Boston Financial Group ordered to stop making loans
By MortgageDaily.com staff
12/27/2005

Massachusetts regulators have shut down an unlicensed mortgage broker who tried to use a fake letter from the state as verification of license approval.

Boston Financial Group Inc., owned and operated by Jose de la Rosa, has been ordered to stop making mortgage loans, according to an announcement today from the state's Division of Banks.

The Jamaica Plain-based company, which does business as BFG Mortgage, provided a wholesale lender with a fabricated letter from the regulator indicating its broker license had been approved, the state said.

"This letter was neither prepared nor issued by the Division of Banks," the announcement said.

"Licensing standards exist for a reason," said Beth Lindstrom, Director of Consumer Affairs and Business Regulation, in the statement. "The licensing process is utilized to ensure that all companies are financially sound and meet strict character and fitness standards."

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