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Cost of Funds Index (COFI) change

We’re here to help

Understand and prepare for changes to your adjustable-rate mortgage.

Cost of Funds Index (COFI) change

The Federal Home Loan Bank of San Francisco (FHLBSF) will stop publishing the COFI index after January 31, 2022. This will affect mortgages and lines of credit that use the COFI index to determine the interest rate.

We're working with  Investors and Regulators to update impacted accounts in a way that's fair and transparent.

Here's what this means for you:

  • We will notify you by mail if your mortgage loan or line of credit is impacted by this change.  
  • If your adjustable-rate mortgage is based on the COFI index, the replacement index will be determined following the provisions outlined in your loan documents.
  • The new index will replace COFI at the first rate adjustment occurring after January 31, 2022.
  • New adjustable-rate mortgages no longer use the COFI index.

COFI Index FAQs

Before reviewing the COFI frequently asked questions, it may be helpful to learn more about adjustable-rate mortgages on our ARM site, or by reviewing information from the FHLB of San Francisco.

No. All loans and financial products that are based on COFI are affected.

The Replacement Index will be used to determine the interest rate when your loan has its regular interest rate adjustment after January 2022. Until then, your interest rate will continue to be based on the COFI index.

The change to the Replacement Index alone won’t necessarily increase your monthly payment. With any ARM loan, the interest rate (and therefore the payment) can increase whenever you have a scheduled interest rate adjustment, regardless of the index that’s used.

No. The timing of your interest rate adjustment will not change, and your interest rate will continue to be based on the COFI index until its expected decommission in January 2022.

 

  • Example 1: An ARM loan has an interest rate adjustment every year in July. The interest rate on this loan will remain the same and be based on the COFI index until July 2022. The July 2022 interest rate adjustment will be based upon the Replacement Index (i.e., the Enterprise 11th District COFI Replacement Index or the Constant Maturity Treasury).
  • Example 2: An ARM loan has an interest rate adjustment every month. The interest rate on this loan will continue to be based on the COFI index until the expected decommission date. The monthly interest rate adjustment will be based upon the Replacement Index (i.e., the Enterprise 11th District COFI Replacement Index or the Constant Maturity Treasury) the following month.

We want to ensure you have the information you need during this transition. We will:

 

  • Post updates to chase.com/COFI as new information becomes available.
  • Send updates by mail when your loan is updated to the Replacement Index and your new interest rate and payment effective date get closer.
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