Cypress Loan Servicing has reached a $2 million settlement with the Massachusetts Attorney General’s Office (AGO) over allegations that it violated state foreclosure prevention and consumer protection laws.

According to the AGO, Cypress — formerly known as Rushmore Loan Management Services — allegedly put homeowners at unlawful and unnecessary risk of foreclosure by violating Section 35B, a state law enacted in 2012 to prevent avoidable foreclosures. The company will pay penalties to the state and provide restitution to impacted borrowers who lost their homes.

The settlement, filed in Suffolk County Superior Court, was reached through an assurance of details ⇒

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