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Fannie/Freddie Adopt Not-so-New Credit Score Model

Thursday, November 12, 2020

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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