These tight standards can take many forms, including stricter underwriting, higher fees and interest rates, more stringent documentation requirements, larger required down payments, stricter appraisal standards, and fewer available mortgage products.
This tightening in mortgage credit can be seen in the increase in the credit scores associated with newly originated prime and Federal Housing Administration (FHA) mortgage originations (charts 28 and 29), which suggests that borrowers who likely had access to mortgage credit a few years ago are now essentially excluded from the mortgage market.