FREDDIE MAC PUTS ITS WEIGHT BEHIND THE USE OF CREDIT SCORING

LMC/Freddie Mac In 1970, the U.S. Congress chartered the Federal home loan mortgage Corporation (FHLMC), better known as Freddie Mac. Like the new Fannie Mae, Freddie Mac’s role was to increase the supply of money available to commercial banks, savings & loan institutions, credit unions, and other mortgage lenders.

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You must put a minimum of 10 percent down (or have 10. UPDATE:This column has been revised to make it clear that credit score use began around 1995 for Fannie Mae and Freddie Mac. Credit scores.

News that Fannie Mae and Freddie Mac are analyzing the costs of enabling use of up-to-date credit-scoring models based on post-recession data, including the VantageScore 3.0 model, has been getting a lot of attention. So have the potential consequences, for the economy and for fairness in lending, of sticking with outdated scoring models.

Now that the FHFA has ‘put a pin’ in the credit score initiative (until late 2020), the company behind fico scores (fair isaac company) will continue to enjoy a monopoly for the time being. While the FHFA focuses on compliance with Section 310 of the new law, the pressure will continue to mount from the nonbank community, and the debate.

10 for the record that Freddie Mac does not use in any of 11 its custom scoring models time at present address, time 12 at present job and residential status. We don’t use age. 13 We don’t use income. We do not use, do you own or rent, 14 years at address, occupation or any of that stuff. 15 MS. JOHNSON: Ditto for Fannie Mae. 16 MR. MAHONEY: Okay.

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2 Things You Need to Know to Properly Price Your Home 2 Things You Need to Know to Properly Price Your Home by Keeping Current MattersIn today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms. Low supply of listed homes and high demand from buyers has pushed prices to rise rapidly.In the mind of the homeowner, annual home price appreciation over 6% has become the new normal.

Here are the 5 things a first time home buyer with a bad credit score must know! 5 Things Homebuyers Should Know, but Don’t – The Motley Fool – 5 Things Homebuyers Should Know, but Don’t . home prices must fall by 10% in order for you to maintain the same monthly mortgage payment ," Ness says.