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Validation and Approval of Credit Score Models

Open Date:
Open for comment 12/13/2018
Deadline:
All comments are due by 3/21/2019
Type:
Notice of Proposed Rulemaking
Number:
RIN-2590-AA98
Group:
 
Fannie Mae; Freddie Mac
Document Number:
2018-27565
CFR:
12 CFR Part 1254
CFR Description:
Validation and Approval of Credit Score Models
Federal Register Publish Date:
View Document:
 
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 mailing address is: Federal Housing Finance Agency, 400 Seventh Street, SW., Washington, DC 20219. The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.

Related Documents:
/PolicyProgramsResearch/Policy/Documents/192019_Webinar-FHFA-validation-transcript.pdf|173.73 KB;

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SUMMARY:  The Federal Housing Finance Agency (FHFA) is proposing a rule on the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises). The proposed rule would define a four-step process for an Enterprise to validate and approve credit score models, including: (1) the solicitation of applications from credit score model developers, (2) an initial review of submitted applications, (3) a Credit Score Assessment by an Enterprise, and (4) an Enterprise Business Assessment. FHFA requests public comment on all aspects of this proposed rule.

DATES:  FHFA will accept written comments on the proposed rule on or before March 21, 2019.

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