【Jefferies-2025研报】信用评级机构和FICO：无需担心贷款人的选择——深度分析.pdfVIP

EquityResearch

USA|TechnologyInformationServicesJune9,2025

CreditBureausandFICO:DoNotFearLendersFHFACreditScoringOptions

Choice—ADeepDiveAnalysis1.MandateFICO

2.MandateVantageScore

Inthecomingweeks,theFHFAisexpectedtounveilitsplanformanagingthe3.MandateFICOandVantageScore

costofmortgagescoresandreporting.MostinvestorsareexpectingtheFHFA4.LendersChoice

tofavorlenderschoice,wherealenderdecideswhethertooriginatewithFICO5.Nocreditscoreisrequired

orVantageScore.Inthisnoteweexploretherangeofpossibleoptions,andthe

impactofeach.Whilesomeheadlineriskstillremains,ourmathsuggestevenRelatedResearch

iflendersaregivenachoice,FICOspricingpowerdoesnotdiminish.

BuytheDipasVagueCommentaryby

FHFASuggestsFICOPricingRunwayis

LastweektheFHFAdirectorpromisedtoaddresswithina1-3weektimeframewhathebelievesIntact(5/29/2025)

isunreasonableincrease