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US official directs Fannie Mae, Freddie Mac to approve VantageScore for all lenders
Pulte said the change will expand competition in mortgage credit scoring and lower costs for American homebuyers, after 50 lenders delivered loans using VantageScore.
- On Thursday, Federal Housing Bill Pulte directed Fannie Mae and Freddie Mac to approve all lenders to use VantageScore, stating, "EFFECTIVE IMMEDIATELY, I'm instructing Fannie and Freddie to approve ALL lenders to use VantageScore."
- Pulte criticized Equifax, Experian, and TransUnion for operating as "cartel-like," claiming "Since 2020, FICO has increased the price per a person's credit score by 1,800%." The Trump administration aims to lower costs and boost competition in the mortgage credit scoring market.
- Mortgage Bankers Association CEO Bob Broeksmit supports the mandate, saying it will "reduce costs for consumers" and "expand sustainable access to homeownership." Pulte noted the initial rollout has seen "50 LENDERS DELIVERING LOANS."
- An analysis by Keefe, Bruyette & Woods showed VantageScore loan volume spiked sharply to 4.4% in July, though adoption remains highly concentrated with almost all volume coming from Rocket and United Wholesale Mortgage.
- While a bi-merge option was delayed during the Biden administration under FHFA Director Sandra Thompson due to implementation challenges, Pulte is "seriously considering bi-merge, and stronger solutions" to reshape the credit scoring landscape.
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Trump Housing Chief Bill Pulte Smashes FICO’s Mortgage-Score Monopoly — Orders Fannie and Freddie to Approve ALL Lenders for VantageScore Effective Immediately * The Gateway Pundit * by Jim Hᴏft
Trump-appointed Federal Housing Finance Agency Director Bill Pulte just dropped the hammer on FICO’s longtime stranglehold over American homebuyers.
·St. Louis, United States
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Pulte directs Fannie and Freddie to allow lenders to use VantageScore, citing FICO monopoly
Pulte, who temporarily served as the acting director of national intelligence, said Fannie Mae and Freddie Mac did an initial roll out of VantageScore as an alternative to FICO, which has seen incredible success.
·Washington, United States
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Total News Sources11
Leaning Left0Leaning Right4Center3Last UpdatedBias Distribution57% Right
Bias Distribution
- 57% of the sources lean Right
57% Right
C 43%
R 57%
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