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The Massachusetts Division of Banks and 49 other state mortgage regulatory agencies have executed a Settlement Agreement and Consent Order with Prospect Mortgage, LLC. The California-based mortgage company is licensed in Massachusetts and wholly owned by Sterling Partners, a private equity firm. A multi-state examination revealed a pattern of charging borrowers improperly disclosed and unsupported fees which were paid to the company’s subsidiary. The settlement agreement will result in a refund of a service fee of $40.00 plus 10% interest to each affected customer. More than 6,600 Massachusetts consumers will receive this refund. Read more about the settlement here:https://www.csbs.org/…/press-re…/pr2015/Pages/PR-111915.aspx

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