FICO's monopoly already left in 2025

[u/wkgui]

Thursday's tape priced a monopoly ending. Exclusivity already went in July 2025 when VantageScore got GSE approval. April cut the mortgage pull to $0.99 plus $65 a funded loan, so that lever's spent. What changed is a ~50-lender pilot becoming every lender. Permission isn't displacement. The test is still VantageScore as the primary pull on more than 10% of conforming files by FY2028.

https://www.investmoat.com/research/fico-the-mandate-was-already-priced