FICO got 63% of April-June revenue via Equifax, Experian, TransUnion. They own its rival
From Oct. 1, Fannie Mae and Freddie Mac price a VantageScore like a FICO score of the same number, as Bill Pulte, head of their regulator, announced. Fannie's Sept. 9 grids priced it like a FICO score 20 points lower.
KeyVex News··6 min readFact-checked against 16 public recordsThe short version
- At a 790 score and 20% down, Fannie Mae's Sept. 9 grid charged a VantageScore $1,000 more than a FICO score on a $400,000 loan. The single grid, in effect from Oct. 1, does not.LLPA MatrixLender Letter
- Scores for new mortgages brought FICO about $285 million from April through June, 42% of its revenue, by KeyVex's math. Its call and filings don't say how much came from Fannie and Freddie loans.Call10-Q
- FICO's stock fell 26.5% on Sept. 29, leaving it 44.8% below where it closed on Sept. 3, the last session before Pulte ordered VantageScore opened to all lenders.Chart dataX post
- Pulte cited feedback from lenders and consumers. TD Cowen's Jaret Seiberg wrote that "as far as we can tell," FHFA "has not explained why it now views FICO and Vantage Scores as the same."X postInvesting.com
- Rocket Mortgage said Sept. 28 that VantageScore will be its default on eligible loans in the fourth quarter, after about four months of testing. Its release thanked Pulte but did not mention the grid.Rocket
On Sept. 28, after the market closed, Bill Pulte, director of the Federal Housing Finance Agency, or FHFA, posted a fee grid on X for Fannie Mae and Freddie Mac.X post Its fees matched Fannie Mae's purchase-loan grid for Classic FICO scores cell for cell, under a new label: "VantageScore 4.0/Classic FICO Score."X postLLPA Matrix
"Fannie and Freddie are hereby moving to ONE PRICING GRID," Pulte wrote, citing "feedback from lenders and consumers."X post On Sept. 30, the two posted single grids with the Classic FICO fees, effective Oct. 1.Lender LetterExhibit 19 Fannie Mae's grids set the upfront fee a lender pays on each loan Fannie buys, by credit score and by how much of the home's value the loan covers. On its Sept. 9 grids, a FICO score never cost more than a VantageScore of the same number, and at many scores it cost less.LLPA Matrix
Fair Isaac, which goes by FICO, sells most of its scores to lenders through Equifax, Experian and TransUnion.10-K Agreements with the three generated 63% of its revenue from April through June, up from 54% a year earlier.10-Q They set up VantageScore as a joint venture, FICO's annual report says.10-K Pulte's post did not mention them.X post
FICO's stock fell 26.5% on Sept. 29, the first full trading day after the post, to $617.87. Equifax fell 3.4% and TransUnion 2.9% that day.Chart dataEFXTRU
- 1July 8, 2025 FHFA says lenders may use VantageScore 4.0 or Classic FICO. An interim policy for loans sold to Fannie Mae and Freddie Mac. FICO closes down 8.9% at $1,703.17.
- 2April 22, 2026 Fannie Mae and Freddie Mac start accepting VantageScore loans. A limited rollout to approved lenders. FICO closes at $970.17.
- 3July 29, 2026 FICO's finance chief says mortgage origination revenue rose 97%. On the earnings call after the close. FICO closes at $1,139.54 on July 30, down 17.0%.
- 4Sept. 3, 2026 Pulte orders Fannie and Freddie to approve all lenders for VantageScore. Posted at 8:39 p.m. FICO closes at $932.26 on Sept. 4, down 16.7%.
- 5Sept. 9, 2026 Fannie Mae and Freddie Mac open VantageScore to all lenders. Fannie Mae's grids priced a VantageScore like a FICO score 20 points lower.
- 6Sept. 28, 2026 Pulte announces one pricing grid; Rocket says VantageScore will be its default. Posted at 4:35 p.m. and 6:56 p.m., after FICO's close of $840.89. Rocket's release does not mention the grid.
- 7Sept. 29, 2026 FICO's first full trading day after the one-grid post. FICO closes down 26.5% at $617.87.
View the data (314 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-09-29 | $617.87 | −26.5% |
| 2026-09-28 | $840.89 | −2.6% |
| 2026-09-25 | $863.09 | +0.8% |
| 2026-09-24 | $856.48 | −2.6% |
| 2026-09-23 | $879.62 | −3.8% |
| 2026-09-22 | $914.48 | −1.1% |
| 2026-09-21 | $924.52 | −2.6% |
| 2026-09-18 | $949.68 | −1.7% |
| 2026-09-17 | $966.30 | −2.5% |
| 2026-09-16 | $991.35 | +0.5% |
| 2026-09-15 | $985.96 | −1.6% |
| 2026-09-14 | $1001.50 | +1.6% |
| 2026-09-11 | $985.39 | +2.6% |
| 2026-09-10 | $960.67 | −2.3% |
| 2026-09-09 | $983.19 | +5.3% |
| 2026-09-08 | $933.30 | +0.1% |
| 2026-09-04 | $932.26 | −16.7% |
| 2026-09-03 | $1118.93 | +1.8% |
| 2026-09-02 | $1099.45 | −0.4% |
| 2026-09-01 | $1103.68 | −3.8% |
| 2026-08-31 | $1147.21 | −0.6% |
| 2026-08-28 | $1153.57 | −0.3% |
| 2026-08-27 | $1157.06 | +2.1% |
| 2026-08-26 | $1133.70 | −0.3% |
| 2026-08-25 | $1137.14 | −2.5% |
| 2026-08-24 | $1166.40 | −0.5% |
| 2026-08-21 | $1172.67 | +2.0% |
| 2026-08-20 | $1149.75 | −1.0% |
| 2026-08-19 | $1161.59 | +7.7% |
| 2026-08-18 | $1078.12 | +1.3% |
| 2026-08-17 | $1064.41 | −2.0% |
| 2026-08-14 | $1085.78 | −2.2% |
| 2026-08-13 | $1110.70 | +6.4% |
| 2026-08-12 | $1044.21 | +0.6% |
| 2026-08-11 | $1038.23 | −1.1% |
| 2026-08-10 | $1049.74 | +0.8% |
| 2026-08-07 | $1041.40 | +0.9% |
| 2026-08-06 | $1031.89 | −5.5% |
| 2026-08-05 | $1091.55 | +4.3% |
| 2026-08-04 | $1046.99 | +0.1% |
| 2026-08-03 | $1045.46 | −6.9% |
| 2026-07-31 | $1122.97 | −1.5% |
| 2026-07-30 | $1139.54 | −17.0% |
| 2026-07-29 | $1373.08 | +2.8% |
| 2026-07-28 | $1336.22 | +4.3% |
| 2026-07-27 | $1280.57 | +3.5% |
| 2026-07-24 | $1237.37 | +2.6% |
| 2026-07-23 | $1206.19 | −1.3% |
| 2026-07-22 | $1221.47 | −0.5% |
| 2026-07-21 | $1227.34 | −2.9% |
| 2026-07-20 | $1263.83 | +0.5% |
| 2026-07-17 | $1257.11 | +1.3% |
| 2026-07-16 | $1241.22 | +2.9% |
| 2026-07-15 | $1205.79 | −0.4% |
| 2026-07-14 | $1210.52 | −5.3% |
| 2026-07-13 | $1278.25 | +2.2% |
| 2026-07-10 | $1250.90 | −2.2% |
| 2026-07-09 | $1279.41 | +1.1% |
| 2026-07-08 | $1266.08 | −2.6% |
| 2026-07-07 | $1300.27 | +1.1% |
| 2026-07-06 | $1286.51 | +1.2% |
| 2026-07-02 | $1270.83 | +5.3% |
| 2026-07-01 | $1206.65 | +1.0% |
| 2026-06-30 | $1194.78 | +1.5% |
| 2026-06-29 | $1177.52 | −0.4% |
| 2026-06-26 | $1182.79 | +3.4% |
| 2026-06-25 | $1143.48 | +0.3% |
| 2026-06-24 | $1140.34 | +3.7% |
| 2026-06-23 | $1099.41 | +0.8% |
| 2026-06-22 | $1090.85 | −0.5% |
| 2026-06-18 | $1096.48 | −2.7% |
| 2026-06-17 | $1126.84 | −5.0% |
| 2026-06-16 | $1186.24 | +0.4% |
| 2026-06-15 | $1181.62 | +0.2% |
| 2026-06-12 | $1179.19 | −0.5% |
| 2026-06-11 | $1185.37 | −2.9% |
| 2026-06-10 | $1220.15 | −0.4% |
| 2026-06-09 | $1225.15 | +1.5% |
| 2026-06-08 | $1207.34 | +6.2% |
| 2026-06-05 | $1137.33 | −2.5% |
| 2026-06-04 | $1166.70 | −0.7% |
| 2026-06-03 | $1174.66 | −6.1% |
| 2026-06-02 | $1251.63 | −2.6% |
| 2026-06-01 | $1284.75 | +2.7% |
| 2026-05-29 | $1250.59 | −3.5% |
| 2026-05-28 | $1296.36 | +1.4% |
| 2026-05-27 | $1278.47 | +1.5% |
| 2026-05-26 | $1259.89 | +1.6% |
| 2026-05-22 | $1239.91 | +1.0% |
| 2026-05-21 | $1228.10 | −0.2% |
| 2026-05-20 | $1230.23 | +3.7% |
| 2026-05-19 | $1186.15 | +0.4% |
| 2026-05-18 | $1181.82 | +7.6% |
| 2026-05-15 | $1098.59 | +2.0% |
| 2026-05-14 | $1076.93 | +1.2% |
| 2026-05-13 | $1064.64 | −2.0% |
| 2026-05-12 | $1086.00 | −0.5% |
| 2026-05-11 | $1092.00 | −3.0% |
| 2026-05-08 | $1126.00 | −0.2% |
| 2026-05-07 | $1128.39 | +5.8% |
| 2026-05-06 | $1067.00 | +0.1% |
| 2026-05-05 | $1066.27 | +0.6% |
| 2026-05-04 | $1060.00 | +2.4% |
| 2026-05-01 | $1035.50 | +1.0% |
| 2026-04-30 | $1025.00 | −1.8% |
| 2026-04-29 | $1043.57 | +3.3% |
| 2026-04-28 | $1010.50 | −0.3% |
| 2026-04-27 | $1013.83 | +0.9% |
| 2026-04-24 | $1004.72 | +2.5% |
| 2026-04-23 | $979.76 | +1.0% |
| 2026-04-22 | $970.17 | −6.4% |
| 2026-04-21 | $1036.70 | −2.5% |
| 2026-04-20 | $1063.41 | −0.9% |
| 2026-04-17 | $1073.52 | +0.3% |
| 2026-04-16 | $1069.93 | +3.8% |
| 2026-04-15 | $1030.81 | +2.3% |
| 2026-04-14 | $1007.28 | +0.6% |
| 2026-04-13 | $1000.91 | +8.5% |
| 2026-04-10 | $922.37 | −14.0% |
| 2026-04-09 | $1072.35 | −1.8% |
| 2026-04-08 | $1092.04 | +0.9% |
| 2026-04-07 | $1082.08 | −1.1% |
| 2026-04-06 | $1094.32 | +0.4% |
| 2026-04-02 | $1089.76 | +2.6% |
| 2026-04-01 | $1061.99 | −0.5% |
| 2026-03-31 | $1067.54 | +1.9% |
| 2026-03-30 | $1047.94 | +3.6% |
| 2026-03-27 | $1011.06 | −2.8% |
| 2026-03-26 | $1039.84 | −0.3% |
| 2026-03-25 | $1043.10 | +4.8% |
| 2026-03-24 | $995.00 | −6.4% |
| 2026-03-23 | $1063.33 | −5.7% |
| 2026-03-20 | $1127.62 | +1.3% |
| 2026-03-19 | $1113.16 | −7.5% |
| 2026-03-18 | $1203.70 | +0.3% |
| 2026-03-17 | $1199.93 | +3.3% |
| 2026-03-16 | $1161.53 | +2.7% |
| 2026-03-13 | $1131.22 | +3.4% |
| 2026-03-12 | $1093.62 | −6.1% |
| 2026-03-11 | $1165.23 | −9.3% |
| 2026-03-10 | $1285.15 | −10.8% |
| 2026-03-09 | $1441.20 | −2.4% |
| 2026-03-06 | $1476.00 | +0.1% |
| 2026-03-05 | $1475.09 | +0.8% |
| 2026-03-04 | $1464.01 | +1.1% |
| 2026-03-03 | $1448.02 | +2.9% |
| 2026-03-02 | $1407.54 | −0.1% |
| 2026-02-27 | $1409.36 | +1.5% |
| 2026-02-26 | $1388.44 | +6.7% |
| 2026-02-25 | $1300.94 | +6.0% |
| 2026-02-24 | $1227.63 | −4.2% |
| 2026-02-23 | $1281.64 | −5.1% |
| 2026-02-20 | $1350.45 | −0.2% |
| 2026-02-19 | $1352.73 | −1.0% |
| 2026-02-18 | $1366.93 | +1.1% |
| 2026-02-17 | $1351.60 | +0.5% |
| 2026-02-13 | $1344.74 | +0.5% |
| 2026-02-12 | $1337.64 | −1.9% |
| 2026-02-11 | $1363.31 | −1.3% |
| 2026-02-10 | $1380.68 | +0.6% |
| 2026-02-09 | $1372.76 | −1.3% |
| 2026-02-06 | $1391.00 | +2.5% |
| 2026-02-05 | $1357.34 | −2.1% |
| 2026-02-04 | $1386.88 | +4.4% |
| 2026-02-03 | $1328.07 | −8.5% |
| 2026-02-02 | $1450.91 | −0.8% |
| 2026-01-30 | $1463.17 | −2.6% |
| 2026-01-29 | $1501.75 | −1.6% |
| 2026-01-28 | $1525.67 | −1.3% |
| 2026-01-27 | $1545.00 | −0.4% |
| 2026-01-26 | $1550.74 | +0.4% |
| 2026-01-23 | $1544.69 | −0.8% |
| 2026-01-22 | $1556.95 | +1.4% |
| 2026-01-21 | $1535.54 | +2.7% |
| 2026-01-20 | $1494.50 | −4.6% |
| 2026-01-16 | $1567.19 | −0.9% |
| 2026-01-15 | $1581.19 | −2.2% |
| 2026-01-14 | $1616.29 | −0.4% |
| 2026-01-13 | $1623.18 | −0.5% |
| 2026-01-12 | $1631.31 | −2.1% |
| 2026-01-09 | $1665.53 | +5.0% |
| 2026-01-08 | $1585.60 | +0.3% |
| 2026-01-07 | $1580.51 | −1.2% |
| 2026-01-06 | $1599.96 | −3.2% |
| 2026-01-05 | $1653.48 | +0.6% |
| 2026-01-02 | $1643.27 | −2.8% |
| 2025-12-31 | $1690.62 | −3.2% |
| 2025-12-30 | $1745.75 | −1.5% |
| 2025-12-29 | $1771.69 | +1.1% |
| 2025-12-26 | $1753.19 | +1.3% |
| 2025-12-24 | $1731.01 | +0.3% |
| 2025-12-23 | $1725.78 | −1.0% |
| 2025-12-22 | $1742.63 | −0.3% |
| 2025-12-19 | $1748.43 | −0.7% |
| 2025-12-18 | $1761.41 | +0.4% |
| 2025-12-17 | $1755.02 | −2.1% |
| 2025-12-16 | $1792.13 | −0.9% |
| 2025-12-15 | $1807.73 | −2.0% |
| 2025-12-12 | $1844.98 | +1.0% |
| 2025-12-11 | $1825.83 | +4.2% |
| 2025-12-10 | $1752.24 | 0.0% |
| 2025-12-09 | $1751.69 | −0.5% |
| 2025-12-08 | $1760.45 | −2.1% |
| 2025-12-05 | $1798.53 | +1.5% |
| 2025-12-04 | $1771.87 | +0.5% |
| 2025-12-03 | $1762.35 | −0.9% |
| 2025-12-02 | $1778.71 | +0.6% |
| 2025-12-01 | $1768.68 | −2.1% |
| 2025-11-28 | $1805.83 | +0.5% |
| 2025-11-26 | $1797.27 | −0.7% |
| 2025-11-25 | $1810.00 | +3.5% |
| 2025-11-24 | $1748.25 | −2.2% |
| 2025-11-21 | $1788.20 | +3.9% |
| 2025-11-20 | $1720.55 | −0.9% |
| 2025-11-19 | $1736.16 | +0.6% |
| 2025-11-18 | $1724.97 | −2.0% |
| 2025-11-17 | $1760.25 | +1.1% |
| 2025-11-14 | $1741.37 | +0.2% |
| 2025-11-13 | $1737.27 | −2.3% |
| 2025-11-12 | $1777.91 | −1.1% |
| 2025-11-11 | $1797.69 | +2.4% |
| 2025-11-10 | $1756.34 | +0.9% |
| 2025-11-07 | $1740.00 | +3.9% |
| 2025-11-06 | $1674.80 | +2.8% |
| 2025-11-05 | $1629.20 | +1.4% |
| 2025-11-04 | $1606.10 | −2.7% |
| 2025-11-03 | $1650.51 | −0.5% |
| 2025-10-31 | $1659.53 | +4.7% |
| 2025-10-30 | $1585.36 | +1.2% |
| 2025-10-29 | $1566.90 | −6.0% |
| 2025-10-28 | $1666.64 | −1.1% |
| 2025-10-27 | $1685.09 | +1.1% |
| 2025-10-24 | $1667.00 | +3.2% |
| 2025-10-23 | $1615.36 | +2.6% |
| 2025-10-22 | $1573.94 | +0.5% |
| 2025-10-21 | $1565.83 | −3.4% |
| 2025-10-20 | $1620.39 | +0.3% |
| 2025-10-17 | $1616.00 | −0.3% |
| 2025-10-16 | $1620.14 | −1.0% |
| 2025-10-15 | $1636.65 | −0.8% |
| 2025-10-14 | $1649.51 | 0.0% |
| 2025-10-13 | $1649.99 | −0.9% |
| 2025-10-10 | $1665.21 | −2.5% |
| 2025-10-09 | $1708.77 | +0.8% |
| 2025-10-08 | $1695.01 | −9.8% |
| 2025-10-07 | $1879.55 | +1.6% |
| 2025-10-06 | $1850.18 | 0.0% |
| 2025-10-03 | $1850.65 | +3.7% |
| 2025-10-02 | $1784.68 | +18.0% |
| 2025-10-01 | $1512.71 | +1.1% |
| 2025-09-30 | $1496.53 | −1.9% |
| 2025-09-29 | $1525.44 | +0.4% |
| 2025-09-26 | $1518.78 | −1.9% |
| 2025-09-25 | $1548.36 | +0.3% |
| 2025-09-24 | $1543.18 | +0.5% |
| 2025-09-23 | $1534.77 | −0.3% |
| 2025-09-22 | $1538.95 | +4.2% |
| 2025-09-19 | $1477.21 | −2.9% |
| 2025-09-18 | $1522.10 | −1.9% |
| 2025-09-17 | $1551.83 | −0.1% |
| 2025-09-16 | $1553.54 | −0.1% |
| 2025-09-15 | $1555.21 | +0.7% |
| 2025-09-12 | $1544.05 | −3.3% |
| 2025-09-11 | $1596.56 | +4.3% |
| 2025-09-10 | $1530.36 | −1.0% |
| 2025-09-09 | $1546.56 | +0.5% |
| 2025-09-08 | $1538.20 | +0.4% |
| 2025-09-05 | $1531.99 | +0.9% |
| 2025-09-04 | $1518.92 | −0.1% |
| 2025-09-03 | $1520.75 | +1.1% |
| 2025-09-02 | $1504.88 | −1.1% |
| 2025-08-29 | $1521.64 | +1.0% |
| 2025-08-28 | $1506.37 | +6.1% |
| 2025-08-27 | $1419.37 | −0.1% |
| 2025-08-26 | $1420.13 | −0.3% |
| 2025-08-25 | $1423.87 | +0.6% |
| 2025-08-22 | $1415.90 | +4.0% |
| 2025-08-21 | $1361.72 | +1.3% |
| 2025-08-20 | $1344.11 | −2.9% |
| 2025-08-19 | $1384.93 | +2.6% |
| 2025-08-18 | $1350.14 | +0.5% |
| 2025-08-15 | $1343.16 | +1.9% |
| 2025-08-14 | $1318.18 | −1.3% |
| 2025-08-13 | $1335.29 | +1.3% |
| 2025-08-12 | $1318.70 | +0.6% |
| 2025-08-11 | $1311.26 | −0.7% |
| 2025-08-08 | $1320.88 | −1.0% |
| 2025-08-07 | $1333.62 | −4.3% |
| 2025-08-06 | $1393.61 | +3.8% |
| 2025-08-05 | $1343.12 | −1.3% |
| 2025-08-04 | $1360.99 | −1.5% |
| 2025-08-01 | $1381.07 | −3.9% |
| 2025-07-31 | $1436.72 | −6.0% |
| 2025-07-30 | $1527.80 | +1.5% |
| 2025-07-29 | $1505.06 | −0.6% |
| 2025-07-28 | $1513.73 | −1.2% |
| 2025-07-25 | $1532.52 | −0.2% |
| 2025-07-24 | $1535.80 | +0.3% |
| 2025-07-23 | $1531.26 | 0.0% |
| 2025-07-22 | $1531.63 | 0.0% |
| 2025-07-21 | $1531.09 | −0.7% |
| 2025-07-18 | $1541.62 | +1.1% |
| 2025-07-17 | $1525.29 | −0.7% |
| 2025-07-16 | $1536.75 | +2.0% |
| 2025-07-15 | $1507.15 | −2.6% |
| 2025-07-14 | $1547.02 | +0.2% |
| 2025-07-11 | $1544.23 | −2.5% |
| 2025-07-10 | $1584.38 | −0.5% |
| 2025-07-09 | $1591.73 | −6.5% |
| 2025-07-08 | $1703.17 | −8.9% |
| 2025-07-07 | $1869.83 | +0.8% |
| 2025-07-03 | $1855.38 | +0.7% |
| 2025-07-02 | $1842.78 | 0.0% |
| 2025-07-01 | $1843.18 |
Source: Tiingo end-of-day closes, as traded, via KeyVex. The Filings switch shows a selection of KeyVex's filing records for FICO, not a complete list and not only those in this story. Its insider-sale markers do not say whether a sale was under a prearranged trading plan.
What the grids charge
FHFA said in July 2025 that lenders could use VantageScore 4.0 or Classic FICO, the model Fannie and Freddie had required for decades, on loans sold to the two.FHFA On Sept. 9, 2026, they opened VantageScore to all lenders, and Fannie Mae's fee matrix gave it grids of its own.Lender LetterFHFA
The 20-point step covered purchases and both kinds of refinancing.LLPA Matrix Freddie Mac used the same step, HousingWire reported.HousingWire On a purchase loan with 20% down, the gap ran from nothing to half a percentage point of the loan, depending on the score.LLPA Matrix
View the data
| Credit score | Fee on the single grid from Oct. 1 (the Classic FICO fee) | Added for a VantageScore on the Sept. 9 grid | VantageScore fee, Sept. 9 grid | Sept. 9 grid tiers |
|---|---|---|---|---|
| Score of 800 Tiers: FICO 780+ · VantageScore 800+ | 0.375 | 0 | 0.375 | FICO 780+ · VantageScore 800+ |
| Score of 790 Tiers: FICO 780+ · VantageScore 780-799 | 0.375 | 0.25 | 0.625 | FICO 780+ · VantageScore 780-799 |
| Score of 770 Tiers: FICO 760-779 · VantageScore 760-779 | 0.625 | 0.25 | 0.875 | FICO 760-779 · VantageScore 760-779 |
| Score of 750 Tiers: FICO 740-759 · VantageScore 740-759 | 0.875 | 0.375 | 1.25 | FICO 740-759 · VantageScore 740-759 |
| Score of 730 Tiers: FICO 720-739 · VantageScore 720-739 | 1.25 | 0.125 | 1.375 | FICO 720-739 · VantageScore 720-739 |
| Score of 710 Tiers: FICO 700-719 · VantageScore 700-719 | 1.375 | 0.375 | 1.75 | FICO 700-719 · VantageScore 700-719 |
| Score of 690 Tiers: FICO 680-699 · VantageScore 680-699 | 1.75 | 0.125 | 1.875 | FICO 680-699 · VantageScore 680-699 |
| Score of 670 Tiers: FICO 660-679 · VantageScore 660-679 | 1.875 | 0.375 | 2.25 | FICO 660-679 · VantageScore 660-679 |
| Score of 650 Tiers: FICO 640-659 · VantageScore 659 and below | 2.25 | 0.5 | 2.75 | FICO 640-659 · VantageScore 659 and below |
| Score of 630 Tiers: FICO 639 and below · VantageScore 659 and below | 2.75 | 0 | 2.75 | FICO 639 and below · VantageScore 659 and below |
Each bar is the Sept. 9 fee for a VantageScore of that number; the teal part is the fee for a FICO score of that number, which Fannie Mae's single grid charges both from Oct. 1. Sources: Fannie Mae LLPA Matrix dated Sept. 9, 2026, and the Sept. 30, 2026 matrix that replaced it; the grid image in Pulte's Sept. 28 post.
When lenders pick the score, "the lender is incentivized to use the highest score of the two," said Jonathan Glowacki of the actuarial firm Milliman, HousingWire reported. "The 20-point adjustment could mitigate some of that risk," he said. With the step, Milliman found, VantageScore gave the lower fee about 25% of the time and Classic FICO about 40%.HousingWire
TD Cowen analyst Jaret Seiberg called the change "effectively an across the board cut in loan level pricing adjustments," the grids' fees, Investing.com reported. He expects most borrowers to qualify for lower prices using VantageScore, he wrote. He also wrote that "as far as we can tell," FHFA "has not explained why it now views FICO and Vantage Scores as the same."Investing.com
If the Sept. 9 grids measured risk accurately, Seiberg wrote, Fannie and Freddie "are taking on more risk with each Vantage Score loan without being compensated." He added that "what limits risk to FICO is the MBS market," the market for mortgage bonds, "which wants the FICO score."Investing.com
RBC analyst Ashish Sabadra wrote that the change "meaningfully raises the risk of score shopping," Investing.com reported.Investing.com
VantageScore said after the Sept. 9 grids that its score "expands access to mortgage credit while reducing risk," HousingWire reported.HousingWire In a statement HousingWire published Sept. 29, Tony Hutchinson, VantageScore's executive vice president and head of public affairs, said lenders and consumers "finally have both" score competition and score choice, "thanks to the FHFA Director's decisive actions."HousingWire
Rocket Mortgage, which calls itself the nation's largest mortgage lender, said Sept. 28 that VantageScore 4.0 will be its default score in the fourth quarter. It pulled 1.4 million credit reports with both scores this year, it said, and borrowers who saved money with VantageScore saved an average of $1,600 at closing.Rocket
The switch covers Rocket's direct-to-consumer loans that already allow VantageScore. FHA, jumbo, home equity and some other loans will still use FICO for now, Rocket said.Rocket
TransUnion, one of VantageScore's owners, said Sept. 29 that VantageScore 4.0 will stay 99 cents per stand-alone mortgage score through 2028, and at no extra cost for mortgage customers who buy a FICO score. Its release cited FHFA's September expansion, not the grid.TransUnion
FICO's mortgage score business
FICO's Scores unit had revenue of $458.9 million from April through June, up 41%. Its score sales to businesses rose 49%, "primarily attributable to a higher mortgage origination scores unit price," the company said.8-K10-Q
Revenue from scores for new mortgages rose 97% and made up "62% of total Scores revenues," Chief Financial Officer Steven Weber said on the July 29 earnings call.Call By KeyVex's math, that is about $285 million, or 42% of FICO's revenue.8-K Neither the call nor FICO's filings say how much came from loans sold to Fannie Mae and Freddie Mac.10-Q
The Scores unit kept 91% of its revenue as operating income, up from 88%, mainly on the higher mortgage score price, the 10-Q says.10-Q FICO's annual report warns that less use of its score by Fannie Mae and Freddie Mac "could have a material adverse effect" on its revenue and stock price. It names FHFA's July 2025 decision to let lenders choose the score among changes that "could also affect the demand for FICO Scores."10-K
On the July 29 call, Chief Executive Will Lansing said FICO was not losing mortgage score volume to VantageScore, which he said suggested lenders were pulling both scores.Call
We think it's bad policy because it encourages gaming.
Pulte's Sept. 3 post, which ordered VantageScore opened to all lenders, said "FICO has enjoyed a monopoly. No more."X post After that post, FICO said in a statement to HousingWire that it "supports Director Pulte's commitment to foster a competitive environment that is based on performance, trusted analytics, and outcomes for borrowers, lenders, and investors."HousingWire
Who owns the rival
The three bureaus' share of FICO's revenue rose each year, from 41% in fiscal 2023 to 51% in fiscal 2025, which ended Sept. 30, 2025.10-K
FICO wrote in September 2025 that VantageScore's owners "also control the data, pricing and the distribution channels" for both scores. It said that lack of independence "poses an inherent conflict of interest."FICO blog
Pulte has also criticized the bureaus. Minutes before his Sept. 3 post on FICO, he wrote that they "have been overcharging Americans for far too long" and that FHFA is "seriously considering bi-merge." Bi-merge uses credit reports from two of the three bureaus instead of all three.X postFHFA Spokespeople for the three did not immediately reply to HousingWire's request for comment, it reported.HousingWire
Both Sept. 3 posts came after the market closed. On Sept. 4, Pulte added in another post that FHFA is "also studying the usage of just one credit report," HousingWire reported.HousingWire That day, FICO fell 16.7%, Equifax 6.4% and TransUnion 5.9%.Chart dataEFXTRU
What lenders still decide
The single grids cover purchases and both kinds of refinancing, Fannie Mae's matrix shows.LLPA Matrix Lenders may pick either score for each eligible loan, its letter says, but must use one model for all borrowers on it.Lender Letter
Key dates
- FHFA says lenders may use VantageScore 4.0 or Classic FICO on loans sold to Fannie Mae and Freddie Mac.FHFA
- Fannie Mae and Freddie Mac begin accepting VantageScore loans from approved lenders.FHFA
- Fannie Mae and Freddie Mac open VantageScore to all lenders; Fannie Mae's grids set it 20 points apart.Lender LetterLLPA Matrix
- TransUnion says VantageScore 4.0 will stay 99 cents per stand-alone mortgage score through 2028, citing FHFA's September expansion, not the grid.TransUnion
- FICO closes down 26.5% at $617.87.Chart data
- Fannie Mae and Freddie Mac post single grids for both scores, with the Classic FICO fees, effective Oct. 1.Lender LetterLLPA MatrixExhibit 19
Also in the filings: FICO's buyback and insider trades
FICO's filings also show how it spent and borrowed this year. Nothing in them ties these steps to FHFA's decisions.
From April through June, FICO acquired 1.71 million of its own shares at an average price of $1,148.84, its 10-Q shows.10-Q That included an accelerated buyback: FICO paid Wells Fargo Securities $1.5 billion up front, from a loan of the same size borrowed June 5, for shares delivered in stages. It expected the buyback to be completed by Sept. 30.8-K10-Q
From July 29 through Sept. 29, FICO's insiders filed three Form 4s, the reports officers and directors make after most trades. One shows an open-market sale. Director Eva Manolis exercised options on 967 shares and sold them July 29 at an average of $1,400, under a Rule 10b5-1 trading plan she adopted March 19, her Form 4 and Form 144 show. Such plans set the terms of trades in advance.Form 4Form 144 The other two, from directors Braden Kelly and Henry Tayloe Stansbury, report no sales.Form 4Form 4
The paper trail
The records behind this story, July 29 through Sept. 30, with the time EDGAR accepted each SEC filing and the time of each post or release.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| July 29, 4:16 p.m. | 8-K | Fair Isaac | Third-quarter results: Scores revenue up 41%; business-to-business score revenue up 49% on a higher mortgage score price. |
| July 29, 4:16 p.m. | 10-Q | Fair Isaac | Scores segment margin 91%. 63% of revenue from agreements with the three bureaus. 1,710,361 shares acquired at an average $1,148.84, all but 4,947 under repurchase programs. Debt of $5.58 billion. |
| July 29, 4:20 p.m. | 144 | Eva Manolis | Notice of a sale of 967 shares under a plan adopted March 19. |
| July 31, 4:56 p.m. | 4 | Eva Manolis | Sold 967 shares at an average of $1,400 on July 29, under the plan. |
| Aug. 25, 5:17 p.m. | 4 | Braden Kelly | Exercised options. No sales. |
| Aug. 25, 5:18 p.m. | 4 | Henry Tayloe Stansbury | Restricted stock units vested. No sales. |
| Sept. 3, 8:35 p.m. | X post | Bill Pulte, FHFA | The bureaus "have been overcharging Americans"; FHFA is "seriously considering bi-merge." |
| Sept. 3, 8:39 p.m. | X post | Bill Pulte, FHFA | Orders Fannie Mae and Freddie Mac to approve all lenders for VantageScore. |
| Sept. 9 | LL-2026-06 | Fannie Mae | VantageScore 4.0 open to all lenders; FICO Score 10T not yet eligible. |
| Sept. 9 | LLPA Matrix | Fannie Mae | Separate VantageScore grids, 20 points apart from FICO's (replaced Sept. 30). |
| Sept. 28, 4:35 p.m. | X post | Bill Pulte, FHFA | One pricing grid, with an image of the unified purchase grid. |
| Sept. 28, 6:56 p.m. | Release | Rocket Mortgage | VantageScore 4.0 to be its default on eligible loans in the fourth quarter. |
| Sept. 29, 6:17 a.m. | Release | TransUnion | VantageScore 4.0 to stay 99 cents per stand-alone mortgage score through 2028, and at no additional cost with a FICO score. |
| Sept. 30 | LL-2026-06 | Fannie Mae | Reissued: pricing for Classic FICO and VantageScore 4.0 aligned, for whole loans bought, and loans in bonds issued, from Oct. 1. |
| Sept. 30 | LLPA Matrix | Fannie Mae | Separate VantageScore grids removed; one grid for both scores, with the Classic FICO fees. |
| Sept. 30 | Exhibit 19 | Freddie Mac | One base grid for either score, for loans Freddie Mac buys from Oct. 1 (Bulletin 2026-K). |
What to watch
Rocket Mortgage's switch to VantageScore 4.0 as its default score on eligible loans, per its Sept. 28 release.
FICO's results for its fiscal fourth quarter, July through September. It reported the same quarter last year on Nov. 5, 2025.
Sources
Public records
- Bill Pulte, FHFA director, post on X announcing one pricing grid, with the "Unified Single-family Pricing Grid" imageX · Sept. 28, 2026
- Bill Pulte, post on X instructing Fannie Mae and Freddie Mac to approve all lenders for VantageScoreX · Sept. 3, 2026
- Bill Pulte, post on X on the credit bureaus and bi-mergeX · Sept. 3, 2026
- Fannie Mae Loan-Level Price Adjustment Matrix: the Sept. 9, 2026 version, with separate VantageScore grids, and the Sept. 30, 2026 version that replaced it at the same address (the link opens the current version; KeyVex kept a copy of the Sept. 9 one)Fannie Mae · Sept. 9 and Sept. 30, 2026
- Fannie Mae Lender Letter LL-2026-06: VantageScore 4.0 Broad Lender AvailabilityFannie Mae · Sept. 9, 2026; updated Sept. 30, 2026
- Freddie Mac Single-Family Seller/Servicer Guide, Exhibit 19: Credit Fees (Bulletin 2026-K; the link opens the current version)Freddie Mac · Sept. 30, 2026
- Credit Scores (policy page and timeline)Federal Housing Finance Agency · updated Sept. 9, 2026
- "Homebuying Advances into New Era of Credit Score Competition"Federal Housing Finance Agency · April 22, 2026
- Fair Isaac Corp., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · July 29, 2026
- Fair Isaac Corp., Form 8-K, Exhibit 99.1: third-quarter fiscal 2026 resultsSEC EDGAR · July 29, 2026
- Fair Isaac Corp., Form 10-K for the year ended Sept. 30, 2025SEC EDGAR · Nov. 7, 2025
- Fair Isaac Corp., Form 8-K: $1.5 billion term loan and accelerated share repurchaseSEC EDGAR · June 8, 2026
- Form 144, Eva ManolisSEC EDGAR · July 29, 2026
- Form 4, Eva ManolisSEC EDGAR · July 31, 2026
- Form 4, Braden R. KellySEC EDGAR · Aug. 25, 2026
- Form 4, Henry Tayloe StansburySEC EDGAR · Aug. 25, 2026
Reporting
- Rocket Mortgage press release: "Rocket Mortgage Becomes First Home Lender to Use VantageScore as its Preferred Scoring Model on All Eligible Loans"Rocket Mortgage (PR Newswire) · Sept. 28, 2026
- TransUnion press release: "TransUnion Extends 99-Cent Mortgage Pricing for VantageScore 4.0 Through the End of 2028 to Support Competition and Price Stability in Mortgage Credit Scoring"TransUnion · Sept. 29, 2026
- FICO company blog post: "The path forward for fair credit scoring competition" (Julie May)FICO · Sept. 29, 2025
- FICO third-quarter fiscal 2026 earnings call transcriptThe Motley Fool · July 29, 2026 call
- "FICO stock drops 20%: Analysts break down the impact of FHFA's single pricing grid" (as syndicated on Yahoo Finance)Investing.com · Sept. 29, 2026
- "New credit score pricing grids point to higher borrower costs, report shows"HousingWire · Sept. 10, 2026
- "FHFA says Fannie, Freddie will use one LLPA grid for FICO and VantageScore"HousingWire · Sept. 29, 2026
- "Pulte says FHFA weighing bi-merge, single credit report"HousingWire · Sept. 4, 2026
Data
- End-of-day prices for FICO, EFX and TRU, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Sept. 29, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for FICOKeyVex · through Sept. 29, 2026
How we got these numbers
- Prices are end-of-day closes as traded. Daily moves are close to close. Every FICO close in the chart's Story range is in its data table. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to FICO's close at the start of the range shown. The Filings switch starts off. It shows a selection of KeyVex's filing records for FICO (the largest Congress and insider trades, large Form 144 notices, earnings 8-Ks and lobbying filings), including filings not tied to this story. It is not a complete list: KeyVex's records hold one of FICO's earnings 8-Ks and one of its Form 144 notices. Its insider-sale markers do not say whether a sale was under a prearranged trading plan.
- Fees come from Fannie Mae's Loan-Level Price Adjustment Matrix dated Sept. 9, 2026, purchase loans with terms over 15 years, loan-to-value column 75.01% to 80.00%, which covers a buyer putting 20% down. On Sept. 30 Fannie Mae replaced that matrix, at the same address, with one dated Sept. 30, 2026; its single grids for purchases and both kinds of refinancing match the Sept. 9 Classic FICO grids, tier by tier, in all 207 cells, and the grid image in Pulte's Sept. 28 post matches the purchase grid in every cell. The Sept. 9 figures come from KeyVex's copy of that version. The $1,000 example is 0.25% of a $400,000 loan. Freddie Mac's credit fee exhibit before Sept. 30 would not open for us, so its 20-point step is as HousingWire reported. Fannie Mae's single grids apply to whole loans it buys, and loans in mortgage bonds it issues, from Oct. 1; Freddie Mac's apply to loans it buys from Oct. 1.
- Revenue from scores for new mortgages (mortgage origination revenue) is FICO's figure, 62% of Scores revenue, as stated on its July 29 call. KeyVex multiplied it by the $458.9 million of Scores revenue in the 10-Q to get about $285 million, and divided by total revenue of $674.2 million to get 42%. The bureaus' share of FICO's revenue (63% in April through June, 51% in fiscal 2025) is FICO's own figure for revenue generated by its agreements with Equifax, Experian and TransUnion.
- Times of X posts are shown in Eastern time, from the timestamp on each post. FICO's fiscal year ends Sept. 30, so April through June 2026 was its fiscal third quarter.