Mortgage Banker's Association Conference Takeaways: Industry in Support of Competition

Research evidence excerpt

Mortgage Banker's Association Conference Takeaways: Industry in Support of Competition

Equity Research

Multi Company Update — May 19, 2026

Business & Information Services

Mortgage Banker's Association Conference

Takeaways: Industry in Support of

Competition

Our Call Jason Haas, CFA

We recently attended the MBA conference to learn about the competitive landscape for Equity Analyst | Wells Fargo Securities, LLC

Jason.Haas@wellsfargo.com | 212-214-5313

FICO and the credit bureaus. We expect adoption of VantageScore (VS) to take time and

Jun-Yi Xiesee meaningful interest in alternatives to the tri-merge requirement.

Associate Equity Analyst | Wells Fargo Securities, LLC

Jun-Yi.Xie@wellsfargo.com | 212-214-8150

Many lenders expect adoption of VS to take at least 8-12mo after it is approved. Other Keegan Antico

issues need to be ironed out, such as updating their technology for VS. Some noted the Associate Equity Analyst | Wells Fargo Securities, LLC

VS LLPA grids are currently the FICO score +20pts, but will likely need adjustment to Keegan.Antico@wellsfargo.com | 212-214-3326

account for different types of borrower profiles. FICO noted the $10mn VS MBS was <1%

of a larger MBS with the rest based on the FICO score. VS noted this went smoother than

expected and demand was well over-anticipated.

Lenders are interested in VS, but are proceeding with caution. Nearly all lenders support

greater scores competition to improve methodologies and combat price increases.

While smaller lenders are particularly interested in VS, larger ones have more regulatory

concerns around issues such as gaming the scores and fair lending laws. That said, FICO

10-T data is still expected to be released over the summer, and lenders can then begin to

test its performance versus VantageScore 4.0.