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Massachusetts AG secures $2 million settlement for illegal foreclosure fees and payment misapplication
$2 Million
$1.5M restitution + $500K penalty
August 2025
Restitution ongoing
Massachusetts
2019-2024 period
Cypress Loan Servicing (formerly known as Rushmore Loan Management Services) violated Massachusetts consumer protection and debt collection laws by:
The company underwent significant corporate restructuring during the investigation period. Select Portfolio Servicing (SPS) acquired Rushmore's servicing assets in late 2022, and Rushmore rebranded as Cypress Loan Servicing in late 2024. The settlement applies to Cypress as the successor entity.
You may be eligible for restitution if:
Contact the Massachusetts Attorney General's Consumer Hotline:
Visit Massachusetts AG Settlement Page2019-2024
Alleged violations period
Late 2022
Select Portfolio Servicing acquires Rushmore's assets
2023-2024
Massachusetts AG investigation
Late 2024
Rushmore rebrands to Cypress Loan Servicing
August 2025
$2 million settlement agreement reached
August 2025-Present
Restitution distribution ongoing
August 15, 2025
Amount: $2M total ($1.5M restitution)
Massachusetts AG and Cypress Loan Servicing reached settlement agreement. Restitution distribution process begins.
September 1, 2025
Amount: ~$500K
First wave of automatic restitution payments sent to affected Massachusetts homeowners via check and account credits.
November 15, 2025
Amount: ~$600K
Additional restitution payments distributed to verified affected borrowers.
February 1, 2026
Amount: ~$400K
Final restitution payments to remaining eligible homeowners. Expected completion by end of Q1 2026.
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Completed
1
Upcoming
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Pending