As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.… Continue Reading
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FHFA Announces Updated FICO and Vantage Scores for Use by GSEs
By Loran Kilson on
Posted in Fair Credit, Regulatory and Enforcement
Recently, the Federal Housing Finance Agency (FHFA) announced the approval of two new credit scoring models, the FICO 10T and the VantageScore 4.0 for use by Fannie Mae and Freddie Mac (the GSEs or Enterprises). Lenders will have a few years to implement use of the new models before being expected to report both scores on loans sold to the GSEs.… Continue Reading
CFPB praises FICO announcement on credit score sharing
By Barbara S. Mishkin on
Posted in Credit Reports, Regulatory and Enforcement
The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction” that will allow “millions of consumers…to receive the credit scores and credit reports that nonprofit credit counselors purchase on their behalf.” … Continue Reading