MASSACHUSETTS — The state will receive nearly $2 million from a settlement with a New York City company that’s been illegally servicing loans here, according to a public notice.
Bridge IT Inc., known as Brigit, has worked since 2021 as a third-party loan servicer in the commonwealth – but has never registered to do business here, as required by law.
The Massachusetts Division of Banks on Tuesday said the company has agreed to pay $1.9 million to resolve the matter, but doesn’t admit to any wrongdoing. Brigit has also said it will stop working as a loan servicer until it receives state approval.
Attempts to reach Brigit for comment on the matter were not immediately successful.
Companies like Brigit – which manage mortgages or other loans on behalf of lenders – have come under increasing scrutiny over recent years.
The company was acquired in 2025 by Upbound Group (Nasdaq: UPBD), formerly known as Rent-A-Center Inc., which reported first-quarter revenue this year of $1.2 billion.
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