Fannie Mae, Freddie Mac Publish Joint Credit Score Solicitation
The Federal Housing Finance Agency yesterday published a Joint Credit Score Solicitation for Fannie Mae and Freddie Mac, the next step as the government-sponsored enterprises consider different credit score models..
The Solicitation describes the process for credit score model developers to submit applications to Fannie Mae and Freddie Mac. The government-sponsored enterprises will begin accepting applications on May 18; the application period will be open for 120 days, ending on September 15.
“The publication of the solicitation is the first step in the process of evaluating new credit score models,” said FHFA Director Mark Calabria. “FHFA will ensure that the Enterprises validate and approve credit score models in a timely and prudent manner, so that Americans continue to have a safe and sound path to sustainable homeownership.”
FHFA said validation and approval of credit score models is part of a multiyear effort by the Enterprises under requirements established by FHFA’s final rule on the process for validation and approval of credit score models. The final implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted in 2018.
