---
title: "Fair Isaac falls after Pulte says Fannie and Freddie are moving to one grid"
url: "https://etf.net/news/fair-isaac-falls-after-pulte-says-fannie-and-freddie-are-moving-to-one-grid-2026-09-28"
published_at: "2026-09-29T00:13:09.068Z"
updated_at: "2026-09-29T00:13:09.068Z"
byline: "ETF.net Research"
---

# Fair Isaac falls after Pulte says Fannie and Freddie are moving to one grid

Fair Isaac shares were quoted 9.9% under Monday's close after Bill Pulte said on September 28 that Fannie Mae and Freddie Mac are moving to one pricing grid.

By ETF.net Research. Published Sep 29, 2026.

Bill Pulte, director of the Federal Housing Finance Agency, said Monday that Fannie Mae and Freddie Mac are moving to one pricing grid for the mortgages they buy. At 7:49 p.m. Eastern time, Fair Isaac shares were quoted at $757.50, the middle of a $756 bid and a $758.99 offer, **9.9%** under Monday's $840.89 close. At that close the shares were down 2.6% on the day and already down 50% in 2026.

Chart: Already **halved** this year into Monday's close

"Instead of two separate pricing grids, which makes zero sense, Fannie and Freddie are hereby moving to one pricing grid with VantageScore joining the existing FICO Classic pricing grid," he wrote on X at 1:35 p.m. Eastern time. He said the change followed feedback from lenders and consumers. The post set no date and carried no new fee table.

The grid is not the interest rate. It is the upfront fee a company charges when it buys a loan, and the fee changes with the credit score and with how much of the home's value the loan covers. On the purchase table Fannie Mae published on Wednesday, September 9, for loans longer than 15 years, a loan covering more than 75% and up to 80% of the home's value carries a 0.375% fee if the Classic FICO score is 780 or higher. On Fannie's VantageScore table, that fee starts at 800. Freddie Mac published its own grids the same day.

The tables shift VantageScore up by 20 points, so the same number does not buy the same fee. On a purchase or refinance covering 75% to 80% of the home's value, a score of 700 to 719 costs about 0.375 percentage points more under VantageScore than under Classic FICO. Milliman, a consulting firm, found that with this shift VantageScore produced a lower fee about 25% of the time, the same fee about 36% of the time, and a higher fee about 40% of the time.

Joining the FICO grid could mean a 780 pays a 780's fee, which would erase that gap. It could also mean one table that still maps the scores apart. Pulte's post does not say which. In April he said separate grids were needed to "accurately reflect the risk weighting of the different models." On Monday he said two grids make zero sense.

Fair Isaac sells Classic FICO, and the price of that score is the one Pulte has been attacking. In the quarter ended June 30, Scores revenue was $458.9 million, and the company said in July that a higher price for each mortgage score was the main reason its sales of scores to other businesses rose. On September 4 he said FICO had raised that price 1,800% since 2020, called the business a monopoly, and said "No more."

Fair Isaac answered the same day that it supports competition "based on performance, trusted analytics, and outcomes for borrowers, lenders, and investors." It added that FICO Score 10T is the most predictive score available and is expected to be widely used. That model is still not available for loans delivered to Fannie Mae.

VantageScore is owned by Equifax, Experian and TransUnion. Equifax and TransUnion were little changed after the close, and the quotes were wide.

VantageScore said that, as of August 31, its score was the only one on more than 9% of the mortgages Fannie and Freddie had packaged into bonds since May 1. That count starts later than the announcement. The agency said on July 8, 2025 that lenders would be able to use either score, but Fannie Mae did not update its Selling Guide until April, and then only for a limited set of lenders. Those deliveries began May 1. Since September 9, every approved lender can choose either score without asking first, and must use the same model for every borrower on the loan.

Until Fannie Mae and Freddie Mac publish a replacement, the announcement changes the direction and not the fee. A lender is still charged the September 9 price for the score it chose.

Source: etf.net, https://etf.net/news/fair-isaac-falls-after-pulte-says-fannie-and-freddie-are-moving-to-one-grid-2026-09-28. Please cite the page URL.