Original Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act

This bill would restart and change an existing Federal Housing Administration (FHA) pilot program that lets home buyers choose to have their creditworthiness judged with a credit scoring model that uses additional data. Within one year, the Secretary of Housing and Urban Development would pick one or more commercially available scoring models for the pilot. Lenders would have to tell prospective borrowers about the option to opt in, how the model differs, and approved local housing counseling agencies. The pilot could not be used for refinancing loans on the same property, and the Secretary would report results to Congress and post them online. The bill authorizes $3 million for fiscal year 2023 and $1.5 million per year for fiscal years 2024 through 2027, and runs the pilot for 5 years from enactment.

Full text and official record on Congress.gov

Sponsors

• Al Green Democrat sponsor
• 0 cosponsors