The Federal Housing Finance Agency (FHFA), along with Fannie Mae and Freddie Mac (the GSEs), issued official updates yesterday regarding the credit score models approved for mortgage loan delivery.
Effective soon, lenders will have the option to choose between two approved scoring models—Classic FICO or VantageScore 4.0—for each loan submitted to the GSEs. While FICO 10T remains in the long-term plans, it is not yet slated for implementation.
The GSEs have not announced a specific date for when they will begin accepting VantageScore 4.0, but based on our communication with them, we know this transition is a top priority and implementation is expected in the near future.
We encourage you to review the official announcements for more details:
🔗 FHFA Update
🔗 Freddie Mac Update
🔗 Fannie Mae Update
CIC Credit will continue to monitor all developments closely and keep you informed as new information becomes available. If you have any questions or would like to discuss how this may impact your credit reporting processes, please don’t hesitate to contact us.
