What is the MURI™ Index?

Developed by the National Association of Mortgage Underwriters (NAMU)®, the Mortgage Underwriting Risk Index (MURI™) is a rules-based, 0–100 measure designed to track changes in U.S. mortgage underwriting and housing-finance risk over time. Higher MURI™ readings indicate a greater level of modeled mortgage-market risk, while lower readings reflect more favorable conditions.

The index is calculated quarterly using publicly available mortgage and economic data. Each underlying component is converted into a rolling historical risk score so that different types of data can be compared on a consistent 0–100 scale. The current MURI™ methodology places particular emphasis on mortgage delinquency and mortgage-rate stress, with component weights automatically re-normalized when a public source is temporarily unavailable.

MURI™ readings are grouped into six risk classifications: Very Low (0–20), Low (21–35), Moderate (36–50), Elevated (51–65), High (66–80), and Severe (81–100). The historical chart allows mortgage professionals to compare current conditions with prior periods of mortgage and housing-market stress.

The MURI™ Index is intended as a market-level informational and benchmarking tool. It is not a borrower-level credit decision, a prediction that any individual mortgage will default, or a substitute for applicable agency, investor, lender, or regulatory underwriting requirements. Displayed base weights are re-normalized proportionally when a component data source is unavailable.

MURI™ Index Disclaimer: The information produced by the Mortgage Underwriting Risk Index (MURI)™ regarding the possibility of varying mortgage underwriting outcomes are not promises of future performance. Results may differ over time. There is no guarantee that using the MURI™ Index as an investment approach or other alternative use will be effective. The MURI™ Index is subject to change. Figures shown are for informational purposes only. The MURI™ Index is maintained by the National Association of Mortgage Underwriters (NAMU)® (the "Index Provider"), that distributes indices for use in benchmarking the mortgage underwriting sector. While the Index Provider issues descriptions of what the MURI™ Index is intended to accomplish, the Index Provider does not provide any guarantee or accept any liability related to quality or accuracy of the data with respect to the MURI™ Index and does not promise that the MURI™ Index will not diverge from their specified methodologies. The Index Provider does not provide any guarantee for Index Provider errors. This information should not be trusted as investment advice, research, or a recommendation by the Index Provider regarding the use or appropriateness of the MURI™ Index.