U.S. FIRST TO MARKET

Research evidence excerpt

U.S. FIRST TO MARKET

Ken Goldman AC North America Equity Research

(1-212) 622-0359 31 July 2026 J P M O R G A N

ken.goldman@jpmorgan.com

tied to (1) the outperformance that regional banks have logged YTD heading into earnings season combined with (2) “just

enough” earnings and outlooks that were sufficient to maintain the outperformance YTD rather than drive any additional

outperformance.

Information Services (Alexander E.M. Hess, CFA)

Consumer Credit Scores; FICO and VantageScore GSE Mortgage Data Through July 2026

To help Information Services observers parse an evolving market for mortgage credit scores, we are providing a look at

monthly data for GSE market shares. Up until April 2026, the GSEs, Fannie Mae and Freddie Mac, exclusively allowed the use

of Fair Isaac’s (FICO; N) credit scores in submitting conforming mortgage loans. Conforming mortgages meet specific

requirements and are eligible to be purchased by Fannie Mae and Freddie Mac (collectively, the GSEs).

VantageScore Management Meeting; Credit Scoring Competition Has Stepped Up (EFX, FICO, TRU)

Yesterday, we hosted a hybrid investor meeting/call with VantageScore President & CEO Silvio Tavares and EVP & Head of

Public Affairs Tony Hutchinson. VantageScore is a privately held credit scoring model developer, and is jointly owned by the

three national credit bureaus — Equifax (EFX; OW), Experian (EXPN LN; covered by Jane Sparrow), and TransUnion (TRU;

OW). Until earlier this year, Fannie Mae and Freddie Mac (collectively called the GSEs), exclusively required the use of credit

scores from Fair Isaac (FICO; N) be submitted with conforming mortgage loans.

AFL | CW | Carpenter Technology (Bennett Moore) (CRS, OW, PT $700.00)

F4Q Results: Healthy Reset Offers Attractive Entry Point with Constructive L-T Guide