The Eleventh Federal Home Loan District Cost of Funds Index reversed course and headed downward again in March, nearly erasing a 3-basis-point rise in February.The index for March, as calculated by the Federal Home Loan Bank of San Francisco, stood at 1.815%; in February it was 1.841%. The March number is the second-lowest point the index has ever reached. The lowest came in January, when COFI stood at 1.811%. COFI is one of several indices popular for setting rates for adjustable-rate mortgages. Its proponents believe one of its benefits is that -- because it is a weighted average of the interest paid by thrifts in California, Arizona, and Nevada on money used to originate mortgages -- it lags other rates by three to six months. Meanwhile, with rates rising, a number of industry sources are reporting an increasing popularity of ARM loans in general.
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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.
April 25 -
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