PennyMac Financial Services, Inc. Live with VantageScore 4.0 Across All Three Production Channels

David Spector, Chairman and CEO of PennyMac Financial Services, Inc.

“We intend to be at the vanguard of credit score modernization because we firmly believe it will lower costs and support homeownership across America.”

David Spector, Chairman and CEO of PennyMac Financial Services, Inc.

“This was studied and debated in Washington for the better part of a decade. FHFA and FHA moved it from talk to action, put firm dates on the calendar, and released the data the market needed to validate this model independently. That took resolve, and we applaud them for it. Anything worth doing is hard, and this is worth doing.”

David Spector, Chairman and CEO of PennyMac Financial Services, Inc.

“We are grateful to FHFA Director Pulte and HUD Secretary Turner for moving this forward. Credit scoring has never had a competitive market, and borrowers have paid for that through their closing costs. Markets with more than one credible option tend to produce better products at a lower cost, and credit scoring should be no different. Each provider now has a reason to improve predictive accuracy, extend coverage, and compete on price, and lenders have a basis for comparison they have not had before. Borrowers should feel the benefits of that competition directly.”