The Federal Housing Administration announced an implementation date of Jan. 1, 2027, to add VantageScore 4.0 and FICO Score 10T to the existing Classic FICO as eligible credit score models for FHA-insured mortgage underwriting.
Guide: The FHA also issued a preparedness guide for mortgage holders and other stakeholders regarding the addition of these models.
Background: Federal Housing Finance Agency Director William Pulte last week said he instructed the government-sponsored enterprises to approve all lenders to use VantageScore. Fannie Mae and Freddie Mac this week announced they have expanded the use of VantageScore 4.0.
Input Needed: ICBA is scheduled to meet with FHFA officials in early October to discuss the implementation of these new scoring models. Community bankers are encouraged to email Ron Haynie (ron.haynie@icba.org) or Tim Roy (tim.roy@icba.org) with questions or concerns.
ICBA Advocacy:
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In March 2025 recommendations, ICBA and other groups said the FHFA’s Credit Score Models and Reports Initiative is overly complex, costly to consumers, and missing key requirements for a successful transition.
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In a previous letter to Pulte, ICBA called on the FHFA to reconsider the implementation of policies, projects, and initiatives that could be harmful for the housing finance industry, such as the credit score models.
More: A 2024 Independent Banker article breaks down the FHFA credit scoring initiative and ICBA’s concerns with the models.