So, you’re ready to buy your first home. You check your credit on your own, review your scores, and everything seems fine. While you don’t have much credit history, you have a few credit cards and a paid-off car loan. Confident, you tell your lender you’re set to go. But when the lender pulls your … Read more
On July 11, 2024, Fannie Mae and Freddie Mac released the latest update on the FHFA Credit Score Initiative Playbook. Included in this is an updated timeline which has not changed much from the timeline from the last update. At this point they are still targeting Q4 2025 for the full implementation of the new … Read more
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