This week, National Mortgage News covered the highly anticipated positive impact of VantageScore 4.0 implementation, now mandated for use in GSE-funded mortgages by 2025.

That’s “something the industry shouldn’t wait much longer for, particularly given that it’s a legislative mandate,” Dr. Rikard Bandebo, EVP and Chief Product Officer at VantageScore.

“If this takes longer, the millions of Americans that under these new models would qualify for mortgages don’t get access,” Dr. Bandebo added.

The August 15th National Mortgage News article also highlights bipartisan Congressional support for VantageScore 4.0 implementation.

On July 31, four U.S. Representatives penned a letter to the Federal Housing Finance Agency (FHFA) advocating for full VantageScore implementation no later than 2025. Reps. Brittany Pettersen (D-CO), Zach Nunn (R-IA), Vicente Gonzalez (D-TX), and Young Kim (R-CA), the U.S. Representatives who authored the letter to FHFA Director Sandra Thompson, all sit on the House Financial Services Committee, which has jurisdiction over the FHFA.

Four members of Congress have urged the FHFA to not go beyond its 2025 timeline, noting that it’s been several years since the Credit Scoring and Competition Act of 2018 passed. The timeline for modernizing scores is already ‘a full seven and a half years after Congress and the President implemented the law, which is more than enough time for the mortgage market to comply with the regulation,” notes the National Mortgage News article.

“The lawmakers underscored the potential impact of delayed implementation, noting that ‘constituents that are awaiting an opportunity to purchase a home can accept no further delay in the implementation of new credit scores in the mortgage market,” the lawmakers underscored in their letter.”

Read the National Mortgage News article: Will Two Newer Credit Scores Beat a Single Older One for Mortgages