The Smart Team of NOVA® Home Loans

New Jumbo Lending Programs Drive Credit Access Higher

Posted To: MND NewsWire

Access to jumbo mortgage loans rebounded from a loss in February to drive the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) higher in March. The MCAI increased by 3.2 percent, rising from a 177.8 reading to 183.4. The MCAI analyzes data from Ellie Mae’s AllRegs® business information tool to show relative credit risk/availability overall and for four loan types, conventional, conforming, government (VA/FHA) and jumbo. The composite index was benchmarked to 100 in March 2012. The Jumbo MCAI, which had fallen 4.4 percent the previous month due to consolidation of some jumbo loan programs, jumped 11.7 percent in March. The Conventional MCAI rose 4.5 percent and the government index gained 2.3 percent. Those increases were partially offset by a 2.6 percent…(read more)

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Source: Mortgage News Daily

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