US mortgage credit score provide boosted by non-QM jumbo loans
Mortgage loan availability rose for the third straight month in September as lenders launched more non-QM jumbo loan products, according to the Mortgage Bankers Association.
MBA’s Mortgage Credit Availability Index (MCAI) rose 1.5% to 125.6 in September, suggesting lending standards are easing. Joel Kan, AVP of Economic and Industry Forecasting at MBA, noted that loan availability remained below pre-pandemic levels.
“Last month’s expansion was driven by a 4.5% increase in the conventional index while the government index fell slightly,” he said. “Even with increases seven out of nine months in 2021, total credit availability is still around 30% less than it was in February 2020 before the pandemic.”