In the fall of 2022, the Federal Housing Finance Authority (FHFA) unveiled the Enterprise Credit Score and Credit Reports Initiative. This dual-phase plan aims to shift from requiring three credit reports for borrowers to just two reports, termed a ‘bi-merge.’ Additionally, it intends to transition from current scoring models to FICO 10T and Vantage 4.0. … Read more
A lot of questions have been circulating through the industry around the proposed changes to Credit Score Models that were announced by the Federal Housing Finance Agency (FHFA) in October 2022. In March, Fannie Mae created a “Partner Playbook” that covers a lot of detail regarding the upcoming changes. The Playbook was just revised in … Read more
The Federal Housing Finance Agency (FHFA), the agency that oversees mortgage investors Fannie Mae and Freddie Mac, have ordered the companies to make plans to utilize alternate and/or updated scoring models in 2016 and to move forward in implementing them. This change would have a major impact on credit reports once they are implemented. Right … Read more