The Eleventh Federal Home Loan District Cost of Funds Index increased nearly 4 basis points in December, bringing it to 4.396%.The index is a weighted average calculation of the cost of mortgage money for thrifts that belong to the Federal Home Loan Bank of San Francisco. The rise wiped out all that was left of the rate decline that took place in October. COFI increased 110 bps for the year, the same as in 2005. COFI is now at its highest level since May 2001. For comparative purposes, the Freddie Mac Primary Mortgage Market Survey found that the monthly average commitment rate for the one-year adjustable rate mortgage peaked at 5.79% in July. Through December, the average rate declined 34 bps. However, the most recent survey, Feb. 1, has the average back up to 5.54%.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24