Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard discuss the changes on how we view credit scores -- which might help with credit score evaluation for buyers.

Today's article is from the US Federal Housing website FHFA.gov says "FHFA announces release of historical VantageScore 4.0 credit scores by the enterprises."

We've heard whispers of changes to credit scores over the last few years, but Bill Pulte announced immediate acceptance of this new method VantageScore 4.0 which uses machine learning. It's been hard for people who aren't big credit users to build a credit score with the FICO model. What's different, is it is using trending data. It even takes into account rent payments, cell phone bills, and other real time payments people are making.

There are a lot of buyers who have limited credit that are hurt by the FICO model who have the money, but just don't use a lot of credit to build a good credit score. We don't know all the pricing yet, but we know it will be less expensive! And as always competition brings prices down.

Listen in as we discuss this and more!

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