The Eleventh Federal Home Loan District Cost of Funds Index rose significantly in the latest reported month to a point above 3.0%. The index for October is 3.125%, an increase of more than 35 basis points from September's 2.769%, according to the Federal Home Loan Bank of San Francisco. COFI is known as a lagging indicator, reflecting movement in other interest rates on a three-to-six month delay.
DRB Group is partnering with Acrisure Mortgage and Alta Home Lending to start two mortgage joint ventures set to open in January 2027, the company announced.
Servicers may need to use some of their less common risk management tactics rather than solely relying on borrowers holding significant equity, Andy Walden said.
The GSEs also have unified 4.0 pricing for loans scored with classic FICO while 10T moves toward 2027 adoption at FHA but remains pending at the enterprises.
The lender said it closed its Eleven Mortgage brand and its correspondent business to focus on retail, and did not elaborate on potential layoffs.
Gold Star Mortgage hasn't said whether it suffered a data breach after cybercriminals claim to have compromised over 10,000 documents from the lender.
The guidance reflects a mortgage servicing rights market that has broadly included the customer value in refinancing for over a decade, experts say.
