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Credit score changes in mortgage market could increase homeownership opportunities

Credit score changes in mortgage market could increase homeownership opportunities

The FHFA is contemplating whether to change a longstanding requirement for lenders to assess potential buyers using FICO scores, which some believe limit the pool of applicants because they are dated and conservative. The agency announced on Dec. 20 that it was seeking feedback from mortgage industry stakeholders regarding competition and operational concerns related to the credit scoring process.

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