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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"By Kerry Smith The VantageScore model could help up to 37M more Americans qualify for a mortgage. But while FHFA OK\u2019d it, it\u2019s still up to individual Fannie and Freddie lenders. SAN FRANCISCO \u2013 VantageScore announced that the Federal Housing Finance Agency (FHFA) approved VantageScore 4.0 for use by Fannie Mae and Freddie Mac, which back more than half of all U.S. mortgages. VantageScore operates as a credit score for consumers seeking a loan, but the information it considers varies from other credit scorers, such as FICO. The goals are the same, however \u2013 to identify the potential homebuyers most likely to pay their monthly premiums on time and approve them for a loan. However, VantageScore considers details that open up the process to some people who have thin or nonexistent traditional credit scores. According to VantageScore, Fannie Mae and Freddie Mac lenders all now have permission to use VantageScore. If they all did so, the scorable population will grow by about 37 million Americans. VantageScore calls it \u201cmore equitable access to mortgages.\u201d Not all lenders will participate While FHFA approved the use of VantageScore, however, individual lenders have existing systems, and it\u2019s unlikely that they\u2019ll all offer the new credit-scoring service. And while newly approved, individual lenders must apply to use the service, so it won\u2019t be widely available right away. Buyers who think a VantageScore lender could improve their chances may have to shop around for a participating bank. \u201cWe would like to extend a sincere thanks to FHFA Acting Director Sandra Thompson, the FHFA and the GSEs for their leadership in undertaking this thorough process and the many advocates that, for over a decade, have elevated this important initiative,\u201d says Silvio Tavares, president & CEO of VantageScore. \u201cWe look forward to continuing to help industry stakeholders quickly and smoothly transition to VantageScore.\u201d \u00a9 2022 Florida Realtors\u00ae X ADVERTISEMENT Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":7226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7225"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=7225"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/7226"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=7225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=7225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=7225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}