The Eleventh Federal Home Loan District Cost of Funds Index stood at 1.811% in January, a decline of 9 basis points and a new record low.In December 2003 the index stood at 1.902%, up from 1.821% in November, the first time the index had increased since June 2002. COFI is a weighted average of the cost of mortgage money (including deposits) paid by member institutions. Typically it lags other rates by three to six months, so trends can be seen by observing the activity of other rates. According to data collected by the Federal Reserve Bank of St. Louis, the nationwide secondary-market rate for the one-month certificate of deposit was 1.05% in July. The index went up 2 bps in August, held steady in September, fell 1 bp in October, and held steady before rising 3 bps in December. However, in January the index fell 5 bps to 1.04%. While the three-month and six-month CD rates trended upward in the fall months, they too declined by 4 and 5 bps, respectively, in January.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25