About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-331320 1 (2019-08-30)

handle is hein.gao/gaobaeaak0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331320 August 30, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Housing Finance Agency: Validation and Approval of Credit Score Models Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Housing Finance Agency (FHFA) entitled Validation and Approval of Credit Score Models (RIN: 2590-AA98). We received the rule on August 18, 2019. It was published in the Federal Register as a final rule on August 16, 2019. 84 Fed. Reg. 41886. The U.S. House of Representatives received the rule on August 14, 2019. 165 Cong. Rec. H7520. The effective date of the rule is October 15, 2019. The final rule establishes the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The process established by this rule has four phases. The process begins with the credit score solicitation (a solicitation by Fannie Mae and Freddie Mac of applications from credit score model developers), followed by the submission and initial review of applications (an initial review by Fannie Mae and Freddie Mac of submitted applications). The third phase is a credit score assessment by Fannie Mae and Freddie Mac, and the fourth phase is an enterprise business assessment. Finally, the final rule establishes criteria for each of the four phases and includes required timing and notices for Fannie Mae and Freddie Mac decisions under the process.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most