Massachusetts Pays $2 Million to Stop Unlicensed Loan Service

Bridge IT Inc., operating under the name Brigit, has been helping residents of Massachusetts manage loans since 2021—without first registering with the state, a legal requirement for loan‑servicing firms.

Key Points

• Regulatory Action
  The Massachusetts banking regulator announced that Brigit will pay $1.9 million to settle the issue.

• No Admission of Fault
  Brigit states it is not admitting any mistakes but has agreed to cease acting as a loan manager until it secures official permission.

• Communication Gaps
  When regulators sought comments, Brigit was slow to respond and has pledged to pause its services until state approval is obtained.

• Industry Context
  In recent years, mortgage and debt‑handling firms have faced tighter scrutiny from regulators. Brigit’s case reflects a broader effort to ensure all loan‑servicing companies comply with state rules.

• Regulatory Reminder
  The settlement underscores the necessity for businesses to meet local licensing laws before offering financial services to residents.