FHFA Aims At FICO Monopoly

Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about whether FICO is a monopoly. 

Today's article "FHFA's Bill Pulte takes aim at FICO 'Monopoly'" references the fact that FICO is synonymous with credit, and their costs have gone up over 400% in the last few years. These costs have been passed onto the borrowers through a fee when they pull their credit reports. The three major credit report companies are Equifax, TransUnion and Experian; Network Funding runs all three borrowers to get your average credit score. 

Bill Pulte says these companies are utilizing monopolistic tendencies, and this is a burden to home buyers. Pulte could be wanting to move Fannie and Freddie to a different model and get rid of FICO if they can't get these credit report costs to come down. 
 
Listen in as we discuss this and more! 

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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. 

The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. 

Visit our website at nflp.com/licenses for all state licensing and other legal information.

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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.

The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.