The Federal Housing Finance Agency (FHFA) published a final rule on the verfication and approval of third-party credit score model(s) that can be used by Fannie Mae and Freddie Mac. The rule fulfills the requirements in Section 310 of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.
- Solicitation of applications from credit score model developers;
- Submission and initial review of submitted applications;
- Credit score assessment; and,
- Enterprise business assessment.