Entities

Department of Housing and Development (HUD) (3)

Federal Housing Administration (FHA) (1)

Topics and Issues

Credit score competition (3)

Credit scores (7)

In July 2010, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) issued a notice on FHA Risk Management Initiatives: Reduction of Seller Concessions and New Loan-to-Value and Credit Score Requirements.  CDIA filed a comment in connection with that notice.  CDIA’s comment makes three points: (1) CDIA is pleased that the Federal Housing Administration (FHA) intends to consider the use of non-FICO scores; (2) CDIA remains concerned that the proposal is unnecessarily biased in favor of FICO; and (3) FHA’s invitation for additional scoring information from other models needs more time than that allotted in the Federal Register notice.