The Eleventh Federal Home Loan District Cost of Funds Index continues its climb, increasing by 9 basis points in December to 2.118%.The index is a weighted average calculated by the Federal Home Loan Bank of San Francisco of the interest expense for thrifts in Arizona, California, and Nevada to originate mortgage loans. For the first time since 2000, COFI has ended the year higher than it was at the end of the previous year. COFI stood at 1.902% in December 2003. The index then spent the next five months continuing its decline, until it reached bottom in May, at 1.708%. In seven months the index has risen 40 bps, a relatively small gain given how fast the index fell. The index is now at its highest level since June 2003. COFI's most recent peak was in December 2000, at 5.617%.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
April 23