Where Things Stand for FICO Score 10T in the Conforming Mortgage Market (sponsored)
Julie May is Vice President and General Manager of B2B Scores, FICO
Following the Federal Housing Finance Agency’s (FHFA) announcement earlier this year that it is working to expedite the adoption of one or more new credit score models in the conforming mortgage market, many market participants have inquired when FICO® Score 10T – the newest and most predictive credit score on the market – will be available for use by Fannie Mae and Freddie Mac (the GSEs).
We are excited to let the industry know that FICO, in collaboration with FHFA, and the GSEs, recently achieved a key milestone on the path to support the mortgage industry’s implementation of FICO® Score 10T by reaching agreement on the terms and conditions for the release of historical FICO Score 10T score data associated with the GSEs’ Single Family Loan-Level datasets. This agreement represents a key step in making FICO Score 10T historical datasets broadly accessible to market participants.
Historical datasets have long served as a foundation for the mortgage industry, supporting the validation of credit score performance, risk modeling, and compliance with regulatory requirements. With the release of FICO® Score 10T historical data, lenders, investors, third party risk modelers, and other stakeholders will soon be able to conduct their own analyses and comparisons of FICO Score 10T. This is in support of a smooth transition to this advanced credit score model, which has been approved for use by the GSEs.
We will continue to work closely with FHFA and the GSEs through this transition. Below we lay out what this will mean for lenders and other market participants, and where we go from here on the journey toward implementing FICO® Score 10T.
The Path Forward
Now that the terms and conditions for historical FICO® Score 10T data have been agreed, the process of making this data available to the market has begun. In the coming weeks, the three credit bureaus will deliver FICO Score 10T data to the GSEs. We expect that the GSEs will conduct their own validation of the data and make FICO Score 10T historical datasets, which will be updated to also include more recent data through 2025, accessible to market participants.
Lenders, investors, third party risk modelers, and other stakeholders will be able to access these historical files through each GSE’s website, where users will be prompted to accept updated terms and conditions prior to data retrieval.
Growing Momentum for FICO Score® 10T Adoption
The release of these historical datasets builds on the momentum generated by the FICO® Score 10T Early Adopter Program, which launched in 2023. The program has enabled mortgage lenders to begin integrating FICO Score 10T into their underwriting and risk management processes in advance of broader industry adoption. Early Adopter Program participants have been able to receive the score alongside Classic FICO at no additional fee, enabling them to conduct thorough, side-by-side evaluations of the new model’s performance and benefits before making a final transition.
Interest in the Early Adopter Program has grown steadily, with more than three dozen lenders now participating. Collectively, these institutions represent 7 of the top 10 mortgage lenders who cover hundreds of billions of dollars in loan originations and well over a trillion dollars in servicing portfolios. Through their involvement, these lenders have been able to validate the performance of FICO® Score 10T in real-world mortgage origination, loan production, execution, and servicing environments. The continued growth of the program demonstrates the immense potential of FICO Score 10T to advance the mortgage industry’s commitment to responsible innovation and helping more borrowers achieve homeownership.
In addition to the Early Adopter Program, FICO continues to offer the FICO® Archive Score Program to further support the adoption of FICO® Score 10T. Through this program, mortgage lenders have access to up to two million royalty-free archive FICO Scores, which are calculated on depersonalized historical data from consumer credit files. These archive FICO Scores can be used by lenders to perform retroactive validations on their existing consumer account portfolios and applicant populations. Lenders interested in obtaining archive FICO Scores can do so through resellers and the credit bureaus.
FICO will continue to support mortgage industry participants at every stage of the transition to FICO® Score 10T. Our Mortgage and Capital Markets team stand ready to provide guidance and technical support, helping clients identify opportunities to reduce default exposure, enhance risk management, and maximize the benefits of advanced credit analytics. By working closely with lenders and other stakeholders, we can collectively ensure the transition is both efficient and effective, with a focus on long-term industry stability and consumer benefit.
The Most Predictive Score
The industry-wide implementation of FICO® Score 10T will deliver significant benefits across the mortgage ecosystem by unlocking access to a tool that delivers a more predictive and inclusive approach to credit risk assessment. Built on FICO’s decades of experience and trusted leadership, FICO Score 10T incorporates advanced modeling techniques and utilizes comprehensive consumer data, including trended credit information and rental payment history, to give lenders a deeper, more nuanced understanding of borrower behavior over time.
By evaluating applicants based on their complete credit profiles, the model supports more accurate and inclusive lending decisions, helping to expand access to credit for traditionally underserved groups such as first-time homebuyers, young adults, and renters. With its focus on inclusiveness and improved predictive power, FICO® Score 10T enables lenders, investors, and mortgage insurers to strengthen risk management practices and foster responsible growth, positioning the industry to better serve a diverse and evolving borrower population.
For more details on the benefits of FICO Score® 10T across the entire mortgage market, refer to our recent article: Latest FICO Score is a Game Changer for Mortgage Lending.
FICO’s Commitment to the Future
As the mortgage industry prepares for the implementation of new credit scoring models at the GSEs, the forthcoming release of historical data for FICO® Score 10T will enable market participants to conduct their own analyses and develop data-driven strategies for adoption and integration. This enhanced transparency and access to information is intended to support sound decision making and foster continued innovation across the mortgage ecosystem.
The agreement to release historical data for FICO® Score 10T represents more than just a technical milestone. It underscores a broader commitment to partnership, transparency, and leadership in credit scoring and the mortgage industry. Through ongoing collaboration with the FHFA, GSEs, and the wider mortgage community, FICO is helping to ensure that the transition to advanced credit scoring is grounded in rigorous analysis, open evaluation, and broad industry engagement.
We look forward to supporting all market participants as they access and analyze the new datasets, participate in the Early Adopter Program, and leverage the company’s expertise and resources to realize the full potential of FICO® Score 10T for lenders, borrowers and the entire mortgage industry.
For more information on accessing FICO® Score 10T historical data, the Early Adopter Program, or the FICOArchive Score Program, interested parties are encouraged to contact FICO’s Mortgage and Capital Markets team directly at https://www.fico.com/en/ficoscore10.
(Sponsored content includes material submitted independently of the Mortgage Bankers Association and MBA NewsLink and does not connote an MBA endorsement of a specific company, product or service. For more information about sponsored content opportunities, contact Bill Farmakis at bill@jlfarmakis.com or 203/834-8832.)
