Items Tagged with 'FICO scores and mortgages'

ARTICLES

  • Watt: Shift away from FICO is among “most complicated” decisions for FHFA

    FHFA considering alternative credit scoring but it’s going to take time
    Just as he did back in August in a speech before the National Association of Real Estate Brokers’ 70th annual convention in New Orleans, Federal Housing Finance Agency Director Mel Watt told the crowd at the Mortgage Bankers Association Annual meeting in Denver not to hold their breath waiting for Fannie Mae and Freddie Mac to begin using alternative credit scoring models.
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  • Huge housing trade groups push FHFA for FICO alternatives

    Calls grow for Fannie and Freddie to use alternative credit scoring models
    A coalition of the housing industry’s largest trade groups want Fannie Mae and Freddie Mac to look beyond FICO and begin using alternative credit scoring models. In a letter sent last week to Federal Housing Finance Agency Director Mel Watt, the groups express their disappointment in Watt, who recently threw cold water on the idea that Fannie and Freddie would begin using alternative credit scoring models at any point in the next two years.
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  • Senate to consider bill to end “FICO monopoly” at Fannie Mae and Freddie Mac

    Bipartisan push continues to allow GSEs to use alternative credit scoring models
    Earlier this year, a bipartisan group reintroduced a bill in the House of Representatives that would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use. Now, a companion bill is being introduced in the Senate as well, with the backing of Senators from both parties.
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  • National Association of Realtors declares support for alternative credit scoring

    Says alternative models could make expand credit box
    The National Association of Realtors sent a letter to two members of Congress this week, declaring the organization's support of alternative credit-scoring models that could be used to open the credit box to previously underserved borrowers. Here's why NAR thinks alternative credit scoring is so important.
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  • New House bill would end 'FICO monopoly' at Fannie Mae, Freddie Mac

    Bipartisan bill pushes Fannie, Freddie to look at alternative credit scores
    A bill introduced Thursday in the House of Representatives would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use when determining what loans to purchase.
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