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Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

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FHFA to replace FICO credit score model

The Federal Housing Finance Agency has announced plans for stakeholder input on proposed milestones as Fannie Mae and Freddie Mac (the Enterprises) work to replace the Classic FICO credit score model with the FICO 10T and the VantageScore 4.0 credit score models, and transition from requiring three credit reports (or “tri-merge”) to requiring two credit reports (or “bi-merge”) for single-family loan acquisitions. The Enterprises will solicit public input on the projected implementation process to inform further refinement of the proposed plans. FHFA and the Enterprises will work with stakeholders to ensure a smooth transition to the new credit scores and the new credit report requirements that minimizes complexity and avoids unnecessary costs.

While FHFA currently estimates that the bi-merge credit report implementation could occur by the first quarter of 2024, implementation of the new credit score models is expected to occur over two phases in 2024 and 2025. Phase 1, estimated to begin in the third quarter of 2024, will include delivery and disclosure of the additional credit scores. Phase 2, estimated to occur in the fourth quarter of 2025, will include incorporation of the new credit score models into pricing, capital, and other processes.

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