Mortgage Credit Availability Increases in May

Mortgage Credit Availability Increases in May

WASHINGTON, D.C. – June 4, 2015 – (RealEstateRama) — Mortgage credit availability increased in according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.

The MCAI increased 0.5 percent to 122.6 in May. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. The index was benchmarked to 100 in March 2012. Of the four component indices, the Conventional MCAI and Conforming MCAI saw the greatest easing (both up 1.2 percent over the month) followed by the Government MCAI (up 0.1 percent). The Jumbo MCAI decreased over the month (down 0.1 percent).

“Credit availability eased somewhat in May, largely as a result of increased availability of cash out refinance loans and greater availability of FHA 203K home improvement loans,” said Mike Fratantoni, MBA’s Chief Economist.

CONTACT
Ali Ahmad

(202) 557- 2727

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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