Fair Isaac Corporation (FICO) stock plunged as much as 29% on Tuesday to a low of $595.19, extending declines over the past month. The drop followed an announcement by Bill Pulte, director of the Federal Housing Finance Agency, that Fannie Mae and Freddie Mac will incorporate VantageScore into mortgage pricing. Rocket Mortgage also announced it will use VantageScore for underwriting mortgages. The move breaks FICO's three-decade-long grip on mortgage underwriting.
Related Articles
Don't miss out on breaking stories and in-depth articles.