finance.yahoo.com

Fannie Mae directed to approve VantageScore for all mortgage lenders

Fannie Mae logoFannie Mae
Sig4.49Sen+3.15Env0.00Soc+1.74Gov+1.59
Freddie Mac logoFreddie Mac
Sig4.51Sen+3.22Env+0.03Soc+2.23Gov+2.18

U.S. Housing official Bill Pulte directed Fannie Mae to approve all lenders to use VantageScore for mortgage underwriting, effective immediately. The move follows the 2018 Credit Score Competition Act, which pushed Freddie Mac and Fannie Mae to consider more advanced scoring models. The change is presented as breaking FICO’s monopoly, after Pulte said major credit bureaus have overcharged Americans.

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