The FHFA announced
the validation and approval of the Classic FICO credit score model for use the
Enterprises. The validation and approval of Classic FICO by the Enterprises
allows them to continue supporting the mortgage market while assessing more
modern credit score models.
CUNA weighed in
on the FHFA’s 2018 request for comment regarding use of several credit score
models by the Enterprises. In our
letter, we stressed the importance that the FHFA work to find the right
balance between safety and soundness on the one hand, and credit availability
for American consumers on the other. Having a housing finance market that
provides liquidity throughout the country requires strong participation by a
wide range of lenders, including small lenders and lenders serving rural areas.
Qualified financial institutions and creditworthy eligible borrowers should
have fair and equitable access to the financial services offered by the
Enterprises.