Mortgage Lenders Can Now Use New Credit Score Models Including VantageScore 4.0 and FICO 10T
Mortgage lenders are now allowed to use VantageScore 4.0 and will soon be able to use FICO 10T for underwriting, which consider rent and utility payments and trended data over 24 months. This change applies to mortgages sold to Fannie Mae and Freddie Mac, as well as FHA-insured loans, potentially affecting how homebuyers are assessed for creditworthiness.
Topics: credit scores Fannie Mae FHA FICO Freddie Mac mortgage lending VantageScore