Regulation and Compliance

GSEs Publish Joint Credit Score Solicitation

Feb 18, 2020
Photo credit: Getty Images/MARHARYTA MARKO

Fannie Mae and Freddie Mac have published a Joint Credit Score Solicitation, which describes the process for credit score model developers to submit applications to the government-sponsored enterprises (GSEs).
 
The validation and approval of credit score models will be a multiyear effort required by a final rule issued by the Federal Housing Finance Agency (FHFA). The GSEs will begin accepting applications on May 18 and the application period runs through Sept. 15.
 
"The publication of the solicitation is the first step in the process of evaluating new credit score models," said 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."
 
As the GSEs begin the transfer of power from conservatorship, just last week, the GSEs reported declines in their respective lower annual net income and comprehensive income for 2019. 
 
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Phil Hall
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Feb 18, 2020
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