This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2020 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
FHFA, along with Fannie Mae and Freddie Mac (the Enterprises), is committed to regularly assessing and modernizing the credit score models used by mortgage lenders and other stakeholders in the housing finance system. This process is governed by the 2018 enactment of the Economic Growth, Regulatory Relief and Consumer Protection Act (Section 310) and the Validation and Approval of Credit Score Models Rule (12 CFR Part 1254), and is consistent with FHFA’s commitment to accuracy and inclusivity in credit scoring, as well as the safety and soundness of the Enterprises. FHFA and the Enterprises are currently implementing key updates to the Enterprises’ credit score model requirements. FHFA expects that implementation will be a multiyear effort.
On October 24, 2022, FHFA announced the validation and approval of two new credit score models, FICO 10T and VantageScore 4.0, for use by the Enterprises. Once implemented, lenders will be required to deliver both FICO 10T and VantageScore 4.0 credit scores, when available, with each loan sold to the Enterprises. FHFA also announced that the Enterprises will change the requirement that lenders provide credit reports from all three nationwide consumer reporting agencies (CRAs). Instead, the Enterprises will require lenders to provide credit reports from two of the three nationwide CRAs.
On March 23, 2023, FHFA provided an update on the Enterprises’ implementation plans and opportunities for stakeholder engagement. FHFA and the Enterprises are committed to working with stakeholders to ensure a smooth transition to the new credit scores and the new credit report requirements, in a manner that avoids unnecessary costs and complexity.
The proposed timeline includes a staged implementation to ease the transition complexity for stakeholders. The first stage includes the credit report update (change from tri-merge to bi-merge), and the second stage encompasses the credit score model implementation. FHFA and the Enterprises will conduct outreach to stakeholders to ensure a smooth transition to the newer credit score models and the bi-merge credit report requirement. The public engagement process will solicit input from stakeholders to inform and further refine the proposed implementation plans.
Fannie Mae Credit Score Transition Page
Freddie Mac Credit Score Transition Page
Updated Fact Sheet on Credit Score Models
Validation of FICO 10T and VantageScore 4.0
News Release: FHFA Announces Validation of FICO 10T and VantageScore 4.0 for Use by Fannie Mae and Freddie Mac (10/24/2022)
Fact Sheet: FHFA Announcement of Credit Score Models (10/24/2022)
Validation of Classic FICO
News Release: FHFA Announces Validation of Classic FICO by Fannie Mae and Freddie Mac (11/10/2020)
Joint Credit Score Solicitation
News Release: Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation(2/18/2020)
Fannie Mae Credit Score Solicitation(2/18/2020)
Freddie Mac Credit Score Solicitation (2/28/2020)
Final Rule Resources
News Release: FHFA Publishes Final Rule on Credit Score Models(8/13/2019)
Final Rule: Validation and Approval of Credit Score Models (8/13/2019)
Fact Sheet: Validation and Approval of Credit Score Models - Final Rule (8/13/2019)
Proposed Rule Resources
Webinar Recording: Validation and Approval of Credit Score Models Proposed Rule(1/9/2019)
Webinar Transcript: Validation and Approval of Credit Score Models Proposed Rule (1/9/2019)
Webinar Slide Presentation: Validation and Approval of Credit Score Models Proposed Rule (1/9/2019)
Proposed Rule: Validation and Approval of Credit Score Models by the Enterprises (12/13/2018)
News Release: FHFA Issues Proposed Rule on Validation and Approval of Credit Score Models (12/13/2018)
FHFA Fact Sheet: Validation and Approval of Credit Score Models by the Enterprises (12/13/2018)
Decision to Shift Focus to Implementation of the Act
News Release: FHFA Announces Decision to Stop Credit Score Initiative (7/23/2018)
Infographic: Mortgage Industry Use of Credit Scores (7/23/2018)
Request for Input
News Release: FHFA Extends Deadline to March 30 for Request for Input on Fannie Mae and Freddie Mac Credit Score Requirements (2/2/2018)
FHFA Insights Blog: FHFA Needs Your Feedback on Credit Score Requirements (1/18/2018)
News Release: FHFA Issues Request for Input on Fannie Mae and Freddie Mac Credit Score Requirement (12/20/2017)
View Request for Input (Input was due March 30, 2018)
View Input Submitted (Select Credit Score in the pull down)
Page last updated: March 23, 2023
