FHFA Director Bill Pulte ordered the mortgage giants to start using more inclusive VantageScore 4.0 in July. But adoption is a “complex, technical and arcane” process that could drag into next year. Continue reading
A coalition of groups has warned that the Trump administration’s goals for the mortgage giants will leave up to 177,000 lower income homebuyers looking elsewhere for a loan. Continue reading
Once Fannie Mae and Freddie Mac are ready to start accepting VantageScore 4.0, the algorithm will go head-to-head with the less inclusive FICO Classic score. Continue reading
Consumer group say FHFA’s plan to pit VantageScore 4.0 against older FICO Classic score will make “anti-competitive natures of the credit scoring market even worse.” Continue reading
Loopholes in new law mean credit bureaus will still be able to sell applicants’ information to their current lender, servicer or bank — a boon for lenders who also service their own loans. Continue reading
Housing counselor Rachael Hite says that VA loan holders who are having challenges paying their mortgages are losing a mortgage rescue and restructure plan called VASP. Continue reading
Judge declines to reopen case and vacate settlement with Chicago mortgage broker Townstone Financial, calling the request “a Pandora’s box the court refuses to open.” Continue reading
Fair housing and consumer groups are trying to stop the Trump administration from vacating a settlement the government reached with a Chicago mortgage broker just days before the November election. Continue reading
Judge puts a temporary hold on DOGE-driven move to fire all but 200 of the Consumer Financial Protection Bureau’s 1,700 employees to determine if it could still fulfill its statutory duties Continue reading
In his first act as interim Consumer Financial Protection Bureau director, Treasury Secretary Scott Bessent froze action on all rules and litigation. Here’s what that potentially means for the recent slate of rules and lawsuits targeting the mortgage i… Continue reading