The Eleventh Federal Home Loan District Cost of Funds Index is poised to break the 3% barrier, a level it has not exceeded since December 2001.According to the Federal Home Loan Bank of San Francisco, the index for September stood at 2.972%, up 10 basis points from August's 2.870. Given that the Federal Reserve Board is likely to continue its pattern of 25-basis-point hikes in the federal funds rate, it is likely that COFI will continue to rise and surge over the 3% level. COFI is a weighted average of the cost of the money that thrifts in California, Arizona, and Nevada use to originate mortgage loans. COFI stood at 3.074% for December 2001, during a period of rapid declines in the index.
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Fathom Holdings acquired START Real Estate to expand its first-time homebuyer program, the company announced Thursday.
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Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.
October 16 -
Observers believe the government shutdown and lack of data is keeping mortgage rates in the same narrow range, as investors have issues reading the tea leaves.
October 16 -
The Detroit-based mortgage bank's announcement trailed competitors' by over two weeks, but is taking a more aggressive risk-reward stance on the limit.
October 16 -
Despite the decrease, average profit margins approached 50%, as the lock-in effect continues to stymie inventory growth and keep home values elevated.
October 16 -
The head of the government-sponsored enterprises' oversight agency also asked existing investors to review risk factors as officials eye a new public offering.
October 15