FHFA Director Bill Pulte opened VantageScore 4.0 to every GSE lender with no phase-in, ending a pilot capped at 50 lenders since 1 May. FICO fell as much as 21% intraday. The distinction that explains the size of the move is between losing a mandate and losing a distribution cap — plus a second announcement, on bi-merge credit reporting, that took Equifax and TransUnion down with it.
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Not immediately, and probably not by much directly. Credit score fees are a small line inside total closing costs, and any saving reaches the borrower only if competition forces lenders to pass it through rather than retain it. Lenders also need VantageScore 4.0 implemented in their origination systems and accepted by their investors before anything changes at all.
DrafterDaily separates the headline from the mechanism — what a rule change removes, and what it leaves untouched.
Read more Finance analysisThe August PPI moved rate-hike odds to roughly 70%. The rise came from goods, and over a third of the goods increase traced to diesel. The services line closest to the Fed's actual target did not move at all.
August payrolls came in at three times consensus. In the same release, July flipped from job losses to job gains. The revisions are the same order of magnitude as the surprises markets trade on.
Grad PLUS lent up to the full cost of attendance. Its replacement caps professional students at $50,000 a year — against a medical-school year that averages $61,110. The difference does not disappear.