Bankers must periodically review their credit scoring systems to ensure they treat all applicants fairly, said a commentary adopted by the Federal Reserve Board on Friday.

The requirement is a change from December when the Fed proposed banks "monitor" their systems for fairness. Bankers had complained that the original standard would require them to check the system 24 hours a day.

The document, which addresses fair-lending issues, also explains how credit scoring systems should treat borrowers over age 62. It says systems that assign points for age must give elderly applicants the same grade as younger people who qualify for the highest score. That means a system must give elderly applicants an age score of 20 if the maximum score for any age group below 62 is 20.

The Fed also said lenders can require reverse mortgage applicants to be at least 62. They also can base a reverse mortgage's monthly payment on the applicant's age.

The regulator also said bankers cannot reject an applicant for a loan simply because they believe the individual's assets could potentially become property owned jointly with a spouse.

Finally, the Fed said bankers can require partners in a credit-worthy business to personally guarantee a loan.

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