News & Press: Announcements

AHA Comments on Fannie and Freddie Credit Scoring Requirements

Monday, April 2, 2018  
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On March 29, AHA submitted comments to the the Federal Housing Finance Agency (FHFA) regarding Fannie Mae and Freddie Mac’s credit score requirements.

AHA's position is and has always been to support competition in the market. Today, only FICO is being used. We believe the FICO model that the Government Sponsored Enterprises (GSEs)are using is out-of-date and may not capture the way that young people and minority borrowers use credit. That just seems unfair to us. If the GSEs permitted more than one type of credit score to be eligible for their purposes, we think that more young people and minority borrowers would be determined to be eligible for affordable mortgage credit - or at least have a more fair shot at being scored properly.  AHA's letter tells FHFA about how important it is for consider the needs of young people and minority communities and advocates for a competitive marketplace for credit scoring.

Click here to view the AHA comments.