Definitions for "Cost-of-funds index"
Keywords:  cofi, francisco, san, district, fhlb
A common interest rate used for setting variable rate loans. This particular index tracks the interest rates at savings & loan institutions in the San Francisco Federal Home Loan Bank District.
An index made of several sub-components, which reflects the average cost of funds of member banks in a certain region, or district. This is considered the most stable of the commonly used indexes. This index is published daily in financial journals, such as the Wall Street Journal.
The 11th District Monthly Weighted Average Cost of Funds Index (COFI) is one of many indexes used by mortgage lenders to adjust the interest rate on adjustable-rate mortgages (ARMs). COFI reflects the actual interest expenses recognized during a given month by all savings-institution members of the Federal Home Loan Bank of San Francisco (Source: FHLB of San Francisco).