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New Jersey mortgage company employee admits to stealing $2 million from company

A former employee at an unnamed New Jersey mortgage company admitted in court late last week that she stole $2 million from the company by using company computers to reroute escrow checks meant for borrowers to her friends and family.

Wall Street insider Craig Phillips leaves Treasury without Fannie, Freddie reform

Craig Phillips, Treasury Secretary Steven Mnuchin’s top housing advisor and the point person for reform of Fannie Mae and Freddie Mac, has left his position before achieving any major changes at the mortgage giants. “Mnuchin simply lacks the time and energy needed to advance a housing finance reform plan,” Jaret Seiberg, Managing Director at Cowen […]

Mortgage delinquencies fall to a record low in May

Mortgage delinquencies fell to a record low of 3.36% in May as a strong labor market helped Americans to pay their mortgages on time, according to a Black Knight report. Prepayments on first-lien U.S. mortgages rose 24% in May, double the rate of four months ago, the company said.

CitiMortgage to pay $7.8 million to California borrowers for not paying interest on escrow accounts

More than 94,000 California homeowners will soon get a check from CitiMortgage after the mortgage servicer agreed to pay $7.8 million in overdue interest on customers’ escrow impound accounts as part of a settlement with the state.

MERS, NYSE owner Intercontinental Exchange increases mortgage presence by buying Simplifile

Intercontinental Exchange, the parent company of the New York Stock Exchange, moved into mortgages in a big way last year when the company bought MERS. And now, ICE is increasing its presence in the mortgage business. ICE announced Wednesday that it has acquired Simplifile, which acts as an electronic liaison between lenders, settlement agents, and […]