entered into a consent order with a mortgage lender following a state investigation that determined that the mortgage lender was in substantial non-compliance with applicable state and federal statutes, rules, and regulations regarding its mortgage lending and determination and documentation of…

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Mortgage Lender Subject to Fees and Injunctive Relief Following State Examination

On February 27, 2015, the Massachusetts Division of Banks and the mortgage lender agreed to a consent order following an examination into a mortgage lender’s level of compliance with applicable Massachusetts and federal statutes. The Massachusetts Division of Banks’ examination found that the bank was in substantial non-compliance with state…

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