FICO 08 adopted by Freddie Mac?

[Anonymous]

Does anyone know if Freddie Mac utilizes FICO 08?  Thank you.

[llecs]

I don't know. As of about a year ago, based on others' posts in here, they were pulling a tri-merge report that included the same versions as pulled from myFICO (Beacon 5.0 and TU98). Have you heard or seen anything? BTW, I have yet to see a single post anywhere in these forums by anyone who had a lender pull any FICO08 flavors.

[Anonymous]

Thanks for the response.  According to this MarketWatch article from August 2009:

         "Ulzheimer said he expects Freddie and Fannie to adopt FICO 08 by the end of the year. Fannie declined to comment on FICO 08; Freddie wasn't able to provide a
         comment prior to publication."

http://www.marketwatch.com/story/new-fico-model-may-boost-some-borrowers-scores-2009-08-24 .  I wonder what accounts for the slow adoption rate?

[Anonymous]

The date on that article is almost a year old - August 2009 is listed at the top.

Since 2007, Ulzheimer has repeatedly stated the new scoring model would be implimented "by the end of the year," but nothing ever comes of it.

[llecs]

FICO08 has already been implemented (FICO08 scores include Beacon9.0 for EQ, Classic 08 for TU, and ???? for EX (there was a presser, but I can't find the name anymore. Risk Model v3 for EX?)). While already implemented, lenders are slow in transitioning from older versions to new. Heck, many lenders are still using a 1998 version for TU, same as pulled here. I understand it costs them to upgrade and plus they run simulations based on the old score and new to see if a given score model would have been a better predictor of risk. During this economic uncertainty, I can't believe that too many lenders are eager to make changes when financial rules are being changed daily.