FICO and VantageScore disagree on how lenders in a GSE pilot are using VantageScore. FICO’s CEO claims there are LTV ratio limitations and a haircut with VantageScore. VantageScore said that’s not the case.
Despite ending his long hiatus on GSE talk, Trump fails to persuade skeptics that he’s ready to take Fannie and Freddie out of conservatorship anytime soon.
The trade group said a single-pull credit report is enough, if there are proper guardrails in place to prevent lenders and borrowers from “gaming the system.”
FHFA Director Bill Pulte said 21 large lenders will roll out the new score with the GSEs, though all lenders are eligible. FHA also plans to accept VantageScore and FICO 10T.
Stakeholders believe that while the new rules will reduce insurance costs, they will raise other costs, including for condo dwellers who don’t plan to buy, sell or refinance.
The three major consumer reporting agencies are using discounted pricing and other strategies to drive adoption of VantageScore 4.0 among mortgage lenders. The score is the main competitor to FICO.