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.
Questions about MBA Research? Contact the MBA Research team.
Questions about ICE Mortgage Technology? Visit their website.
Related Press Releases
Mortgage Delinquencies Increase Slightly in the First Quarter of 2024
- Compared to last quarter, the seasonally adjusted mortgage delinquency rate increased for all loans outstanding. By stage, the 30-day delinquency rate increased 15 basis points to 2.25 percent, the 60-day delinquency rate decreased 6 basis points to 0.67 percent, and the 90-day delinquency bucket decreased 3 basis points to 1.02 percent.
- By loan type, the total delinquency rate for conventional loans increased 1 basis point to 2.62 percent over the previous quarter. The FHA delinquency rate decreased 42 basis points to 10.39 percent, and the VA delinquency rate increased by 59 basis points to 4.66 percent.
- On a year-over-year basis, total mortgage delinquencies increased for all loans outstanding. The delinquency rate increased by 18 basis points for conventional loans, increased 112 basis points for FHA loans, and increased 68 basis points for VA loans from the previous year.
- The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the first quarter was 0.46 percent, down one basis point from the fourth quarter of 2023 and 11 basis points from one year ago.
- The non-seasonally adjusted seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 1.44 percent. It decreased by 8 basis points from last quarter and decreased by 29 basis points from last year. The seriously delinquent rate decreased 6 basis points for conventional loans, decreased 24 basis points for FHA loans, and remained unchanged for VA loans from the previous quarter. Compared to a year ago, the seriously delinquent rate decreased by 21 basis points for conventional loans, decreased 83 basis points for FHA loans, and decreased 25 basis points for VA loans.
- The states with the largest year-over-year increases in their overall delinquency rate were: Louisiana (96 basis points), South Dakota (96 basis points), New Mexico (71 basis points), Texas (66 basis points), Georgia (56 basis points), and North Dakota (56 basis points).