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Credit Availability Remained Unchanged in February 2016

Each month, the Mortgage Bankers Association (MBA) releases a measure of mortgage credit availability in an effort to track whether the credit availability limit is increasing or decreasing. The index looks at credit score, loan type, and loan-to-value ratio, as well as other factors that determine whether a borrower will be eligible for a loan or not. According to the Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs market clarity business information tool, mortgage credit availability was unchanged in February. It was also observed that there was a decline in conventional programs offset by government-backed programs.

The MCAI remained unchanged at 123.8 in February, same as the previous one. The Jumbo MCAI decreased 0.6 percent, while the Conventional MCAI decreased 0.8 percent over the month. A decline in the MCAI indicates that lending standards are tightening, whereas increases in the index indicate loosening credit.

News Characteristics

Date : Mar 15, 2016
Region : North America
Industry : Mortgage Companies
Function : Regulation and Compliance
Sub-Function : Regulatory changes