Kan also noted the rapid growth of non-QM market share over the past couple of months. “Jumbo credit availability increased 9% to its highest level since March 2020, as more non-QM jumbo and agency-eligible high-balance loan programs were offered,” he said.
Read more: Blazing the trail for non-QM lending
The jumbo MCAI jumped 9.4% in August, along with the conforming index, which grew by 5.1% – both are indices of the Conventional MCAI, which increased 7.6%. Meanwhile, the government MCAI edged up by only 1.1% over the month.
“In the conforming space, more lenders offered GSE refinance programs catered to lower-income borrowers to help reduce their rates and payments,” Kan said. “There was also a slight expansion in government credit, as more investors offered streamlined refinance options for FHA and VA loans.”