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FHFA issues credit score model validation rule

The Federal Housing Finance Agency (FHFA) reported yesterday it has issued a final rule on the validation and approval of third-party credit score models that can be used by Fannie Mae and Freddie Mac (the Enterprises). The rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018. The rule will become effective 60 days after publication in the Federal Register, which took place on 8/16/2019 [84 FR 41886], with an effective date of 10/15/2019.

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