The Eleventh Federal Home Loan District Cost of Funds Index for December is 4.072%, a 10 basis points decline from November's 4.172%. The index is a weighted index calculation of the cost of mortgage funds for thrifts that belong to the Federal Home Loan Bank of San Francisco. Reversing the trend of the previous two years, COFI has declined by 32 basis points between last December and this one; in 2005 and 2006, the index increased by 110 basis points in both years. Out of the preceding 12 months, COFI increased in just three. In May, it rose by 7 bps; in August there was an 8 bps increase, followed by an increase of slightly over 2 bps in September. For comparative purposes, according to the Freddie Mac Primary Mortgage Market Survey, the one-year adjustable rate mortgage was at 5.45% in December 2006. It hit 5.71% in July, before trending down again to 5.50% in December 2007, a net increase of 5 bps during the year.
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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.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24