Capital markets services and technology provider MCT® announced the introduction of new MCTlive! Mortgage Lock Volume Indices to help all industry participants better understand key trends in the mortgage industry.
The indices are based on the actual dollar volume of locked loans, not numbers of applications, therefore providing a much more accurate picture of industry lock activity than other surveys or application data, the company said in a press release. The data is also broken out by transaction type: purchase, rate/term refinance and cash out refinance.
The data captured represents a “broad and balanced” cross-section of several hundred lenders of various sizes and business models in the mortgage industry across retail, correspondent, wholesale, and consumer direct channels, MCT said. With this view of the entire market, it aims to provide a more accurate picture of what is happening in mortgage originations than indices influenced by “mega lenders.”
MCT will publish the MCTlive! Mortgage Lock Volume Indices on a monthly basis.