Credit & Decision Making Software: Framing our Call with Former FHFA Director

Research evidence excerpt

Credit & Decision Making Software: Framing our Call with Former FHFA Director

Global Research

15 June 2026ab

Credit & Decision Making Software Equities

AmericasFraming our Call with Former FHFA Director

Software

Kevin McVeigh

Implications of Industry Changes with Expert Sandra Thompson Analyst

While persistent industry regulation and structural change continue fueling heightened kevin.mcveigh@ubs.com

uncertainty, we recently hosted Sandra Thompson for the second time—former FHFA +1-212-882 0081

Director—previously Deputy Director of Bank Supervision with 20+ years in senior roles Bruna Werneck

at FDIC + RTC. We leveraged Ms. Thomson's deep regulatory experience and decades of Associate Analyst

leadership to contextualize some of the uncertainty, discussing key topics such as bruna.werneck@ubs.com

ongoing pilot, potential changes to trimerge, VantageScore opportunity, and update on +1-212-882 5955

potential GSE IPO. We left both this call and our recent UBS Credit Landscape Olivia Bradlee

Symposium—hosting key companies such as FICO and VantageScore—with increased Associate Analyst

conviction that amid continued uncertainty, we believe Equifax is best positioned amid olivia.bradlee@ubs.com

~90% proprietary data enabling differentiation, driving value beyond credit with +1-212-713 1227

Workforce Solutions [~40% revenue]. That said, we offer key takes:

Key Takeaways

1. Pilot duration + scope—Fannie and Freddie are now using VantageScore 4.0,

Ms. Thompson believes the pilot with approved lenders to ensure operational

readiness can span a couple of months to a year. In addition, Fannie and Freddie

are likely focused on ensuring the calibration between VantageScore 4.0 and FICO

classic is being done while soliciting feedback from lenders.

2.