New Credit Scores and Reporting

March 5, 2024 | 10:30 am to 11:30 am
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Event Information

Explore the latest advancements in credit score models tailored for mortgage lending in our upcoming webinar presented by CrossState Solutions partner, MemberClose. The Federal Housing Finance Agency (FHFA) has given the green light to two cutting-edge credit score models, namely FICO 10T and VantageScore 4.0, which are now approved for utilization by Fannie Mae and Freddie Mac. This transformative shift is geared towards replacing outdated scoring systems and fostering inclusivity in credit assessment by integrating trended data and broadening data sources. The transition from a tri-merge to a bi-merge requirement in credit reporting, effective later than the first quarter of 2024, is also set to enhance market competition.

Learn about these transformative changes and their potential impact on promoting inclusivity in homeownership. Don’t miss the opportunity to stay ahead in the evolving landscape of mortgage lending.

Who should attend: Individuals advising members on their journey to homeownership or utilizing the equity in their current home.

Speaker Bio: Jesse Brecht has devoted a significant amount of his time to developing and implementing credit strategies for some of the largest national mortgage companies, as My Credit Guy’s national sales director. A crucial component of this strategy is the ability to distill complex structures and credit algorithms into easily understandable concepts for both loan officers and consumers. Alongside this responsibility, Jesse remains vigilant in staying current with credit legislations and their impact on My Credit Guy’s clients. This unique educational opportunity offers a rare glimpse into the intricacies of the credit scoring machine.