To authorize a pilot program under section 258 of the National Housing Act to establish an automated process for providing additional credit rating information for mortgagors and prospective mortgagors under certain mortgages.
About This Bill
Committee
Latest Action · January 4, 2021
Referred to the House Committee on Financial Services.
Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act
This bill establishes a pilot program for an additional credit rating system for use by mortgage lenders. Specifically, the program utilizes one or more commercially available credit scoring models that apply additional credit information about borrowers who have insufficient credit histories for purposes of determining their creditworthiness for mortgages insured by the Federal Housing Administration.
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