Federal Home Loan Bank of San Francisco Releases November 2002 Cost of Funds Index.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Dec. 31, 2002 The Federal Home Loan Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden announced December 31, 2002, that the monthly weighted average cost of funds index A Cost of Funds Index or COFI is a regional average of interest expenses incurred by financial institutions, which in turn is used as a base for calculating variable rate loans. for 11th District savings institutions ("COFI COFI Cost of Funds Index COFI Council Of Forest Industries (Canada) COFI Community Organizing and Family Issues COFI Checkout and Fault Isolation COFI Coder/Decoder Filter (electrical engineering) ") for November 2002 is 2.537%. The index for October 2002 was 2.708%. The COFI reflects the interest paid by savings institutions in Arizona, California, and Nevada on their various sources of mortgage money. Changes in interest rates on adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loans offered by many financial institutions are tied to changes in the COFI. For additional information and disclosures concerning the COFI, visit the Federal Home Loan Bank of San Francisco's website at www.fhlbsf.com. Although the Federal Home Loan Bank of San Francisco reasonably attempts to ensure the accuracy of the COFI, the Bank does not warrant or guarantee the accuracy of the data it receives from its member savings institutions, the accuracy of the COFI calculation, or the accuracy of the COFI as published. The Bank does not examine the books and records of its member savings institutions, and the Bank expressly disclaims all liability that may arise from its use of inaccurate data received from its member savings institutions in calculating the COFI. In addition, the Bank expressly disclaims any liability to any person for any inaccuracy in·ac·cu·ra·cy n. pl. in·ac·cu·ra·cies 1. The quality or condition of being inaccurate. 2. An instance of being inaccurate; an error. in the COFI, regardless of the cause, or for any resulting damages. The Bank accepts cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. data for a given month from the participating member savings institutions until 12:00 noon California time on the last business day of the following month and publishes the monthly COFI based on data received by that time. The Bank will not revise or republish re·pub·lish tr.v. re·pub·lished, re·pub·lish·ing, re·pub·lish·es 1. To publish again. 2. Law To revive (a libel or a canceled will). the monthly COFI based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result. In addition, although the Bank makes a good faith effort to publish the monthly COFI on the last business day of the following month at or after 3:00 p.m. California time, the Bank does not guarantee that it will always publish the monthly COFI at that date and time, and the Bank expressly disclaims any liability for any delay in publishing the monthly COFI. |
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