12 CFR 1254.1

§ 1254.1 Purpose and scope.

United States · 12 CFR — Banks and Banking · Status: effective

Cite this

Citation: 12 CFR 1254.1, § 1254.1 Purpose and scope, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/50668
Permanent ID: ys:prov:50668@1
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Full text

(a) The purpose of this part is to set forth standards and criteria for the process an Enterprise must establish to validate and approve any credit score model that produces any credit score that the Enterprise requires in its mortgage purchase procedures and systems. (b) The validation and approval process for a credit score model includes the following phases: Solicitation of Applications, Submission of Applications and Initial Review, Credit Score Assessment, and Enterprise Business Assessment.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.