Lenders must maintain policies and procedures that detail the underwriting factors they used and retain documentation showing how they took those factors into account in the ability-to-repay determination.
In 2023, CFPB Director Rohit Chopra met with dozens of representatives of foreign government bodies, as well as some stakeholder advocates in other countries.
A coalition of most of the major mortgage industry participants says FHFA and the GSEs should be more transparent about how they assessed and validated the new credit score models.