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| Credit Index Inches Up
Mortgage Credit Availability Index 110.9 in December
Jan. 7, 2014
By Mortgage Daily staff
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Credit availability for prospective mortgage borrowers expanded slightly last month as lenders appear to have already updated their guidelines to keep pace with upcoming rules from the Consumer Financial Protection Bureau.
A report out Tuesday indicates that the Mortgage Credit Availability Index came in at 110.9 for the month of December.
The index is determined monthly based on several factors tied to borrower eligibility such as credit score, loan type and loan-to-value.
The Mortgage Bankers Association reports the index each month.
Access to credit was little changed compared to November, when the Mortgage Credit Availability Index was 110.2.
The small month-over-month increase indicates a slight loosening of credit standards.
"Investors continue to fine-tune credit score and LTV eligibility matrices," MBA said. "Many investors appear to have already made changes in prior months with respect to the new CFPB mortgage regulations."
While the index sits near its highest level since 2011, it is dwarfed by the roughly 800 level it would have been at in 2007. |
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