Credit scores were built for loans, not leases. Findigs says it's building something better
The economic shocks are compounding. The housing market is paying the price
FHFA Director Bill Pulte's social media post dented Equifax, Experian and TransUnion shares as the Mortgage Bankers Association renewed calls to do away with tri-merge reporting
Fair Isaac's Mortgage Direct License Program is aimed at eliminating mark-ups charged by credit reporting agencies Equifax, Experian and TransUnion — backers of competing VantageScore
Lenders to get historical FICO Score 10T data within weeks, setting the stage for the eventual retirement of FICO Classic score and competition with VantageScore 4.0
FHFA Director Bill Pulte says his agency is reviewing a deal with Fair Isaac to allow lenders to use the more inclusive FICO Score 10 T when selling loans to Fannie Mae and Freddie Mac
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
Lending industry groups and FHFA director Bill Pulte welcomed Fair Isaac's new direct license pricing as a useful first step, but said more reforms and competition are needed
As new scoring models by Fair Isaac and VantageScore vie for acceptance by Fannie Mae and Freddie Mac, claims and counterclaims fly. For now, mortgage giants are stuck with FICO Classic
Once selling guides are updated, lenders will have the option of using either VantageScore 4.0 or the Classic FICO scoring model, but FICO Score 10 T remains in limbo, FHFA says
FHFA Director Bill Pulte is reportedly 'on thin ice' with several Trump administration officials over lack of communication on new Fannie Mae and Freddie Mac credit score policy
Mortgage giants allegedly weren't informed in advance that they'd be required to accept VantageScore 4.0, and lenders have lots of questions about how the new process will work
While questions remain about details of the new policy, FHFA Director Bill Pulte says mortgage lenders must still use 'tri-merge' process to obtain scores from all 3 major credit bureaus
Plan to require lenders working with Fannie and Freddie to use FICO Score 10 T and VantageScore 4.0 models by Q4 2025 has been dropped, with new implementation date 'TBD'