MBA, Affiliated Groups Weigh in with FHFA About Release of Historical Credit Score Data

The Mortgage Bankers Association and four other groups sent a letter to the Federal Housing Finance Agency on Monday regarding its plans to release historical credit score data.

“On behalf of the American Bankers Association, Housing Policy Council, Independent Community Bankers of America, Mortgage Bankers Association, and U.S. Mortgage Insurers, we are writing in advance of the publication of the VantageScore 4.0 historical dataset that the Federal Housing Finance Agency announced plans to release early in the third quarter of 2024,” the letter to FHFA Director Sandra Thompson said. “Based on our understanding of what Fannie Mae and Freddie Mac (the GSEs) anticipate including in the release, our members have expressed concerns that the information will be insufficient to meet their data analytics needs.”

“We hope that by providing early, proactive, and constructive feedback to FHFA and the GSEs, there will be adequate time to augment the data made available in the planned 3Q 2024 data release as well as in any subsequent data release. Providing these additional critical data elements with the initial data release will allow our members to begin their analysis upon publication. It is important for the industry to be in a position to take this first step towards meeting FHFA’s goal for a Q4 2025 implementation date for the VantageScore change (with FICO 10T concurrent or subsequent implementation presumed to be dependent on the timing of that dataset’s publication).”

Click here to read the complete letter.