VantageScore announced on Friday that president and CEO Silvio Tavares is stepping down after five years leading the credit scoring company, with Anthony Hutchinson appointed as interim CEO.
VantageScore‘s board has begun a formal search for a permanent successor, according to a company release. Hutchinson, who previously led VantageScore’s public affairs and government relations efforts, will work with the board and management team during the transition.
The company did not specify Tavares’ reason for stepping down, but the board credited Tavares with leading the company’s growth and strengthening its position in the credit scoring industry.
“We thank Silvio Tavares for his five years of strong leadership of VantageScore,” the board said in a statement. “During his tenure, VantageScore more than tripled its market presence and achieved numerous breakthroughs including widespread adoption in the U.S. mortgage credit-scoring market.”
Tavares said he was proud of the company’s growth and its efforts to expand access to credit.
“Together, we consistently delivered industry leading innovation and growth at a very high scale,” Tavares said. “Along the way VantageScore responsibly expanded access to credit so that millions more creditworthy Americans can achieve their American dream.”
Hutchinson brings more than 30 years of experience in housing finance, public policy and industry leadership. Before joining VantageScore four years ago, he held senior positions at Freddie Mac, Fannie Mae and the National Association of Realtors.
As interim CEO, Hutchinson said he plans to build on the company’s momentum and continue expanding adoption of its credit scoring models. VantageScore 4.0 in particular has gained traction across the mortgage industry since the Federal Housing Finance Agency approved its use by lenders originating loans through Fannie Mae and Freddie Mac.
In September, FHFA Director Bill Pulte also announced that the government-sponsored enterprises would use a single loan-level price adjustment (LLPA) matrix regardless of which approved credit scoring model lenders use.
“VantageScore is helping lenders make more predictive, inclusive and informed decisions across the credit lifecycle,” Hutchinson said. “We are delivering strong business momentum and growing market adoption of the most predictive, innovative and inclusive tri-bureau models and attributes in the U.S. market.”
