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 THese are outdated models.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.
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