FHFA updates public engagement process for updated credit score requirements

The Federal Housing Finance Agency (FHFA) announced additional opportunities for ongoing public engagement to facilitate the transition to updated credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac (the Enterprises).

This engagement will include stakeholder forums and listening sessions and is designed to identify issues, opportunities, and challenges related to successful implementation of the new requirements, including potential refinements to the timeline for adoption, according to FHFA.

CUNA and other trade organizations requested FHFA offer additional engagement opportunities in the credit score implementation process.

FHFA announced the validation and approval of both the FICO 10T and VantageScore 4.0 credit score models for use by the Enterprises in October 2022.

 

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