Credit standards tighten slightly in October

by Francis Monfort09 Nov 2017
Credit standards tightened slightly in October from September, according to a report from the Mortgage Bankers Association (MBA).

The Mortgage Credit Availability Index (MCAI) dipped slightly by 0.2% to 181 during the month. The index analyzes data from Ellie Mae’s AllRegs Market Clarity tool. An increase in the index would indicate loosening lending standards.

“Credit availability decreased only slightly in October and has been relatively flat for the year to date,” said Lynn Fisher, MBA’s vice president of research and economics. “While government and conforming credit programs saw slight increases in availability in October, a moderate decrease in the number of investor jumbo offerings resulted in a decrease in the total index.”

The jumbo MCAI recorded the biggest decline in availability among the four component indices with a 2% decline over the month. The conventional MCAI followed with 1% decrease. The government MCAI and conforming MCAI both increased during the month at 0.3% and 0.2%, respectively.


Related stories:
Mortgage credit availability trending lower
Credit standards continue to loosen in September
 

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