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Credit Scores

On November 10, 2020, the Federal Housing Finance Agency (FHFA) announced​ that Fannie Mae and Freddie Mac (the Enterprises) Validated and Approved the Classic FICO credit score model for use in accordance with FHFA’s Final Rule​ and the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018.    

The Enterprises will continue the validation and approval process for newer credit score models under requirements established by FHFA's final rule. If a credit score model is validated and approved by the Enterprises, implementation of the newer credit score model will be a multiyear effort.

Link to Fannie Mae Announcement​

Link to Freddie Mac Announcement​

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Resources


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: November 10, 2020

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