Reauthorizes a pilot program to use additional credit data for FHA mortgages.

The bill reauthorizes a pilot program under the National Housing Act to establish an automated process for providing additional credit rating information for mortgagors and prospective mortgagors under certain mortgages. The pilot program aims to examine and evaluate the benefits of using a credit scoring model that uses additional data. The Secretary of Housing and Urban Development is required to select one or more commercially available credit scoring models that utilize additional data, based on the goals of the pilot program.

Reauthorizes a pilot program to use additional credit data for FHA mortgages.

The bill reauthorizes a pilot program under the National Housing Act to establish an automated process for providing additional credit rating information for mortgagors and prospective mortgagors under certain mortgages. The pilot program aims to examine and evaluate the benefits of using a credit scoring model that uses additional data. The Secretary of Housing and Urban Development is required to select one or more commercially available credit scoring models that utilize additional data, based on the goals of the pilot program.