In a significant move designed to expand homeownership access, the Federal Home Loan Bank of New York (FHLBNY) announced the adoption of an alternative credit scoring model to boost mortgage credit availability.
The wholesale bank will now allow members to pledge mortgage collateral using the VantageScore 4.0 system. FHLBNY will partner with 330 lenders across New York, New Jersey, Puerto Rico and the U.S. Virgin Islands to reach 3.1 million prospective borrowers through innovative credit solutions.
Credit scores from VantageScore 4.0 give lenders alternative data points — including rental payment histories — to assess borrower worthiness. details ⇒
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