After a huge, nearly 26-basis-point increase in the Eleventh Federal Home Loan District Cost of Funds Index in February, the index rose a mere 2 bps in March.According to the Federal Home Loan Bank of San Francisco, the index for March stood at 3.624%, compared with 3.604% the month before. The index consists of the weighted average of the cost of funds to originate mortgage loans among FHLBank's savings institution members in Arizona, California, and Nevada. On April 27, Federal Reserve Board Chairman Ben Bernanke testified before Congress's Joint Economic Committee. In the remarks, he noted that the Federal Open Market Committee had raised the federal funds rate by 25 bps at each of its last 15 meetings, for a total of 375 bps. He went on to say that "at some point in the future the committee may decide to take no action at one or more meetings in the interest of allowing more time to receive information relevant to the outlook." In the same period, starting around May 2004, COFI has increased 192 bps.
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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.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
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 -
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.
April 24