Credit Scores

On August 13, 2019, the Federal Housing Finance Agency (FHFA) published a final rule on the validation and approval of third-party credit score model(s) that can be used by Fannie Mae and Freddie Mac (the Enterprises).  The rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018.  

The regulation requires a four-phase process for validation and approval of credit score model(s): 

1. Solicitation of applications from credit score model developers;
2. Submission and initial review of submitted applications;
3. Credit score assessment; and,
4. Enterprise business assessment.

Link to Final Rule

Link to Fact Sheet​

Resources

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)​​