Government Mortgage Standards Tightening While Jumbos Expand

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Posted To: MND NewsWire

The Mortgage Credit Availability Index (MCAI), a measure developed by the Mortgage Bankers Association (MBA), was unchanged in April at 177.9. The Index indicates the availability of credit based on whether lending standards are tightening, which would result in a lower score, or loosening, an increase in the index. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said “Credit availability in April was unchanged overall, but the components told different stories. Government credit tightened slightly as investors continued to pull back on streamline refinance products, while conventional credit availability increased, driven mainly by an expansion in jumbo credit. The jumbo market remains competitive for lenders according to data from our Weekly Application Survey…(read more)

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