GSEs Publish Joint Enterprise Credit Score Solicitation
The Federal Housing Finance Agency yesterday announced Fannie Mae and Freddie Mac published a Joint Credit Score Solicitation.
The Credit Score Solicitation describes the process for credit score model developers to submit applications to the goernment-sponsored enterprises. Fannie Mae and Freddie Mac said they will begin accepting applications on May 18. The application period will be open for 120 days, ending on September 15.
“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 GSEs under requirements established by FHFA’s final rule on the process for validation and approval of credit score models. The FHFA rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief and Consumer Protection Act enacted in 2018.