The Mortgage Bankers Association is working in conjunction with AllRegs to produce the Mortgage Credit Availability Index.

The report will help the markget gauge the overall availability of mortgage credit each month.

The MCAI index will reach its conclusions after factoring in borrower eligibility, credit scores, loan types, loan-to-value ratios and more, the MBA said.

This information will be used in addition to underwriting criteria for over 85 lenders/investors and will be made available through AllRegs' Market Clarity product.

"For lenders, the MCAI will provide an industry wide summary statistic regarding the trend in mortgage credit availability. For policymakers, the MCAI can be a helpful gauge regarding the impact of policy changes on the availability of mortgage credit," said Mike Fratantoni, MBA’s vice president of research and economics.

He added, "Finally, economists and other researchers may find the MCAI will provide a benefit in terms of its ability to capture credit trends, a vitally important component of the macroeconomic environment."

Meanwhile, mortgage credit availability has stayed relatively lower throughout 2012 and is measuring in at levels close to those seen in 2011, the MBA said.