I wonder when myfico will start using it for the products that are sold here?
Not for a loooooooooooooooong time.
Very interesting that there are 400 lenders using FICO 08 already and they EXPECT Fanny and Freddie to sign onto it by the end of the year.
Well, the actual quote said 400 were using or testing Fico 08. And regarding Fannie and Freddie, it just said that mortgage lenders doing conforming loans backed by those two could not utilize Fico 08 until it was approved by F and F. But it did not say those lenders would adopt it immediately after approval. There's no reason they couldn't continue to use previously approved models such as Beacon 5.0, TU 04, etc. I find it interesting how carefully these press releases are worded, and how there is a lack of hard numbers regarding the percentage of top lenders who have upgraded or committed to upgrading to this latest version ...