In Need of an Update: Credit Scoring in the Mortgage Market

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In Need of an Update: Credit Scoring in the Mortgage Market

July 27, 2017

Abstract

The credit score model currently in use for mortgage lending is outdated by nearly two decades. More recent models are available and should be used by the GSEs and mortgage lenders to encourage competition and transparency, and to allow the market to more fully and fairly serve all creditworthy borrowers seeking a mortgage.

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