cancel
Showing results for 
Search instead for 
Did you mean: 

We’re Tom Quinn & Tommy Lee - FICO Score Experts! Ask us anything.

Highlighted
myFICO Employee

Re: We’re Tom Quinn & Tommy Lee - FICO Score Experts! Ask us anything.


@coreysw12 wrote:

Are there any plans to make a new mortgage-specific FICO score to replace the (very) old 5/4/2 version that's still almost universally used by every lender? And if so, how soon do you think most mortgage lenders would make the switch?

 

It's strange, to me, that one of the largest consumer credit markets in the world, representing the largest loans most of us will ever take out in our lifetimes, uses such old algorithms that haven't been updated in decades. The reason can't possibly be that "5/4/2 are already perfect and there's no reason to update them". Or maybe it is?



Tommy Lee: In mortgage lending, Fannie Mae and Freddie Mac and the FHFA determine the credit criteria and score versions used for most mortgage loan decisions.

 

They are in the process of evaluating whether newer credit score versions (including the latest FICO Score versions) should replace the FICO Score versions currently being used.

Message 111 of 112
Highlighted
Moderator

Re: We’re Tom Quinn & Tommy Lee - FICO Score Experts! Ask us anything.

We would like to thank Tom Quinn, Tommy Lee, Elizabeth Warren, Paul Panichelli, @Elizabeth_FICO, and all the other folks over at FICO who helped make the AMA a success.

 

The AMA is now over, but feel free to continue the discussion here:  https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-AMA-Discussion-Thread/m-p/6137647 

Message 112 of 112
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.