Latest Mortgage Credit Availability Index Down 1.2 Percent – NMP Skip to main content

Latest Mortgage Credit Availability Index Down 1.2 Percent

NationalMortgageProfessional.com
Dec 10, 2013

Mortgage credit availability decreased slightly in November according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs Market Clarity product. The MCAI decreased 1.2 percent from 111.5 in October to 110.2 in November. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. The index was benchmarked to 100 in March 2012. If it had been tracked in 2007, it would have been at a level of roughly 800, indicating the credit was much more available at that time. A significant number of loan programs allowing for more than 95 LTV and low-to-mid range minimum FICOs were either discontinued in November, or transitioned into programs with lower LTV maximums and/or higher minimum credit scores. Investor pull-back from programs with greater than 30 year terms and Interest-Only programs continued as the industry prepares for new regulations coming into effect in January 2014. Some decreases to the index were offset by investors increasing their cash-out offerings to well-qualified borrowers.
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