Credit availability during the month more than reversed declines in December
Credit standards loosened in January, according to a report from the Mortgage Bankers Association (MBA).
The Mortgage Credit Availability Index (MCAI) climbed 2.1% to 182.9 during the month. The index analyzes data from Ellie Mae’s AllRegs Market Clarity tool. A decline in the index would indicate that lending standards are tightening.
“Credit availability increased across the board in January, more than reversing December declines in almost all component indices,” said Lynn Fisher, MBA’s vice president of research and economics. “Jumbo credit programs rebounded most strongly and reached a new series high, driven by an increase in the number of programs with reduced documentation requirements. In government lending programs, credit availability remains somewhat lower than the rest of 2017.”
Among the component indices, the Conventional MCAI increased 3.6%, higher than the 0.9% increase in the Government MCAI. The Jumbo MCAI gained 6.1% and the Conforming MCAI ticked up 1.1%.
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Mortgage credit availability declines in December
Credit standards tighten slightly in October
The Mortgage Credit Availability Index (MCAI) climbed 2.1% to 182.9 during the month. The index analyzes data from Ellie Mae’s AllRegs Market Clarity tool. A decline in the index would indicate that lending standards are tightening.
“Credit availability increased across the board in January, more than reversing December declines in almost all component indices,” said Lynn Fisher, MBA’s vice president of research and economics. “Jumbo credit programs rebounded most strongly and reached a new series high, driven by an increase in the number of programs with reduced documentation requirements. In government lending programs, credit availability remains somewhat lower than the rest of 2017.”
Among the component indices, the Conventional MCAI increased 3.6%, higher than the 0.9% increase in the Government MCAI. The Jumbo MCAI gained 6.1% and the Conforming MCAI ticked up 1.1%.
Related stories:
Mortgage credit availability declines in December
Credit standards tighten slightly in October
