WASHINGTON, Aug. 14 -- The National Association of Realtors issued the following news release:
National Association of Realtors(R) President John Smaby issued the following statement after the Federal Housing Finance Agency this week sent a final rule on the validation and approval of third-party credit score model(s) that can be used by Fannie Mae and Freddie Mac for publication
"A borrower's credit score unlocks mortgage financing through the GSEs, a critical gateway for millions of homebuyers," Smaby, a second generation Realtor(R) from Edina, Minnesota, said. "However, the credit score currently used by Fannie Mae and Freddie Mac is nearly two decades old, ignoring innovations in modeling and overlooking a wealth of non-traditional information about potential homebuyers.
"Realtors(R) applaud these FHFA efforts to foster competition and innovation in credit modeling, creating a path for new models that will open homeownership opportunities for countless responsible, creditworthy Americans."
The National Association of Realtors(R) is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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