FHFA Bi-merge Credit Transition Challenges Are ‘Immense,’ Housing Orgs Say

Housing Wire, June 22, 2023-Chris Clow (subscription)
The Federal Housing Finance Agency (FHFA) announced late last year that it is replacing the Classic FICO credit model used by Fannie Mae and Freddie Mac with the FICO 10T and the VantageScore 4.0 credit score models and outlined the timeline for implementation. But a coalition of 17 associations, led by the Housing Policy Council (HPC), is now asking for more time with the transition and highlighting the challenges related to it.