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As the regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises) and regulator of the Federal Home Loan Banks, FHFA staff regularly evaluate complex issues and answer hard questions. The questions about whether to require the Enterprises to update their credit score requirements, and to which model or models, are among the most difficult we have faced.
The Enterprises currently use Classic FICO for product eligibility, loan pricing, and financial disclosure purposes. Both Enterprises also have automated underwriting systems (AUS), that allow them to evaluate mortgage applications even when a borrower does not have a credit score. While FHFA believes that it would be desirable to update the Enterprises' credit score requirement from the current Classic FICO standard, FHFA has not determined which credit score option should be adopted as a replacement. The credit scores being evaluated by FHFA and the Enterprises are Classic FICO, FICO 9 and VantageScore 3.0.
FHFA recently issued a
Request for Input (RFI) to obtain public feedback about the operational and competitive considerations of changing the current credit score requirement. We are requesting feedback on the following options which are under consideration.
The RFI contains further details on each of these options and other information about the larger context in which the options should be considered.
The RFI is open until March 30, 2018, and we encourage all interested parties to
respond, in as much detail as possible, to the specific questions. FHFA will review all responses to the RFI, and FHFA plans to make a decision about the Enterprises' future credit score model requirements in 2018.
The credit score decision will impact the industry -- including borrowers, lenders, servicers, mortgage insurers, and investors -- for years to come. Your input will help inform FHFA's analysis on this important decision.
Robert M. Dunsky, Ph.D.
Principal Financial Engineer, Office of Policy Analysis & Research
Elizabeth R. Spring
Senior Policy Analyst, Office of Housing & Regulatory Policy
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