AmeriCU Credit Union, serving more than 167,000 members throughout central and northern New York, is shifting to VantageScore 4.0 for mortgages.
The migration to VantageScore 4.0 unlocks $2.1 billion in lending opportunities for underserved, creditworthy borrowers in the AmeriCU footprint, the company says in a release.
The decision to add the credit scoring model comes just weeks after the Federal Home Loan Bank of New York (FHLBNY) announced its members may pledge mortgage collateral using VantageScore 4.0 credit scores, which considers rental payment and other data points not included in traditional credit scores.
In 2018, President-elect Trump signed into law the “Credit Score Competition Act” as part of the “Economic Growth, Regulatory Relief and Consumer Protection Act,” ushering in a new era in homeownership. This resulted in the Federal Housing Finance Agency (FHFA) mandating mortgage lenders must transition to more predictive and inclusive credit scoring models including VantageScore 4.0 in 2025.
“At AmeriCU, our mission is rooted in creating financial opportunities and delivering exceptional service to our community members,” says Stephanie McGuire, chief lending officer at AmeriCU Credit Union. “Adopting VantageScore 4.0 allows us to better serve a broader range of creditworthy borrowers, including those who have traditionally been overlooked. This partnership strengthens our ability to help our members achieve their dream of homeownership, which is central to our commitment to improving financial health and access across the communities we serve.”
