Key Highlights

● Fair Isaac shares closed at $617.87 on Tuesday, September 29, 2026, down $223.02, or about 26.5%, from $840.89.

● Rocket Mortgage said it will make VantageScore 4.0 its default model for eligible Fannie Mae, Freddie Mac and VA loans.

● The switch starts in the fourth quarter, and Rocket cited average closing savings of $1,600 for borrowers who saved.

● TransUnion extended $0.99 mortgage pricing for VantageScore 4.0 through the end of 2028, yet its shares still fell.

Regulatory changes can take months to reach the real world. On Tuesday, September 29, 2026, it took a matter of hours. Soon after the Federal Housing Finance Agency moved to price VantageScore and FICO equally at Fannie Mae and Freddie Mac, Rocket Companies (NYSE:RKT) said it would switch its default credit-scoring model to VantageScore. Shares of Fair Isaac Corporation (NYSE:FICO) closed at $617.87, down $223.02, or about 26.5%, from $840.89.

What Rocket Announced

Rocket Mortgage becomes the first major lender to use VantageScore 4.0 as its preferred, default scoring model for eligible Fannie Mae, Freddie Mac and VA loans, starting in the fourth quarter. The company framed the change in terms of borrower savings, saying borrowers who saved money under VantageScore saved an average of $1,600 at closing.

Why Rocket's Choice Matters

Rocket is a major mortgage lender, and its scale grew after its Mr. Cooper deal. When a lender of that size changes its default scoring model, it moves a large volume of credit checks away from one provider and toward another. The move also gives other lenders a high-profile example, alongside a clear pricing framework from the FHFA that makes switching easier.

The Regulatory Spark

The trigger was a post on X from FHFA Director Bill Pulte announcing one pricing grid with VantageScore joining the existing FICO Classic grid. That removed FICO's advantage in the loan-level price adjustments Fannie and Freddie charge. RBC, which kept an Outperform rating on Fair Isaac, said the change raises the risk of score shopping.

Bureaus Also Fall

TransUnion (NYSE:TRU) extended $0.99 mortgage pricing for VantageScore 4.0 through the end of 2028. Even so, its shares fell, and Goldman Sachs cut its target on the stock to $77. Equifax (NYSE:EFX) slid after Goldman lowered its target to $171 from $199 while keeping a Neutral rating.

A Sluggish Market

Wall Street drifted lower. The S&P 500 fell 12.85 points to 7,670.84, the Dow Jones Industrial Average lost 131.59 points to 51,349.92 and the Nasdaq Composite ended nearly flat at 26,797.54. The 30-year Treasury yield rose to its highest level since 2002, a headwind for mortgage demand. Home prices still rose in the latest Case-Shiller and FHFA reports released on Tuesday.

A Lender Sets the Precedent

With the largest lender committing to VantageScore for eligible loans, the shift moved from a regulatory framework to actual lending practice within a single session.