Skip to main content

Fannie Mae And Freddie Mac Now Permitted To Use Classic FICO Model

Nov 10, 2020
FHFA headquarters
Director of Events

The Federal Housing Finance Agency approved the use of the Classic FICO credit score model for Fannie Mae and Freddie Mac. The validation and approval of Classic FICO by the GSEs allows them to continue supporting the mortgage market while assessing more modern credit score models that were submitted in response to the 2020 Joint Enterprise Credit Score Solicitation​.

The FHFA expects it will take the Fannie and Freddie an additional year to complete the validation and approval process of the remaining credit score models submitted in response to the solicitation.

The validation and approval of the Classic FICO credit score model is an incremental step in meeting the requirements outlined in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which stipulated a November 20, 2020 deadline for the Enterprises to use a validated and approved credit score model, according to the FHFA.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Nov 10, 2020
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

Fairway Independent Mortgage Corporation Announces Rebranding

Now Fairway Home Mortgage, company also donates $1M to support relief efforts in deadly Texas flooding

Jul 07, 2025
FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions

FHFA, Fannie, Freddie Rebrand CSS To U.S. Financial Technology To Boost Recognition, Sell More MBS Services

Meanwhile, FHFA also considering renaming LLPAs for mortgages the GSEs acquire