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Credit access hasn't improved much over the last year unless one is shopping for a jumbo mortgage loan. The Mortgage Bankers Association (MBA) noted an 0.7 percent increase in its Mortgage Credit Availability Index (MCAI) in September, bringing it to 181.4. The increase came from agency jumbo programs that have been phased in over the past few months and continuing updates to conforming loan programs. A decline in the MCAI indicates that lending standards are tightening, while increases are indicative of easing credit. Of the four component indices, the Conforming MCAI and the Conventional MCAI saw the greatest increase in availability over the month (both up 1.5 percent), followed by the Jumbo MCAI (up 1.4 percent) and then the Government MCAI (up 0.2 percent). MBA's Vice President of Research

The availability of mortgage credit at least as measured by the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) pulled back in September, with the government component of the index falling to the lowest level in four years . The MCAI registered 182.1 at month's end, an 0.8 percent decline. An increase in the index indicates a loosening of credit, a lower number indicates standards have tightened . The components, representing different loan programs, largely offset each other, making substantial moves in both directions. The Conventional MCAI rose 1.2 percent and one of its components, the Jumbo Index increased by 2.7 percent. The Conforming MCAI, the second part of the Conventional Index, decreased by 0.7 percent and the Government MCAI lost 2.5 percent. "Credit

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There was a slight loosening of mortgage credit access in February, as FHA and VA instituted more streamlined documentation requirements for their loans. Access also improved as more investors offered affordable low downpayment mortgages. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) ticked up by 0.4 percent compared to January and now stands at 177.8. A decline in the MCAI indicates a tightening of credit standards, an increase signifies a loosening. The increased offerings and FHA/VA underwriting changes resulted in an increase of 2.3 percent in the Government MCAI and a slight uptick of 0.1 percent in the Conforming MCAI. However, Lynn Fisher MBA's Vice President of Research and Economics, noted the impacts of those increases on the overall index

Mortgage credit access tightened again in August, a trend that has been nearly continuous since the onset of the pandemic more than two years ago. The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) slipped 0.5 percent from its July level to 108.3. A decline in the index indicates that lending standards are tightening while an increase points to a loosening of credit. The MCAI and each of its four components are based on data related to borrower eligibility (credit scores, loan types, loan-to-value rations, etc.) from over 95 lenders and investors. The data is made available by ICE Mortgage Technology. The Government MCAI was essentially unchanged from the prior month while the Conventional MCAI decreased 1.0 percent. That index has two components; the Jumbo MCAI dipped 0.7 percent and the Conforming Index fell by 1.2 percent. “Mortgage credit availability declined slightly in August, as investors reduced their offerings of ARM and non-QM loan programs,” according to Joel Kan, MBA’s Associate Vice President of Economic and Industry. “With overall origination volume expected to shrink in 2022, some lenders continue to streamline their operations by dropping certain loan programs to simplify their offerings. Additionally, with a worsening economic outlook and signs of cooling in home-price growth, the appetite for riskier loan programs has been reduced,” said The MCAI and each of its components reflect summary measures which indicate the availability of mortgage credit at a point in time. Base period for all indices was March 31, 2012. The total MCAI was benchmarked at 100; the Conventional Index to 73.5 and the Government MCAI to 183.5.

Mortgage credit loosened a bit last month but the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) which measures credit access remains well below pre-pan...

Mortgage credit availability fell to just short of its 2012 benchmark level in February. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) dropped 3.0 percent from its January level to a reading of 100.1. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. “ Mortgage credit availability decreased to its lowest level since January 2013 with all loan types seeing declines in availability over the month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The conforming subindex decreased 4.3 percent to its lowest level in the survey, which goes back to 2011. This decline was driven by the ongoing trend of shrinking industry capacity as mortgage rates stayed significantly higher than a year ago. Additionally, in this volatile rate environment and potentially weakening economy, there was also a reduction in refinance programs offered for low credit score and high-LTV borrowers.”  The MCAI has four component indices. The Conventional MCAI decreased 4.4 percent, while the Government MCAI was down 1.6 percent. The two component indices of the Conventional MCAI fell sharply, the decline in the Conforming MCAI noted by Kan and a 4.4 percent drop in the Jumbo index. The MCAI and its components are calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.). These metrics and underwriting criteria for over 95 lenders/investors are combined by MBA using data made available via a proprietary product from ICE Mortgage Technology. The resulting calculations are summary measures which indicate the availability of mortgage credit at a point in time. All indices were benchmarked on March 31, 2012.