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2 years ago
Mon Nov 07, 2022 12:23 am
Cassie
DeveloperLoves long talks on the beach
Cassie has been gardening for over 2 years.
"FHFA [Federal Housing Finance Agency] expects that implementation of FICO 10T and VantageScore 4.0 will be a multiyear effort. Once implemented, lenders will be required to deliver both FICO 10T and VantageScore 4.0 credit scores with each loan sold to the Enterprises."
"...the Enterprises [Fannie Mae and Freddie Mac] will require lenders to provide credit reports from two of the three nationwide CRAs. The Enterprises will work with stakeholders on a plan for implementing the change from a tri-merge credit report requirement to a bi-merge credit report requirement."
FHFA Announces Validation of FICO 10T and VantageScore 4.0 for Use by Fannie Mae and Freddie Mac
This is also a good thing: "The new models improve accuracy by capturing new payment histories for borrowers when available, such as rent, utilities, and telecom payments."
That's so much better for proving 'ability to pay'. Payments are made on those 'tradelines' every single month, whereas credit card tradelines will show a zero balance if they were used and paid off before statement closing.
[Posted with a nod to @Saeren , who first mentioned this news in another thread.]
Click images to enlarge them.
TCL: $64,000 ACL: $16,000
- Tagline Loves long talks on the beach
- Score data EQ8:790 TU8:790 EX8:795
- Classic 8 Scorecard CLEAN/THICK/MATURE/NO-NEW-REVOLVER
- Mortgage Scorecard CLEAN/THICK/MATURE/NO-NEW-ACCOUNT
- AoOA 6y9m
- AoORA 5y9m
- Date of Last Inquiry and/or New Account Opening February 14th, 2020