Fannie Mae, Freddie Mac and Vantage Score and FICO V10

[AndySoCal]

Here is the link to the article

https://sf.freddiemac.com/general/credit-score-models 

[Anonymalous]

Anything new? I just see the Playbook from May, the Fact sheet from March, and the announcement from last October.

One detail I missed before (from the Playbook p.11-12) is they're suggesting two methods to get the average score. Both involve taking the average of an individual's score, but they differ when there are multiple borrowers. In that case, the first method averages all the averages of the different individuals, but the second just takes the lowest. Which would mean you can't co-sign with anyone to improve their chances or rate. Their terrible score is the one that counts, your great one is ignored. Comment period for that ended on June 11.

[AndySoCal]

@Anonymalous  The simple point was that Fannie and Freddie Mac are /will uswe Vantage score for underwriting this is new . Secondly they will use FICO V10 not V2 was the model they used before.

[Anonymalous]

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@AndySoCal wrote:

@Anonymalous  The simple point was that Fannie and Freddie Mac are /will uswe Vantage score for underwriting this is new . Secondly they will use FICO V10 not V2 was the model they used before.

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Ah, then you missed the discussion after the original announcement, last year:

https://ficoforums.myfico.com/t5/Credit-in-the-News/New-Mortgage-score-models-accepted-by-Fannie-Mae...

But others will have missed that as well, and there have been some updates, so it's not bad to cover it again.

[Zoostation1]

My understanding is that it's 10T and VS4.0 - so only the trended ones?