Posted To: MND NewsWire

Access to mortgage credit remained unchanged in February after making modest gains over the previous four months. The Mortgage Bankers Association said its Mortgage Credit Access Index, was remained at the January level of 124.6. A lower score indicates a tightening of mortgage credit standards. The index was benchmarked to 100 in March 2012. The MCAI had dropped from 181.3 in February 2020 down to 118.6 by September as the financial impacts of the pandemic became apparent and mortgage delinquencies rose. The index became to increase in October although the recovery has been both slow and uneven. The Conventional MCAI decreased 0.3 percent, and the Government MCAI rose by 0.3 percent in February. Of the component indices of the Conventional MCAI, the Jumbo MCAI was up 0.2 percent, and the Conforming…(read more)

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Source: Mortgage News Daily