Volume-hungry mortgage lenders loosen credit standards

Source: Housing Wire — 

Mortgage credit availability increased by 2.2% in April as mortgage lenders fight for borrowers in an increasingly competitive market.

The Mortgage Bankers Association said Tuesday that the Mortgage Credit Availability Index (MCAI) — which uses 100 as a benchmark — increased to 128.1 last month. A decline in the MCAI suggests that lending standards are tightening while a higher number suggests loosening credit standards.