Mortgage credit availability decreased in December, according to the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association. The MCAI decreased 2.4 percent to 124.3 in December.
A decline in the MCAI indicates that lending standards are tightening, while loosening credit. The index was benchmarked to 100 in March 2012. Of the four component indices, the Conventional MCAI saw the greatest tightening (down 4.8 percent) over the month followed by the Jumbo MCAI (down 4.2 percent), and the Government MCAI (down 0.6 percent). The Conforming MCAI increased 0.1 percent over the month.
These confusing numbers are all the reason a person needs to contact your favorite lender here in Visalia, Tulare or Porterville. Your local lender can go into a detailed explanation. The best thing anyone can do is set up a payment schedule to pay off your plastic debt and increase your FICO score to achieve a better credit rating. This will make borrowing money to finance a house very simple.
There is good news in the world of refinance recently. Fannie Mae announced that it has helped more than two million American households save money, reduce their interest rates, move into more stable loans or shorten their loan terms by refinancing their mortgages under the Home Affordable Refinance Program (HARP).
By refinancing through HARP, those households have been able to save an average of nearly $200 a month since the program’s inception in 2009.
Last year, the HARP program was extended through the end of 2016, giving homeowners who have not refinanced additional time to take advantage of lower mortgage rates. Fannie Mae estimates that tens of thousands of households across the U.S. could still be eligible to refinance under HARP.
Another piece of good news in the housing sector, foreclosure inventory declined 21.8 percent and completed foreclosures declined 18.8 percent in November compared with the previous year, according to Corelogic’s November 2015 National Foreclosure Report. The number of completed foreclosures in November was down 71.6 percent from the peak of 117,657 in September 2010.
The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure.
The November 2015 foreclosure inventory rate is the lowest for any month since November 2007. California ranked fourth with 24,000 in a list of states with the highest number of completed foreclosures for the 12 months ending in 2015. Only Florida (83,000), Michigan(51,000) and Texas (28,000) finished higher.
Jeremy Engle

Country Club Mortgage 
559.734.5000 Central Valley Phone
805.544.2775 Central Coast Phone 
400 E. Main St. Suite 120 Visalia, CA 93291 
6795 N. Palm, Suite 101 Fresno CA 93711 
4211 Spring Tree Ln. Bakersfield CA 93314 
1204 Nipomo St. San Luis Obispo CA 93401 
888.330.2272 fax 
NMLS # 293517 | DRE # 01474957 
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