The rule will therefore provide a secondary market for manufactured housing loans, lower financing costs and providing better protection for consumers, long sought goals of the the manufactured housing industry.
The agency also intends to update its the GSEs credit scoring models. FHFA will “continue to assess the feasibility of leveraging alternative credit scores for underwriting, disclosure and pricing purposes, including operational and system implications.”
FICO has made significant changes since the FICO 4 credit scoring model was introduced in 2004, as MHProNews has learned. Different groups have suggested more current credit scoring models should be introduced, but FHFA Director Mel Watt said updating the FICO of developing an alternative is a complicated process, and there was no immediate indication that will be done within this fiscal year, which began Oct. 1.
The agency also intends to work on different remedies for dealing with lender disputes with Fannie and Freddie. ##
(Image credit: Federal Housing Finance Agency)
