Federal Housing Finance Agency Print
Home / Media / FHFA Announces Validation of Classic FICO for Use by Fannie Mae and Freddie Mac
News Release

FHFA Announces Validation of Classic FICO for Use by Fannie Mae and Freddie Mac

Additional Credit Score Models Are Under Review

FOR IMMEDIATE RELEASE
11/10/2020

​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the validation and approval of the Classic FICO credit score model for use by Fannie Mae and Freddie Mac (the Enterprises). The validation and approval of Classic FICO by the Enterprises allows them to continue supporting the mortgage market while assessing more modern credit score models that were submitted in response to the 2020 Joint Enterprise Credit Score Solicitation​. FHFA expects it will take the Enterprises an additional year to complete the validation and approval process of the remaining credit score models submitted in response to the solicitation. 

The validation and approval of the Classic FICO credit score model is an incremental step in meeting the requirements outlined in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which stipulated a November 20, 2020 deadline for the Enterprises to use a validated and approved credit score model.  

Link to Fannie Mae Credit Score Announcement​

Link to Freddie Mac Credit Score Announcement​

Attachments:

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.6 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.
Contacts:

Media: Raffi Williams Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov

© 2020 Federal Housing Finance Agency