MBA said that the increase wasrnprimarily driven by a small uptick in the number of products offeringrna cash-out feature. There were also small increases in the number ofrnjumbo, investor, and higher LTV offerings. </p

The index uses data related to borrower eligibility (credit score,rnloan type, loan-to-value ratios, etc), underwriting criteria for overrn85 lenders and investors, and data from AllRegs Market Clarity®rnproduct to construct a summary measure indicating the availability ofrnmortgage credit at a point in time. The baseline level of 100 isrnbased on conditions in March 2012. By way of reference, MBA says ifrnthe index had been tracked in 2007 – as subprime and other lendingrnwas peaking – the index would have been roughly 800. MBA says thatrnMCAI is the only standardized quantitativernindex that is solely focused on mortgage credit.  

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