WASHINGTON—The Federal Housing Finance Agency (FHFA) has announced updates to the implementation schedule of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac.
Following input from various parties, the FHFA said it is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model, with the transition expected in the fourth quarter of 2025.
In addition, the agency also announced the GSEs will accelerate the publication of VantageScore 4.0 historical data, originally expected to be published in the first quarter of 2025, to early in Q3 of this year.
Effort Launched in 2022
In October of 2022, the FHFA had announced validation and approval of the FICO 10T and VantageScore 4.0 credit score models for use by the GSEs, as well as moving to the bi-merge approach that uses credit reports from two consumer reporting agencies, rather than three.
The FHFA said it is continuing to work towards providing “similar data to support the transition to the FICO 10T model, contingent upon achieving the necessary conditions for acquisition and publication of this data.”
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?