; notice (i) In general The corporation shall establish a date before which the corporation shall make a determination with respect to any application submitted under subparagraph (C) and provide notice of such determination to the applicant. Such date shall not be later than 180 days after the date on which an application is submitted to the corporation. (ii) Extensions The Director of the Federal Housing Finance Agency may authorize up to 2 extensions of the date established under clause (i), each of which shall not exceed 30 days, upon the written request and a showing of good cause by the corporation. (iii) Status notice The corporation shall provide notice to an applicant regarding the status of an application submitted under subparagraph (C) not later than 60 days after the date on which the application was submitted to the corporation. (iv) Reasons for disapproval If an application is disapproved, the corporation shall provide to the applicant the reasons for the disapproval not later than 30 days after a determination is made under this subparagraph. (E) Authority of Director If the corporation elects to use a credit score under this paragraph, the Director of the Federal Housing Finance Agency shall require the corporation to routinely update the validation and approval process described in subparagraph (A)(ii) as the Director, in the Director’s discretion, deems to be necessary to ensure such process remains appropriate and adequate and complies with any standards and criteria established pursuant to section 1328 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. (F) Credit score defined In this paragraph, the term credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. . (b) Use of credit scores by Freddie Mac in purchasing residential mortgages Section 305 of the Federal Home Loan Mortgage Corporation Act