Fair Isaac fell 26.5% after a rival score joined Fannie and Freddie's fee grid
Fair Isaac closed at $617.87 on Tuesday, September 29, 2026, down 26.5%, after Fannie Mae and Freddie Mac put VantageScore on the same fee grid as Classic FICO.
Key takeaways
Fair Isaac fell 26.5% on Tuesday and closed at $617.87, after Fannie Mae and Freddie Mac put a rival credit score on the same mortgage fee schedule as Classic FICO.
SPY, a fund that holds the S&P 500, fell 0.2% to $764.30. Two other stocks moved by more than 30%.
Bill Pulte, director of the Federal Housing Finance Agency, posted the change on Monday, after the market had closed. He has spent recent weeks targeting the company on social media.
"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."
That grid sets the extra fee a borrower pays up front. Fannie and Freddie had been treating a VantageScore as 20 points weaker than the printed number when they set the fee. The single grid ends that gap.
Lenders could already choose VantageScore 4.0 as of Wednesday, September 9.
In the quarter ended June 30, the company said mortgage origination scores were 71% of business-to-business scores revenue, and that this revenue rose mainly because it charged more per mortgage score. Scores were $458.9 million of $674 million in revenue that quarter.
The shares are down 32% over five sessions, 46% over the past month and 63% this year. They traded as low as $595.19 on Tuesday, the cheapest they have been in the past year.
From the August 28 close to Monday, they had already fallen 27%.
Akre Focus ETF AKRE, a fund of 21 holdings led by Mastercard, with Visa also among the largest, fell 1.8% to $52.97. Fair Isaac is the ninth-largest holding, at 5.2% of the fund, enough to account for most of that drop.
uniQure fell 37.3% to $24.51 after fresh data on its gene therapy for Huntington's disease, a rare inherited brain disease. In 12 patients on the high dose, progression slowed 44% at four years against an outside comparison group. The company said that result was not statistically significant, meaning it was not strong enough to rule out chance.
In September 2025, the company had reported 75% slowing at three years on that measure, in 12 high-dose patients. A second measure, of how well patients manage daily life, still showed 61% slowing at four years. The company said missing data in the comparison group likely understated that four-year result.
Iovance Biotherapeutics rose 31.5% to $14.45 after lifting its 2026 revenue forecast to $410 million to $420 million, from $350 million to $370 million. Interim chief executive Frederick Vogt tied the raise to U.S. demand for the cancer drugs Amtagvi and Proleukin. The shares traded as high as $15.30, the top of the past year.
A fund of biotech stocks, XBI, was little changed, so the moves did not run through the group.
Canary HBAR ETF HBR, a fund that holds the HBAR cryptocurrency, fell 14.6% to $14.12, giving back part of a 29% rise on Monday.
HBR was Tuesday's worst ETF, down 14.6%
Carnival rose 13.4% to $25.11 after adjusted profit of $1.43 a share beat the $1.35 analysts expected. Revenue of $8.44 billion was a company record.
The company raised its full-year outlook for adjusted net income to about $3.08 billion. Customer deposits reached a third-quarter record of $7.6 billion, $500 million above last year's record, even though the space it has to sell is not growing over the next year.
Royal Caribbean rose 7.5% and Norwegian Cruise Line rose 3.4%. Carnival's gain was nearly twice Royal Caribbean's.
United States Oil Fund USO, which holds near-term futures on U.S. crude, fell 4.4% to $143.35. Saudi Arabia resumed crude loadings at Yanbu, its Red Sea port, even after President Donald Trump on Saturday rejected an Iranian offer of a seven-day truce that Tehran said could reopen the Strait of Hormuz within a week.
Dennis Kissler, senior vice president of trading at BOK Financial, said oil was under pressure because flows had picked up on Saudi Arabia's East-West pipeline. A fund of energy-company shares, XLE, fell 0.9% to $61.54.
Fair Isaac lost more than a quarter of its market value on the mortgage fee change, in a scores business it has been growing by charging more per mortgage score.
Frequently asked
What did Fannie and Freddie change?
They are moving to one pricing grid, with VantageScore joining the existing FICO Classic pricing grid.
How had VantageScore been treated on the old grid?
Fannie and Freddie had been treating a VantageScore as 20 points weaker than the printed number when they set the fee.
How much of Fair Isaac's scores business is mortgages?
In the quarter ended June 30, mortgage origination scores were 71% of business-to-business scores revenue.
Could lenders already use VantageScore?
Lenders could already choose VantageScore 4.0 as of Wednesday, September 9.
