The Federal Housing Finance Agency (FHFA) says Fannie Mae and Freddie Mac have published a Joint Credit Score Solicitation, which outlines the process for third-party credit score model developers to submit applications to the GSEs.
“The publication of the solicitation is the first step in the process of evaluating new credit score models,” explains 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.”
The validation and approval of credit score models will be a multi-year effort by the GSEs under requirements established by FHFA’s final rule on the process for validation and approval of credit score models. FHFA’s rule implements the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018.
The GSEs will begin accepting applications on May 18, 2020. The application period will be open for 120 days, ending on Sept. 15, 2020.
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