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Mortgage Credit Availability Increases in July

Mortgage credit availability opened up some more in July, according to the ""Mortgage Bankers Association's"":http://mbaa.org/ (MBA) Mortgage Credit Availability Index (MCAI).

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The index, which uses data from the AllRegs Market Clarity product, increased in July for the fifth consecutive month, rising 2.2 percent to a value of 112.3.

According to the association, July's increase was ""primarily driven by increases in product offerings that allow cash-out refinancing, and some increase in offerings for borrowers with higher LTVs [loan-to-value ratios], or lower credit scores.""

The index was benchmarked at 100 in March 2012; if it had been tracked during the height of the bubble, it would have registered roughly 800.

The report was issued the same day as the Federal Reserve's ""Senior Loan Officer Opinion Survey"":https://themreport.com/articles/non-traditional-sub-prime-loan-demand-up-2013-08-05, which indicated lenders have been more willing to loosen their standards over the past few months.

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