§ 1254.1. Purpose and scope.
75 words·~1 min read·
/us/cfr/t12/s§ 1254.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.