Credit Score Models and Reports Initiative
New Milestones in Credit Score Modernization
Fannie Mae approved lenders can now deliver loans using VantageScore® 4.0, and new historical credit data for the Fannie Score™ is available to support industry planning, analysis, and implementation efforts.
View Lender Letter View historical data
VantageScore 4.0 Lender Expansion
What you need to know
Fannie Mae-approved lenders may now elect to use VantageScore 4.0 from each of the three credit bureaus through a three in-file merged credit report when originating eligible mortgage loans through Desktop Underwriter® (DU®) and delivering those loans to Fannie Mae.
Adoption is optional. Lenders may continue to use eligible Classic FICO® credit scores or choose VantageScore 4.0 for an eligible loan. When VantageScore 4.0 is selected:
- VantageScore 4.0 must be requested from each of the three credit bureaus;
- the same credit score model must be used for all borrowers on a single loan; and
- Special Feature Code 067 must be provided at loan delivery.
VantageScore 4.0 is not currently eligible for manually underwritten loans, which must continue to use Classic FICO.
FICO® Score 10T is not yet available for loans delivered to Fannie Mae. We'll provide advance notice and implementation guidance before launch.
Review the resources
We encourage industry partners to review the supporting resources for requirements and implementation details.
- Lender Letter – Review eligibility, DU, credit score, pricing, and Loan Delivery requirements.
- Originating and Selling VantageScore 4.0 Job Aid – Get guidance on using VantageScore 4.0 in DU and submitting eligible loans through EarlyCheck™ and Loan Delivery.
- Desktop Underwriter Release Notes and Integration Impact Memo – Review details on the availability and use of VantageScore 4.0 in DU Version 12.1, including guidance to help integrated systems prepare to support the update.
- Partner Playbook - Access additional resources and frequently asked questions.
Previous Announcements & Statements
Current Credit Score Model
In accordance with the requirements of the Validation and Approval of Credit Score Models Rule (12 C.F.R. Part 1254), Fannie Mae performed the required assessments for the Classic FICO credit score model and determined that Classic FICO should be approved for continued use by Fannie Mae. The Federal Housing Finance Agency announced its approval of this determination on Nov. 10, 2020. This was an incremental step until further updates in accordance with the Rule.
