FHFA Director Bill Pulte ordered the mortgage giants to start using VantageScore 4.0 in July. But adoption is a 'complex, technical and arcane' process that could drag into next year
Once Fannie Mae and Freddie Mac are ready to start accepting VantageScore 4.0, the algorithm will go head-to-head with the less inclusive FICO Classic score for conforming loans
Consumer group claims FHFA's plan to pit VantageScore 4.0 against older FICO Classic score on Fannie, Freddie loans will make 'anti-competitive natures of the credit scoring market even worse'
The plan to move to a bi-merge process allowing lenders to use 2, instead of 3, credit reports was announced last October by FHFA, Fannie Mae and Freddie Mac's federal regulator
Regulators order mortgage giants to eliminate upfront fees on many purchase loans in order to help first-time homebuyers of limited means, the Federal Housing Finance Agency said Monday