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Rocket Mortgage, Rocket Pro adopt VantageScore 4.0
Rocket began using VantageScore 4.0 with Classic FICO, as FHFA pilots the model and lenders delivered $10 million in loans to Freddie Mac.
Rocket Mortgage and Rocket Pro announced Thursday that they have begun using VantageScore 4.0 incorporates additional consumer payment data, including rent, utility and telecommunications payment histories, to assess creditworthiness.
According to VantageScore, the model could make it possible to generate The company did not disclose how broadly the scoring model would be applied across its mortgage products or whether it would change underwriting standards for specific loan programs. Separately, UWM said its program includes a maximum 80% loan-to-value ratio, with borrowers’ VantageScore credit scores reduced by 20 points for eligibility and pricing purposes.
Rocket’s announcement comes a month after the Federal Housing Finance Agency (FHFA)
Source Reference
Originally published by Sarah Wolak
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