VantageScore Continues Its Industry-Leading
Commitment to Transparency
SAN
FRANCISCO, July 11, 2024 /PRNewswire/ --
VantageScore, a leading national credit-scoring company, today
announced the release of a comprehensive, loan level, VantageScore
4.0 historical data set to mortgage industry participants. The
FHFA, alongside the Government-Sponsored Enterprises (GSEs), Fannie
Mae and Freddie Mac, are releasing the data to support the
FHFA mandated implementation of VantageScore 4.0 credit
scores for mortgages.
- Mortgage Data Set Available Immediately - The data
release takes place today, July 11,
at 10:00 a.m. ET.
- Available from Both Fannie Mae and Freddie Mac -
Mortgage industry participants can access the VantageScore 4.0
historical data set on the Freddie Mac and Fannie Mae Credit Score
Model Implementation websites, available here:
- Fannie Mae:
https://singlefamily.fanniemae.com/originating-underwriting/credit-score-models
- Freddie Mac:
https://sf.freddiemac.com/general/credit-score-models
- Comprehensive Data - The VantageScore 4.0 historical
data set released today represents a portion of the GSEs' loan
portfolios from 2013 to 2023. Loan level data for VantageScore 4.0
includes 25 million records for Fannie Mae and 20 million records
for Freddie Mac. Within both data sets, each loan has a
VantageScore 4.0 credit score. Additionally, the Mortgage-Backed
Securities (MBS) and Credit Risk Transfer (CRT) information amounts
to another 38 million records for Fannie Mae and another 33 million
records for Freddie Mac. By providing these extensive data sets and
aiding the swift implementation of VantageScore 4.0 for GSE-funded
mortgages, VantageScore estimates the number of qualifying eligible
mortgage applicants will increase by over 2.5 million, resulting in
an incremental $1 trillion in
potential new mortgages.
"VantageScore applauds the FHFA and the GSEs in their commitment
to implement VantageScore 4.0 in order to provide the mortgage
industry with the most innovative, predictive and inclusive credit
scores," said Anthony Hutchinson,
SVP, Industry and Government Relations, VantageScore. "This is an
important and necessary step to modernize the outdated and
exclusionary credit scores that lenders in the
conventional-conforming mortgage market have been forced to
use."
In 2022, the FHFA mandated the use of VantageScore 4.0 for
lenders who sell loans to Fannie Mae or Freddie Mac pursuant to the
2018 Credit Score Competition Act. This action by the FHFA
addresses the homeownership gap in the U.S. while simultaneously
improving predictive performance for lenders. Outdated models in
housing finance often exclude millions of creditworthy, underserved
borrowers. VantageScore 4.0 scores an estimated incremental 33
million more people than traditional models, making it considerably
more inclusive. For this reason, the FHFA's efforts to modernize
mortgage risk assessment and encourage credit-scoring competition
in the mortgage industry have been met with broad, bipartisan
Congressional support.
To learn more about migrating to VantageScore 4.0, visit
the Mortgage homepage.
About VantageScore®
VantageScore is
the fastest-growing credit scoring company in the U.S., and is
known for the industry's most innovative, predictive, and inclusive
credit score models. In 2023, usage of VantageScore increased by
42% to more than 27 billion credit scores. More than 3,400
institutions, including 8 of the top 10 banks, use VantageScore
credit scores to provide consumer credit products including credit
cards, auto loans, personal loans and mortgages. The VantageScore
4.0 credit scoring model scores 33 million more people than
traditional models. With the FHFA mandating the use of VantageScore
4.0 for Fannie Mae and Freddie Mac guaranteed mortgages, the
company is also ushering in a new era for mortgage lending and
helping to close the homeownership gap.
VantageScore is an independently managed joint venture company
and owners include the three Nationwide Consumer Reporting
Agencies (NCRAs) – Equifax, Experian, and TransUnion.
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SOURCE VantageScore