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Mortgage industry welcomes new credit score models, urges further reform
Mortgage groups welcomed HUD and FHFA plans for FICO 10T and VantageScore 4.0, but want timelines, pricing and guidance.
The majority of mortgage industry trade groups and professionals reacted in a supportive but pragmatic way following HUD Secretary Pulte said the newer models could better account for borrower behavior such as The Mortgage Bankers Association (The Community Home Lenders of America (The group has been “Fannie and Freddie are going to proceed with a pilot of up to 21 lenders. Director Pulte indicated the lenders ‘do not know’ they have been selected, and the Fannie and Freddie press releases have links for lenders to inquire if they are ‘interested.'”
“The two more material points from today were his confirmation that there would be a separate grid for Vantage released in the future and that the FICO 10T data will be released by [the] summer,” she added.
Source Reference
Originally published by Sarah Wolak
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