Mortgage Credit Availability Continues to Decline

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Posted To: MND NewsWire

New programs offering low downpayment options for GSE loans weren’t enough to compensate for more stringent jumbo loan standards in April. This resulted, the Mortgage Bankers Association (MBA) said on Thursday, in a decrease in its Mortgage Credit Availability Index (MCAI). The MCAI registered at 122.5 in April compared to 123.5 in March, a decline of 0.89 percent. The index peaked in October 2015 at 128.4 and has declined almost monthly since then. The MCAI is designed to indicate the availability of mortgage credit at a point in time. MBA calculates the index and its components using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.) gathered through its Weekly Mortgage Applications Survey combined with data from Ellie Mae’s AllRegs® Market…(read more)

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