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Validation and Approval of Credit Score Models Final Rule

Open Date:
Open for comment
Deadline:
All comments are due by
Type:
Final Rule
Number:
RIN-2590-AA98
Group:
Fannie Mae; Freddie Mac; Mortgage; Homeowners-Homebuyers; Regulation
Fannie Mae; Freddie Mac
Document Number:
2019-17633
CFR:
12 CFR Part 1254
CFR Description:
Validation and Approval of Credit Score Models
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/8-7-19 Validation Approval Credit Score Models Final Rule_to Fed Reg for Web.pdf|291.63 KB;
Contact Information:

FOR FURTHER INFORMATION CONTACT:  Beth Spring, Senior Policy Analyst, Housing & Regulatory Policy, Division of Housing Mission and Goals, at (202) 649-3327, Elizabeth.Spring@fhfa.gov, or Kevin Sheehan, Associate General Counsel, (202) 649-3086, Kevin.Sheehan@fhfa.gov.  These are not toll-free numbers.  The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.

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SUMMARY:  The Federal Housing Finance Agency (FHFA) is issuing a final rule on the process for validation and approval of credit score models by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation  (together, the Enterprises).  The final rule defines a four-phase process for an Enterprise to validate and approve credit score models.  The process begins with the Credit Score Solicitation (a solicitation by the Enterprises of applications from credit score model developers), followed by the Submission and Initial Review of Applications (an initial review by the Enterprise of submitted applications).  The third phase is a Credit Score Assessment by the Enterprise, and the fourth phase is an Enterprise Business Assessment.  The final rule establishes criteria for each of the four phases and includes required timing and notices for Enterprise decisions under the process.

DATES:  This rule is effective October 15, 2019.

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