Mortgage financing giants Fannie Mae and Freddie Mac, which purchase most of the new loans for home purchases, is considering using VantageScore as an alternative to the long-established and dominant fico credit scores. fannie and Freddie’s loosening of their grip on the FICO scoring model could enable borrowers unable to qualify for a.
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The Federal Housing Finance Agency has proposed barring Fannie Mae and Freddie Mac from using credit scores developed by VantageScore over concern about conflicts of interest with the joint venture of Equifax, Experian and TransUnion.
Home Fannie Mae lowers mortgage risk with new credit scoring system. Lending Fannie Mae lowers mortgage risk with new credit scoring system. but excitement for the future of Freddie Mac..
Investments Lending Real Estate 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
According to the representatives who introduced the Credit Score Competition Act, this means that Fannie Mae and Freddie Mac could go beyond using the fico credit-scoring model and use other systems, which is a big deal for those who have a low FICO credit score but are otherwise good home-loan candidates.
In late 2014 Fannie Mae and Freddie Mac. have a minimum credit score of 620, provide thorough documentation of employment, income and assets, and purchase private mortgage insurance. TAKE A WIDER.
Here are the 5 things a first time home buyer with a bad credit score must know! 5 Things Homebuyers Should Know, but Don’t – The Motley Fool – 5 Things Homebuyers Should Know, but Don’t . home prices must fall by 10% in order for you to maintain the same monthly mortgage payment ," Ness says.
Now that the FHFA has ‘put a pin’ in the credit score initiative (until late 2020), the company behind FICO scores (Fair Isaac Company) will continue to enjoy a monopoly for the time being. While the FHFA focuses on compliance with Section 310 of the new law, the pressure will continue to mount from the nonbank community, and the debate.
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