Deal will allow OneCap keep servicing hard-money loans

Deal will allow OneCap keep servicing hard-money loans

A situation regulator that is financial Thursday announced an understanding that enables OneCap Mortgage Corp. To carry on servicing hard-money loans it fashioned with investor cash.

A situation economic regulator on Thursday announced an understanding which allows OneCap Mortgage Corp. To carry on servicing hard-money loans it created using investor cash.

OneCap, a hard-money or personal loan provider, raised funds from 2,000 investors and had been servicing $400 million in short-term home loans with respect to the investors in 2007 when state economic regulators ordered OneCap to end alleged violations of state laws. (more…)