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  • Comment Detail

  • Date: 01/05/18
    First Name: Robert
    Last Name: Schwab
    Email: rschwab@pcmloan.com
    Organization Type: other
    Organization: Finance of America

  • Comment

    As a veteran of the mortgage industry (33 years on the retail origination side) I believe make a change from the existing FICO Scoring model to the Bureaus Vantage Scoring model would not be good for the industry. I believe that keeping the independence that comes from separating the big three bureaus (Experian, Equifax, TransUnion) from the mortgage industry is important. A better fix would be to allow the updated versions of the FICO Scoring models to be used by FNMA, FHLMC and GNMA. They are currently using the older models- Experian (Fair Isaac 2), Equifax (Beacon 5), TransUnion (Classic 4). THese are outdated models. The newer models are, in my opinion, better.