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SFA Signs Joint Trade Letter to FHFA on Credit Scoring Implementation

article by Structured Finance Association

On June 22, SFA—along with 15 other housing trade associations–submitted a joint trade letter to the Federal Housing Finance Agency (FHFA), in response to their implementation of updated credit score requirements. The trade associations appreciate the FHFA’s intent to update credit scoring frameworks to benefit consumers and the GSEs, but note the costs, operational complexity, and wide-ranging impacts involved in this transition. The letter urges the FHFA to revise its proposed implementation timeline and sequencing for releasing credit score data so that market participants can prepare for this transition and minimize any disruption.