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Credit eases on conventional and jumbo loans


Mortgage credit loosened in July, led by an easing of standards for conventional and jumbo loans, the Mortgage Bankers Association (MBA) reported on Thursday.

MBA’s Mortgage Credit Availability Index increased 2.9 percent to 125.5 in July.

The index, which is based on Ellie Mae data, was benchmarked at 100 in March 2012 when credit was considered tight. A rising index indicates that credit is loosening.

“Credit availability increased in July, mainly driven by higher-balance loan programs,” said MBA Chief Economist Mike Fratantoni in a report. “Many investors are fine tuning their cash-out refinance requirements to meet increasing borrower demand for home equity financing. Some investors increased the availability of low down payment loans.”

Conventional and jumbo loans saw the greatest loosening, with increases of 5.2 percent and 4.7 percent, respectively. The index measuring government loans was up 0.9 percent, and conforming loans were up 0.4 percent. 


 

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