Metrics Recap, VantageScore, Lending Environment Trends

Research evidence excerpt

Metrics Recap, VantageScore, Lending Environment Trends

MBS Market Share Data

VS Mortgage market share, MBS Market Share Data. We show mortgage origination market share data via Fannie Mae and Freddie

very minimal thus far Mac Mortgage Backed Security Issuance portals. We show unpaid principal balance (UPB) at issuance

(representing the remaining outstanding principal amount of the underlying mortgage loans in a pool

that has not yet been repaid by borrowers.) We believe this is the best proxy for market share. Since the

FHFA VantageScore 4.0 pilot launch in late April, Vantage Score market share is identifiable but still very

small. We show data below through June 3, 2026, though would be cautious to read too much into the

early June data thus far.

Exhibit 1 - GSE Mortgage Loan VantageScore 4.0 Market Share (April 2026-June 2026)

VS Market Share April May June (MTD)

Fannie Mae 0.00% 0.01% 0.30%

Freddie Mac 0.01% 0.02% 0.95%

Total GSEs 0.00% 0.01% 0.39%

Note: June MTD represents data through 6/3/26

Source: Freddie Mac and Fannie Mae MBS Portals

Limited origination across Pilot adoption confined to UWM and NewRez, LLC per MBS Data. Of the reported ~21 mortgage

pilot program lenders involved in the FHFA pilot we have only observed VS4 agency origination from NewRez, LLC

and United Wholesale Mortgage, LLC (UWM, not covered) through June. NewRez, LLC has not used

VantageScore for agency mortgage origination since April by our records. However, United Wholesale

Mortgage, LLC (the largest originator per Home Mortgage Disclosure Act data) has been increasing its use

of VantageScore though it still represents a very small percentage of overall UWM volumes compared

to Classic FICO. As FICO initially sold off on fears of market share erosion, we believe the lack of