Tried and true has won
out over shiny and new, at least when it comes to GSE credit scoring. And at
least for the moment. The Federal Housing
Finance Agency (FHFA) announced on Tuesday that it has validated and reapproved
the Classic FICO credit score model
for use by Fannie Mae and Freddie Mac for
assessing the creditworthiness of mortgage borrowers. The Agency said this
would allow the GSEs “to continue supporting the mortgage market while
assessing more modern credit score models that were submitted in response to
the 2020 Joint Enterprise Credit Score Solicitation.”

 

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