Fannie Mae January 9 Selling News: Is a Credit Score Model Change in Order?
In the latest Selling News post from Fannie Mae, the company is asking for feedback from anyone who has an input on the current state of the credit score model.
"We've been working with the Federal Housing Finance Agency (FHFA) and Freddie Mac since 2015 to evaluate whether to change the current industry standard credit score model," according to Fannie Mae.
"FHFA has published a Request for Input (RFI) to gather feedback from interested parties potentially impacted by a possible change in our credit score requirements. The Credit Score RFI discusses the credit score models under consideration by FHFA; industry use of credit scores; credit score competition; and operational, timing, and other considerations. It asks for input on credit score usage, operational impacts of the options under consideration, issues related to competition in the credit score market, and possible changes to the tri-merge credit report requirement." The company believes that any change to the credit score requirements "will have a significant impact on the industry and will impact all aspects of the loan lifecycle."
Anyone looking to respond will have until Feb. 20, 2018 to do so in the RFI. Additional information include in the January 9 Selling News update includes a rehash of policy updates, information on a January 25 webinar for the HomeReady platform and more.
To view the full selling news report, click on the image above.
