Milliman：2025年“贷款人选择”引入了抵押贷款审核违约率的偏差白皮书（英文版）

In July 2025,1 the Federal Housing Finance Agency (FHFA) announced the acceptance of VantageScore 4.0 (VantageScore) for mortgages sold to Fannie Mae and Freddie Mac. Prior to this announcement, the mortgage industry relied exclusively on Classic FICO for eligibility and loan pricing. After the initial announcement, the FHFA further indicated that lenders will have the choice of using Classic FICO or VantageScore—an option known as lender choice—for underwriting and pricing loans. The choice