Homespire Mortgage Corp. & Michael Jonathan Rappaport Consent Order - $10,000 Penalty, 42-Month Ban

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Consent Order

Consent Order Homespire Mortgage Corp. & Michael Jonathan Rappaport Consent Order

Date:	04/09/2026
Organization:	Division of Banks
Docket Number:	2026-001-CO
Location:	Boston, Massachusetts

Whereas, Homespire Mortgage Corporation (Homespire or the Corporation), a previously licensed mortgage lender and mortgage broker under Massachusetts General Laws (MGL) chapter 255E, section 2 and 209 CMR 42.00 et seq., and Michael Jonathan Rappaport (Michael Rappaport), the sole owner and president of Homespire Mortgage Corporation have been advised of their right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, and having waived those rights, entered into a Stipulation and Consent to the Issuance of a Consent Order (Consent Agreement) with representatives of the Division of Banks (Division) dated April 9, 2026, whereby, solely for the purpose of settling this matter, Homespire Mortgage Corporation and Michael Rappaport agree to the issuance of this Consent Order (Consent Order) by the Commissioner of Banks (Commissioner);

Whereas, from September 24, 2010 through December 31, 2025, Homespire Mortgage Corporation was licensed as a mortgage lender in the Commonwealth and conducted business in Massachusetts with its main office located at 9711 Washingtonian Boulevard, Suite 500, Gaithersburg, Maryland;

Whereas, from July 20, 2021 through December 31, 2025, Homespire Mortgage Corporation was licensed as a mortgage broker in the Commonwealth and conducted business in Massachusetts with its main office located at 9711 Washingtonian Boulevard, Suite 500, Gaithersburg, Maryland;

Whereas, Michael Rappaport is, and at all relevant times has been, the sole owner and president of Homespire Mortgage Corporation;

Whereas, on September 8, 2025, pursuant to Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination of the books, accounts, papers, records, and files maintained by Homespire Mortgage Corporation to evaluate the Corporation’s compliance with Massachusetts and federal statutes and regulations governing the conduct of a mortgage lender and mortgage broker in Massachusetts (2025 examination);

Whereas, on November 17, 2025 while the 2025 examination was in process Homespire Mortgage Corporation submitted a request to surrender, (surrender request) the Corporation’s mortgage lender and mortgage broker licenses through the Nationwide Multi-State Licensing System (NMLS);

Whereas, as of January 1, 2026, the Corporation’s mortgage lender and mortgage broker license status on the NMLS was updated to “Terminated-Failed to Renew.”

Whereas, the Division's Report of Examination (Report), issued as of January 29, 2026, presented the findings of the 2025 examination and alleged failures to comply with certain laws, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts; and

Whereas, the parties now seek to resolve by mutual agreement, the matters identified in the Report.

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Order

Now come the parties in the above-captioned matter, the Division and Homespire Mortgage Corporation and Michael Rappaport and stipulate and agree as follows:

1. Homespire confirms and attests that the Corporation has ceased engaging in mortgage lender and mortgage broker activity as those terms are defined under MGL c. 255E, section 2 and the Division’s regulation 209 CMR 42.00 et seq.
2. Homespire Mortgage Corporation or Michael Rappaport shall submit a payment of ten thousand dollars ($10,000.00) in satisfaction of an administrative penalty collected in consideration of Homespire’s failure to provide timely access to the Corporation’s books and records. Homespire or Michael Rappaport shall remit payment in full of the amount indicated above, payable to the “Commonwealth of Massachusetts,” with the executed copy of the Consent Order, to the Office of the Commissioner of Banks, One Federal Street, Suite 710, Boston, Massachusetts 02110-2012.  The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
3. Michael Rappaport is prohibited from taking an ownership position in any entity licensed and/or regulated by the Division and from exercising control with respect to any such entity for a period of forty two (42) months from the effective date of this Consent Order.  For the purposes of this Consent Order, “control” shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether as an officer or director, or through ownership of securities, by contract, or otherwise.
4. Within thirty (30) days of receipt of the relevant invoice from the Division, Homespire shall submit payment in full for the amount owed for the costs of the Division’s 2025 examination of Homespire.  The payment shall be made payable to the “Commonwealth of Massachusetts” and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
5. This Consent Order shall become effective immediately upon the date of its issuance.
6. The provisions of this Consent Order shall be binding upon Homespire Mortgage Corporation, Michael Rappaport and its directors, officers, managers, and their successors and assigns.
7. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
8. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter.  There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.
9. This Consent Order shall become effective immediately upon the date of its issuance. By Order and Direction of the Commissioner of Banks:

Dated at Boston, Massachusetts, this 9th day of April 2026.

By: Mary L. Gallagher
Commissioner of Banks
Commonwealth of Massachusetts

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