FICO Shares Plunge as FHFA Simplifies Mortgage Pricing
Fair Isaac Corporation shares fell 22% after the FHFA integrated VantageScore into a single mortgage pricing grid and Rocket Mortgage adopted VantageScore as its preferred model.
Shares of Fair Isaac Corporation experienced their largest intraday decline since 2004, falling 22% on September 29, 2026. The sell-off followed a regulatory shift by the Federal Housing Finance Agency to simplify mortgage pricing.
Bill Pulte, Director of the Federal Housing Finance Agency, announced that Fannie Mae and Freddie Mac will transition to a single pricing grid. This new system integrates VantageScore alongside the existing FICO Classic grid, removing a previous 20-point discount for VantageScore. The move treats both scoring models equally, which analysts suggest encourages score shopping and threatens the market share and pricing power of FICO.
In a concurrent move, Rocket Mortgage designated VantageScore 4.0 as its preferred credit scoring model for all eligible loans starting in the fourth quarter of 2026. This includes VA home loans and mortgages delivered to government-sponsored enterprises. Rocket Mortgage stated that its internal study found VantageScore 4.0 expanded client access and saved some borrowers an average of $1,600 at closing.
