The Federal Housing Finance Agency is giving the mortgage industry more time to provide input on whether Fannie Mae and Freddie Mac should begin using alternative credit scoring models beyond the traditional FICO score.
Back in December, the FHFA began requesting input on the possibility of switching to FICO 9, VantageScore 3.0, or some combination thereof.
Originally, the deadline for industry participants to provide feedback on the credit score issue was Feb. 20, 2018.
The FHFA announced Friday that it is extending the deadline to March 30, 2018.
“FHFA is seeking input on all aspects of a potential change from the current Classic FICO requirement, including feedback on the operational and competition considerations of continuing to use a single credit score model or allowing the use of more than one credit score model,” the FHFA said in its announcement.
In its request for input, the FHFA laid out several different scenarios for how Fannie and Freddie could use credit scoring models in the future, including:
Option 1 – Single Score: The Enterprises would require delivery of…