Mortgage Credit becoming more Available?

In its Mortgage Credit Availability Index, the Mortgage Bankers Association (MBA) reports the index edged up 0.7 percent to a score of 111.5 in October after declining in Aug. and Sept., suggesting mortgage credit may be loosening. Ellie Mae’s president and chief operating officer, Jonathan Corr, says, “ We have seen a significant rise in the percentage of loans with a credit score under 700.” Thirty-two percent of all loans closed in Sept. 2013 had credit scores under 700, compared to less than 17 percent a year ago, as housingwire informs MHProNews. Corr adds credit may be loosening, even if it is incrementally, “but we are going in the right direction.”

(Image credit: housingwire)

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