Despite Ginnie Mae implementing revised financial eligibility requirements, CHLA feels confident that our members are prepared as Ginnie has provided sufficient time for issuers to react to these new regulatory standards.

The FHFA has announced a series of public listening sessions to platform industry concerns over the tri-merge to bi-merge credit scoring models.

FHFA Director Sandra Thompson recently announced the implementation of public listening sessions in response to concerns over the tri-merge to bi-merge credit scoring transition.

CHLA applauds FHFA Director Sandra Thompson on announcing public listening sessions to ensure a smooth transition to the bi-merge credit scoring models, FICO 10T and VantageScore 4.0.

More broadly, CHLA is supportive of FHFA’s efforts to rationalize GSE pricing. The group favors the agency’s plan to reduce prices for underserved, minority and first-time homebuyers. It also said that current pricing, while not strictly risk-based, is consistent with the GSEs’ charters and their duty-to-serve obligations.

To mitigate concerns associated with the move to the two new credit score models, CHLA asks that the new scores be added one at time, with VantageScore being the first, and for there to be more time added to the implementation process.