Credit Availability Rises for Jumbo, Low Credit Score Borrowers

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) rose slightly in February. The Index, which measures any tightening or loosening of mortgage underwriting overall and by loan type, rose 0.6 percent to 180.1, indicating a relative easing of credit. The index was benchmarked to 100 in March 2012. The Conventional MCAI increased (1.1 percent), while the Government MCAI increased slightly (0.1 percent). Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 2.2 percent while the Conforming MCAI decreased by 0.2 percent. “Credit availability increased in February as a result of new jumbo offerings brought to the market, both for agency jumbo and non-agency jumbo programs,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist…(read more)

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