The MBA’s Mortgage Credit Availability Index (MCAI) increased for the fourth consecutive month in December. The MCIA is a barometer on the availability of mortgage credit using certain guidelines from institutional mortgage purchasers. With a base of 100, the higher the index value the more available the credit. A lower value indicates a tightening of mortgage credit standards. The MCAI…
Interesting that someone who does not have what has come to be known as a ‘traditional’ credit score finds it difficult to get a mortgage. It wasn’t that long ago (some of us still remember) when there wasn’t such a thing as a traditional credit score. Loans were underwritten based on the applicant’s profile, including how they paid their debts.…
A new battle is about to be waged in condo fees credit reporting. Equifax announced it will be collecting information on condo fee payments using a data aggregator, Sperlonga. They believe this will be good because those who pay timely will get the benefit of their good payment habits. Some say, “Hold on, just a minute there cowboy!” (Condo Fees)…
Yo! Are you ready for the new improved credit reports providing you with trends in a consumer’s debt repayment history? You better be, because as of September 24th, Fannie requires that all loans submitted through DU must have this additional credit information. Whether you want the trending data or not, you’re going to get and pay for it in your…
Credit Data Just got Bigger Beginning September 24th, Fannie will require lenders to utilize the new improved credit data provided in reports by Equifax and TransUnion. These new reports will utilize trended credit data as opposed to the static FICO score. (Trends) Years ago, we were told that these repositories created a much better process to evaluate a consumer’s credit…
Fannie Mae’s Mortgage Credit Availability Index (MCAI) declined for the fourth straight month in June. The index, which measures the available credit offerings for home financing, fell 1.3%. Is this more bad news for the housing market? The drop is primarily due to decreased credit offerings for conventional high balance loans. This was mainly due to the discontinuance of 7-year,…
