MBA Statement on FHFA Updates to the GSEs’ Pricing, Credit Scoring Models, and Appraisal Data Availability

October 24, 2022 Press Release


Adam DeSanctis

(202) 557-2727

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MBA Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement regarding today’s Federal Housing Finance Agency (FHFA) announcement of updates to Fannie Mae’s and Freddie Mac’s pricing framework, credit score models, and appraisal data collection: 

“Given the ongoing affordability challenges facing homebuyers, FHFA’s targeted adjustments to the GSEs’ pricing framework announced by Director Thompson at MBA’s 2022 Annual Convention are well-timed and will improve access to credit for low- and moderate-income households, first-time buyers, and minority buyers.

“The announced updates on credit scoring models should help broaden the scope of eligible borrowers and expand access to homeownership for underserved communities. MBA supports competition in the credit scoring space, and we will work with FHFA to ensure costs and the implementation process are monitored to mitigate unintended consequences to lenders and borrowers.

“FHFA’s increased focus on appraisal transparency – a years-long recommendation by MBA – will help the industry work together on data collection, with a shared goal of providing more accurate and equitable appraisals for borrowers. 

“MBA is committed to working with the Biden administration, Congress, and industry stakeholders on policies that safely and responsibly expand rental and homeownership opportunities for all households.”