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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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18