In a recent post, Pulte criticized the doubling of credit report costs during Biden's term compared to Trump's, expressing disappointment over FICO's price hikes and their impact on consumers. FICO's stock has fallen significantly, indicating market concern. Meanwhile, the FHFA is set to implement a change in credit-score requirements for Fannie Mae and Freddie Mac to enhance competition and lower costs. This shift includes adopting FICO 10T and VantageScore 4.0, though implementation has faced delays. Mortgage executives express concern over increasing credit-report costs, expected to rise 20% in 2025.
I don't like some things I've heard in terms of the cost, Pulte said. I had the title lobby in as well and I said to them, Look, I think you guys have got to be super smart. Americans are upset about what happened over the last four years.
After the hard work by many great Senators, including Senator Tim Scott, I am extremely disappointed to hear about the cost increases by FICO onto American consumers.
We're actively looking at getting it done, Pulte said during the Mortgage Bankers Association (MBA)'s Secondary and Capital Markets Conference in New York on Monday.
Credit-score pricing has become a major concern among mortgage executives. Industry estimates suggest that credit reporting costs in 2025 will be at least 20% higher than in 2024.
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