Fair Isaac Shares Plunge 18% as FHFA Adds VantageScore to Single Mortgage Pricing Grid
Updated
Updated · CNBC · Sep 29
Fair Isaac Shares Plunge 18% as FHFA Adds VantageScore to Single Mortgage Pricing Grid
2 articles · Updated · CNBC · Sep 29
Summary
Fair Isaac fell 18% premarket after FHFA Director Bill Pulte said Fannie Mae and Freddie Mac will replace two mortgage pricing grids with one.
VantageScore will join the existing FICO Classic grid under the new setup, a shift Pulte said follows feedback from lenders and consumers seeking simpler pricing.
The move directly challenges FICO’s long-dominant role in U.S. mortgage underwriting by broadening the scoring options tied to agency-backed home loans.
Elsewhere in premarket trading, Summit Therapeutics jumped 18% on a $2 billion AstraZeneca investment, while CarMax rose more than 6% after earnings beat estimates.