In October 2022 the Federal Housing Finance Authority (FHFA) announced approval for the use of the FICO 10T (released in 2020) and Vantage 4.0 (released in 2017) scoring models. Once rolled out these scoring models will replace the older scoring models currently used by the Government Sponsored Enterprises (GSEs) for mortgages. The FHFA believes the … Read more
Last week the Federal Housing Finance Agency (FHFA) announced approval of FICO 10T (released January 2020) and Vantage 4.0 (released fall 2017) scoring models. Once rolled out, these will replace the older scoring models used today and that have been used for the last 20 years. According to the FHFA these new models will make … Read more
At Advantage Credit, we’ve always taken an active role in trying to shape regulation and policy that help produce sound credit underwriting decisions that will benefit both lenders and consumers. To that end, the Federal Housing Financial Agency (FHFA) announced a Request For Input (RFI) seeking feedback from interested parties regarding how Fannie Mae and … Read more
24…that is the average number of points scores increased in 2013 as a result of a rescore. Think about it…how many more loans could have been closed with an extra 24 points? Rescores had an average success rate of 91% in 2013 with 60% of those rescores being accomplished simply by the borrower paying down … Read more