Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on Proposed Credit Score Vetting Process

On Thursday, March 21st, NAR submitted comments on the Federal Housing Finance Agency's (FHFA) efforts to create a framework that would allow the GSEs to review and adopt new credit score models. NAR raised concern that when evaluating the cost of adopting new models, the enterprises should balance the cost against their public missions. The FHFA could aid the development and adoption of future innovations in credit scoring and reporting through guidance on how to improve access for new entrants and equalize the playing field for competition. Finally, NAR voiced concern that competition should extend beyond the credit modeling companies to the credit reporting agencies.
Informational Links

NAR's Comment Letter to the FHFA