The Mortgage Bankers Association (MBA) has released "Keys to Expanding Credit Access: A Common Credit Box And Clearer Representations and Warranties."

This concept paper outlines steps to ensure lenders have the confidence to lend to the full range of qualified borrowers. 

It suggests that the Federal Housing Finance Agency set the parameters for acceptable underwriting criteria by both Government-Sponsored Enterprises and then allow them to offer credit terms within this outer boundary. It also makes clear that Fannie Mae and Freddie Mac should be required to synchronize their underwriting engines by year end for all mortgage terms and products offered.