For the second time in the past three months, the Eleventh Federal Home Loan District Cost of Funds Index has increased from a record a low.The index for February, as calculated by the Federal Home Loan Bank of San Francisco, stood at 1.841%, up 3 basis points from its all-time low of 1.811% in January. In December, the index climbed to 1.902% from its then-record low of 1.821%. COFI is one of several popular indices that are used to index adjustable-rate mortgages. Industry observers have noticed an increase in adjustable-rate mortgage activity since the beginning of the year, aided by the extremely low starting rates for ARMs. The Freddie Mac Primary Mortgage Market Survey for March 25 found that the one-year Treasury ARM had an average start rate of 3.36%, the lowest in survey history. The company recently announced changes to the Seller/Servicer guide that would make it easier to sell certain ARM products -- most notably loans indexed to the London interbank offered rate -- by making them a standard product.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
49m ago -
Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
May 6 -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
May 6 -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
May 6 -
Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6