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UWM CEO says VantageScore 4.0 is improving mortgage underwriting outcomes
HousingWire reports the FHFA expanded access to VantageScore 4.0 for approved single-family conventional lenders through Fannie Mae and Freddie Mac, allowing lenders to choose between VS4 and Classic FICO.
United Wholesale Mortgage CEO Mat Ishbia said VantageScore 4.0 is helping more borrowers qualify for mortgages and improve pricing, according to remarks he made to mortgage brokers at last week’s AIME Fuse event in Austin, HousingWire reports.
HousingWire reports that Ishbia also tied the change to underwriting, saying it is still too early to determine the full impact but that adding VantageScore 4.0 into loan underwriting should expand borrower eligibility.
Ishbia’s comments came shortly after the Federal Housing Finance Agency made VantageScore 4.0 available to all approved single-family lenders conducting conventional loan business through Fannie Mae and Freddie Mac, HousingWire reports. The FHFA approval allows lenders to choose between VS4 and Classic FICO, while debate continues about how borrower costs could be affected.