US credit-reporting firms fall after FHFA reportedly may ease mortgage data rule
FICO•Shares of Fair Isaac, TransUnion and Equifax fell premarket after a report that the FHFA may require lenders to use credit data from two bureaus instead of three for mortgages sold to Fannie Mae and Freddie Mac. The shares were down 6.6%, 2.4% and 3.4%, respectively.
1. Proposed data rule change
The FHFA is moving toward a framework requiring lenders to use credit data from two bureaus instead of three for mortgages sold to Fannie Mae and Freddie Mac, reportedly. FHFA director Bill Pulte could unveil the change as early as October 12.
2. Shares and prior comments
Fair Isaac shares fell 6.6% premarket, while TransUnion fell 2.4% and Equifax fell 3.4%. Earlier this week, Pulte reiterated his claim that FICO was keeping consumer costs unnecessarily high and later signaled support for reducing mortgage credit-report requirements.
