Mortgage Credit Availability Index
Complimentary for MBA Members! The Mortgage Credit Availability Index (MCAI) is a barometer on the availability or supply of mortgage credit at a point in time, using criteria from institutional investors who purchase loans through the broker and/or correspondent channels. The MCAI is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.) using data made available by ICE Mortgage Technology. These metrics and the underwriting criteria for numerous lenders/investors are analyzed and, through a proprietary formula, MBA calculates the MCAI which include indices for Total, Conventional, Government, Conforming and Jumbo segments. The base period and values for the total index is March 31, 2012=100; Conventional March 31, 2012=73.5; Government March 31, 2012=183.5.
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Related Press Releases
Mortgage Credit Availability Decreased in February
![](/https/www.mba.org/images/default-source/research/mcai---feb.-index-level.png?sfvrsn=c38912c_1)
Source: Mortgage Bankers Association; Powered by ICE Mortgage Technology
CONVENTIONAL, GOVERNMENT, CONFORMING, AND JUMBO MCAI COMPONENT INDICES
The MCAI fell by 3.0 percent to 100.1 in February. The Conventional MCAI decreased 4.4 percent, while the Government MCAI decreased by 1.6 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI decreased by 4.4 percent, and the Conforming MCAI fell by 4.3 percent.
![](/https/www.mba.org/images/default-source/research/cgcj-graphs---feb.png?sfvrsn=65007128_1)
Source: Mortgage Bankers Association; Powered by ICE Mortgage Technology
The Conventional, Government, Conforming, and Jumbo MCAIs are constructed using the same methodology as the Total MCAI and are designed to show relative credit risk/availability for their respective index. The primary difference between the total MCAI and the Component Indices are the population of loan programs which they examine. The Government MCAI examines FHA/VA/USDA loan programs, while the Conventional MCAI examines non-government loan programs. The Jumbo and Conforming MCAIs are a subset of the conventional MCAI and do not include FHA, VA, or USDA loan offerings. The Jumbo MCAI examines conventional programs outside conforming loan limits, while the Conforming MCAI examines conventional loan programs that fall under conforming loan limits.
![](/https/www.mba.org/images/default-source/research/mcai---historical---feb.png?sfvrsn=146068c9_1)
Source: Mortgage Bankers Association; Powered by ICE Mortgage Technology
Data prior to 3/31/2011 was generated using less frequent and less complete data measured at 6-month intervals interpolated in the months between for charting purposes.
ABOUT THE MORTGAGE CREDIT AVAILABILITY INDEX
The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit.
The MCAI is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.). These metrics and underwriting criteria for over 95 lenders/investors are combined by MBA using data made available via ICE Mortgage Technology and a proprietary formula derived by MBA to calculate the MCAI, a summary measure which indicates the availability of mortgage credit at a point in time. Base period and values for total index is March 31, 2012=100; Conventional March 31, 2012=73.5; Government March 31, 2012=183.5.
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For more information on the Mortgage Credit Availability Index, including Methodology, Frequently Asked Questions and other helpful resources, please contact [email protected].Leave a comment
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