Scott: FHFA Director Pulte is Expanding Homeownership Opportunities Across the Country
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement on Federal Housing Finance Agency (FHFA) Director Bill Pulte’s announcement to increase competition in credit scoring by allowing additional models to be considered for FHFA-qualified mortgages:
“Seven years ago, I led legislation – that was signed into law – to allow for the inclusion of alternative data sources like rent, utility, and telecom bill payments into credit scoring models. Under President Trump, FHFA Director Pulte is taking long-overdue action to lower costs and expand homeownership opportunities for hardworking Americans across the country,” said Chairman Scott.
BACKGROUND:
Chairman Scott’s Credit Score Competition Act, which was signed into law in 2018 as part of S.2155, directed the Federal Housing Finance Agency to create a process by which new credit scoring models can be validated and approved for use by Fannie Mae and Freddie Mac (GSEs) when they purchase mortgages.
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