Our Position

Housing and Mortgage Finance

Letters to Congress

Title Recipient Date
U.S. Senate 12/15/23
Reps. Madeleine Dean and Kelly Armstrong 06/11/21
116th Congress 03/26/20
Congress 03/09/20

Letters to Regulators

Title Recipient Date
Department of Veterans Affairs 02/09/24
FDIC, Fed, OCC, CFPB 09/20/23
Federal Housing Finance Agency 09/18/23
CFPB, FDIC, Fed, FHFA, OCC 08/21/23
Federal Housing Finance Agency 08/14/23

Title Committee Presenter Date

Related News

FHFA responds to ICBA concerns with new credit score models

Aug. 09, 2023

The Federal Housing Finance Agency said it is considering adjustments to its plan for transitioning Fannie Mae and Freddie Mac to new credit score models following outreach from ICBA and other groups.

Industry Concerns: In a June letter, ICBA and other groups representing the mortgage industry:

  • Expressed concerns with the FHFA plan to replace the Classic FICO credit score model with FICO 10T and VantageScore 4.0.

  • Said the implementation timeline and plan lack data and transparency and fail to address the far-reaching effects of the proposed policy changes.

  • Called for stakeholder engagement, robust data transparency, and a recalibrated timeline.

FHFA Letter: In response, the FHFA said it is considering adjustments to the proposed timeline, understands the need for data to support stakeholder analysis of the impacts of the new credit score models, and is developing several mechanisms to ensure robust stakeholder engagement.

Previous ICBA Comments: ICBA has strongly opposed the mandatory use of multiple scores in comments to the FHFA and during the agency’s listening session on this initiative. ICBA has previously cited the potential cost for smaller lenders of implementing the changes and said they might be more costly than they’re worth, especially for community banks.