Announcement 09-12, Updates to Credit Score Requirements and Nontraditional Credit Report Requirements
Fannie Mae has issued the following Announcement:
This Announcement has been issued to:
Clarify how to determine a representative credit score and applicable pricing when one borrower has traditional credit and a credit score and other borrowers are relying solely on nontraditional credit;
Clarify representative credit score requirements when two of three scores are the same or when a foreign credit report is used;
Clearly state the requirements for mandatory delivery of credit score data fields for all loans, including government loans and Refi Plus™ loans (and including a data field ID in the case of nontraditional credit);
Clarify the lender's options when a representative credit score is less than the minimum required for MyCommunityMortgage® (MCM®) loans; and
Update our nontraditional credit requirements for MCM loans and for purposes of the Comprehensive Risk Assessment Worksheet for Manual Underwriting.
These changes are effective for all whole loans purchased or loans delivered into MBS with issue dates on or after August 1, 2009. Please see Announcement 09-12 for details.