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Mortgage Industry News for the Mortgage Industry

  • COFI Bottoming Out?
    The cost of funds index was 2.7 percent in August, the Federal Home Loan Bank of San Francisco reported. The index was barely lower than in July. COFI, which has declined each of the prior 11 months, saw the rate of decline slow substantially.

  • M.I. Business Tanking
    Mortgage Insurers wrote 53,476 policies for $10.2 billion during August, the Mortgage Insurance Companies of America reported. Activity was off nearly 20 percent from July and less than half the level a year earlier. Volume fell to its lowest level since February 2000.

  • Serious Delinquency Climbs as 30-Day Lates Ease
    Delinquency of between 30 and 59 days has remained below 7 percent on nonprime mortgages, according to a report from the State Foreclosure Prevention Working Group. Delinquency remained around where it stood in October and was slightly lower than in January. But delinquency of at least 90 days has risen from just above 10 percent in October to more than 13 percent in the most recent study.

  • Favorable Ruling in Option ARM Case
    A lawsuit filed in U.S. district court against Chevy Chase Bank, FSB, was granted class action certification in 2007. The case had the potential to force the bank to rescind more than 7,000 option adjustable-rate mortgage borrowers who were allegedly given inadequate disclosures. But a U.S. court of appeals reversed the class action certification on Sept. 24.

  • Foreclosure War Goes On Despite Lost Battle
    While the bailout bill may have collapsed, the Department of Housing and Urban Development said Friday that it has allocated a total of $3.9 billion as provisioned by H.R. 3221, The Housing and Economic Recovery Act of 2008. U.S. Senators Charles E. Schumer, Robert Menendez, Sherrod Brown and Bob Casey -- all Democrats -- issued letters earlier this month to the new CEOs of Fannie Mae and Freddie Mac calling for a halt to all of their foreclosures for 90 days. ACORN issued a statement last week calling for a 90-day moratorium on conventional loan foreclosures. The group is also calling for a waiver of delinquency fees and no derogatory reporting to credit bureaus.


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