On December 31, 2024, the Massachusetts Commissioner of Banks entered into a consent order with a third party loan servicer (the “Company”), for allegedly engaging in the business of loan servicing in Massachusetts without the appropriate registration.
The Company is a California corporation operating in Massachusetts. While records show that the Company submitted an application for a third-party loan servicing license in Massachusetts, the Division of Banks alleged that during its review of the application it uncovered that the Company had been engaged in business in the state without the necessary registration. In the negotiated consent order, the Company agreed to cease any business requiring licensing prior to obtaining the appropriate license or approval and to remit $200,000 to the Commonwealth of Massachusetts.
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