Thursday, September 27, 2007
What is a COFI Mortgage?
 A COFI Mortgage is a mortgage on which a rate of interest is charged based upon an index known as the 11th District Cost of Funds index.The Federal Home Loan Bank (FHLB) System is comprised of 12 Districts, each of which has its own District Bank. The 11th District is based in San Francisco and includes member savings institutions from Arizona, California and Nevada. The 11th District COFI was introduced in 1981 and represents the weighted average cost of all funds for savings institutions eligible to be members of the 11th District. The source of these funds includes savings and checking accounts, money market accounts, short-term CD accounts, advances by the FHLB District Bank, and other borrowed money. The latest statistics released by the Federal Home Loan Bank Board (FHLBB) show the following approximations: 60% of deposits are in Checking and Savings accounts 30% of deposits are in the 6 month and 1 year CDs 10% of deposits are in 2 to 5 year CDs The index represents a weighted average cost of funds and includes long-term accounts. The 11th District COFI is popular with both thrift lenders and borrowers because the index adjusts slowly and stays consistent with those lenders' costs |
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