Mortgage Lenders Now Cleared to Use VantageScore 4.0 Alongside FICO
Fannie Mae and Freddie Mac have authorized lenders to adopt the alternative credit-scoring model.
Mortgage lenders working with Fannie Mae and Freddie Mac, the government-sponsored enterprises that back most U.S. home loans, now have permission to use VantageScore 4.0 as a credit assessment tool, according to CNBC.
The change marks a potential shift in how lenders evaluate borrower creditworthiness, though FICO scores remain the dominant standard in the mortgage industry.
Sources
- Mortgage credit scores are evolving. What homebuyers need to know — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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