The fifth and final installment of the Fed's credit scoring series of articles, "Overrides and Second Review Process" is finished and in the mail. This installment completes the series Perspectives on Credit Scoring and Fair Mortgage Lending, developed by the Federal Reserve banks of Boston, Chicago, Cleveland, St. Louis and San Francisco, along with the Federal Reserve Board of Governors.
The articles gave the industry, concerned groups and individuals the opportunity to comment on issues surrounding the potential impact of credit scoring on mortgage applicants. In addition to an introduction and credit scoring overview, the series addresses credit scoring model development and maintenance, third-party broker issues, staff training, loan pricing, data accuracy, and the use of overrides and second reviews.
The complete series will soon be available online at www.stlouisfed.org. Simply go to Community Development and look under "other publications." For a paper copy of the entire series, contact Linda Aubuchon at (314) 444-8646, or 1-800-333-0810, ext. 44-8646. You may also e-mail her at email@example.com.
Donald L. Kohn and Ben S. Bernanke took the oath of office Aug. 5 as members of the Board of Governors of the Federal Reserve System. The oath was administered by Fed Chairman Alan Greenspan.
Dr. Kohn was nominated to a vacant seat last held by Laurence H. Meyer, whose term expired Jan. 31, 2002. Dr. Kohn's term expires Jan. 31, 2016. Dr. Bernanke was nominated to the seat vacated by the resignation of Edward W. Kelley Jr. on Dec. 31, 2001. The term expires Jan. 31, 2004.