USMI Welcomes VantageScore 4.0 Implementation by Fannie Mae and Freddie Mac
WASHINGTON — Seth Appleton, President of U.S. Mortgage Insurers (USMI), today released the following statement:
“USMI and its members support the modernization of credit score models used by Fannie Mae and Freddie Mac and we welcome U.S. Federal Housing (FHFA) Director Pulte’s announcement that the GSEs will now accept VantageScore 4.0 from all single-family seller / servicers. USMI members insured loans scored with VantageScore 4.0 throughout the initial rollout, working closely with lender partners and the GSEs every step of the way.
“Modernized credit scoring helps promote expanded homeownership opportunities for creditworthy borrowers and prudent risk management for the housing finance system. We support Director Pulte’s work to expand access to credit scores that more accurately reflect a borrower’s credit profile; it is an important step toward making homeownership attainable for more Americans.
“We look forward to continuing our collaboration with FHFA, the GSEs, technology companies, and our lender partners to ensure a smooth rollout of this change and to support borrowers throughout the process.”
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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org
