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Emmaline Aliff sits down with Cox Automotive Chief Economist Jeremy Robb to unpack the forces reshaping today’s auto market—from affordability pressures and credit expansion to the growing wave of used EVs. As consumers navigate rising costs and lenders adapt to shifting risk, the conversation explores what’s really driving demand—and what dealers and lenders should watch next. In this episode: What is driving the current auto market in 2026? The auto market is being shaped by a mix of macroeconomic forces, including inflation, interest rates, tariffs, and consumer affordability challenges. At the same time, credit availability is expanding, creating a complex environment where demand persists despite financial pressure. What is a K-shaped economy and how does it impact auto buyers? A K-shaped economy means higher-income consumers are thriving while lower-income consumers face increasing financial strain. In the auto market, this results in strong demand for high-end vehicles while affordability challenges push many buyers toward used cars—or out of the market entirely. Why is affordability such a major issue in the auto industry right now? Affordability is being impacted by rising vehicle prices, higher interest rates, increased insurance costs, and ongoing inflation. These combined factors are making it harder for many consumers to purchase or finance a vehicle. How is credit availability increasing despite consumer financial pressure? Lenders are expanding access by offering longer loan terms, financing lower down payments, and taking on more subprime risk. While this increases access to credit, it can also introduce additional long-term financial strain for consumers. What should dealers and lenders watch for in the second half of the year? Key indicators include interest rate changes, inflation trends, mortgage activity, and continued consumer demand. Lower rates and improved economic conditions could unlock stronger sales.

The mortgage industry is debating whether to move away from the long-standing TriMerge credit reporting standard. Wendy Hannah-Olson of Equifax speaks with mathematician and behavioral modeling researcher Joni Baker at Andrew Davidson & Company about new research analyzing credit score differences across the three credit bureaus. Their discussion reveals how shifting to single or bi-merge credit reports could affect loan qualification, mortgage pricing, and risk—potentially costing consumers thousands of dollars and reshaping how lenders evaluate credit. In this episode: Why are lenders debating moving away from the TriMerge credit report?Some policymakers and industry groups are exploring whether using a single credit report or a bi-merge report could reduce costs and streamline the mortgage process. However, new research suggests that using fewer credit reports may introduce pricing uncertainty, increase risk, and lead to inconsistent loan qualification outcomes. How different can credit scores be between the three credit bureaus?According to a recent study from Andrew Davidson & Company, credit scores across bureaus can differ significantly. In the data analyzed, 27% of consumers had score differences of at least 10 points between bureaus, 14% had differences of 20 points or more, and nearly 1 in 10 had differences of 30 points or more. How could moving away from TriMerge affect mortgage pricing?If lenders rely on a single credit score instead of the TriMerge median, borrowers could move between pricing tiers more frequently. In some scenarios, a change of just 10–20 credit score points could alter loan pricing, potentially affecting mortgage costs by $3,000 to $5,000 or more over the life of a loan.

Ashley Sellers of Equifax sits down with Jordan Sullivan, Director of Retail Lending at CSL Financial, to explore how modern credit scoring is reshaping mortgage lending. As one of the first lenders to adopt VantageScore for underwriting, CSL shares real-world results, from higher approval rates and lower costs to stronger portfolio performance. The conversation dives into affordability, trended credit data, thin-file borrowers, and why delaying adoption of new credit models may be a competitive disadvantage for lenders navigating today’s evolving credit ecosystem. Economist Justin Begley of Moody’s Analytics provides our economic update. In this episode: Why did CSL Financial adopt VantageScore for underwriting? CSL Financial adopted VantageScore after internal testing showed it was a stronger predictor of credit risk than legacy models. The lender found it better aligned with borrower behavior and more effective for evaluating thin and non-traditional credit files. How does VantageScore help lenders approve more borrowers? VantageScore uses trended credit data to evaluate whether a borrower’s financial behavior is improving or declining over time. This allows lenders to make more informed decisions than snapshot-based models, helping qualified borrowers who may have been overlooked receive approval. What results has CSL Financial seen using VantageScore? Since adopting VantageScore, CSL Financial has increased loan pull-through rates from approximately 8% to nearly 20%, while maintaining stable delinquency levels. The lender has also reduced credit-related costs and improved portfolio performance.  Who benefits most from VantageScore-based underwriting? Borrowers with thin credit files, limited credit history, or past credit challenges benefit most. This includes younger borrowers building credit and older consumers who have paid off debt and have limited active tradelines. Why is delaying VantageScore adoption a competitive disadvantage? Lenders who delay adoption risk higher costs, lower approval rates, and less accurate risk pricing. Early adopters like CSL Financial report both operational savings and stronger credit outcomes, making modern scoring models a competitive advantage.

Jennifer Henry of Equifax sits down with Christina Randolph of Freddie Mac to discuss how lenders can drive efficiency, improve data quality, and build resilience through digitization and automation. From reducing origination costs to leveraging tools like Loan Product Advisor, AIM, and verified income data, the conversation offers practical insights to help lenders prepare for the next market cycle while delivering a better borrower experience. In this episode: How are lenders improving efficiency in today’s housing finance market?Lenders are improving efficiency by digitizing and automating key steps in the mortgage process, including underwriting, income and employment verification, and data validation. Tools that reduce manual documentation help lower origination costs, shorten cycle times, and improve consistency across fluctuating market conditions. What does resilience mean in the mortgage and housing finance ecosystem?Resilience means a lender’s ability to perform consistently across economic cycles by managing risk, maintaining data quality, and using technology that scales with volume changes. A resilient mortgage operation is prepared for both market slowdowns and rapid growth without sacrificing loan quality or borrower experience. Why is loan data quality critical for mortgage lenders and investors?Loan data quality is critical because inaccurate or incomplete data increases defects, repurchase risk, and operational costs. Verifying income, employment, and assets earlier in the loan lifecycle helps lenders deliver cleaner loans, meet investor requirements, and reduce downstream risk. How can digital income and employment verification reduce mortgage costs?Digital income and employment verification reduce costs by eliminating manual document collection and repeated reviews. Lenders using automated, source-verified data can save hundreds to thousands of dollars per loan, reduce cycle times by several days, and significantly lower the likelihood of income-related defects.

Emmaline Aliff of Equifax sits down with Matt Orlando, Chief Experience Officer at Informative Research, to unpack one of the most talked-about developments in mortgage lending: FICO’s new Mortgage Direct Licensing program and what it could mean for lenders, credit providers, and borrowers. In this episode: What is FICO’s Mortgage Direct Licensing program? FICO’s Mortgage Direct Licensing program allows lenders and technology providers to license FICO scores directly, rather than receiving them solely through traditional credit reporting agencies. The program is still new, and its full impact on the mortgage ecosystem has yet to be determined. How could FICO Direct Licensing impact mortgage lenders? Lenders are still evaluating how the program will affect their overall cost of credit each month and whether it will increase expenses across the loan lifecycle. What risks does Direct Licensing introduce into the mortgage market? The program introduces risk across multiple layers of the ecosystem. Credit reporting agencies may now be asked to generate scores—something they have not historically done. Lenders must assess the reliability of these scores, while the broader mortgage market and borrowers face uncertainty as scoring responsibility shifts to a more fragmented landscape. How might borrowers be affected by these changes? Borrowers could ultimately bear higher costs if credit expenses rise for lenders. There is also risk tied to accuracy and consistency as new parties begin generating credit scores. The long-term borrower impact remains unclear.

Bobby Deery sits down with Praveen Chandrahomhan, SVP of Origination Growth at Cotality, to explore how AI is reshaping mortgage lending. They discuss the rise of “micro AI” in origination, the balance between speed and empathy in the borrower journey, and why personalization and retention are becoming critical in a purchase-driven market.  In this episode: How is AI changing mortgage lending? AI is improving customer service, underwriting, document processing, and workflow automation while keeping humans in the loop. AI helps lenders increase speed, accuracy, and empathy throughout the borrower journey. What mortgage challenges does AI help solve? The conversation highlights how AI reduces friction, improves clarity for borrowers, lowers operational costs, and supports more personalized experiences—especially in a highly regulated, purchase-driven market. Why are personalization and retention so important right now? With fewer refinance opportunities and evolving trigger legislation, lenders are prioritizing retention and relationship-based lending. AI-powered data and automation help lenders stay connected to borrowers across the full lifecycle of homeownership.

Recorded live at MBA Annual25 in Las Vegas, this special edition of the Equifax Market Pulse explores how data, workflow automation, and AI are reshaping mortgage lending. Tanja Cleve, SVP of Solution Sales at Equifax sits down with Craig Rebmann, Product Evangelist at Dark Matter Technologies, to discuss capturing data earlier in the process, automating complex borrower scenarios, managing costs in tight margin environments, and preparing lenders for the next market turn through smarter technology investments. In this episode: What is the biggest operational challenge mortgage lenders are facing right now?Beyond rates and affordability, lenders are grappling with process inefficiencies, higher fallout rates, and rising costs. This makes automation and better data workflows essential. How does capturing data earlier in the loan process help lenders?Early data capture allows lenders to assess risk sooner, automate pre-approvals, reduce downstream surprises, and create more productive borrower conversations upfront. How can automation support complex borrower profiles like self-employed income?Automation helps identify complexity early and uses tax and income data to streamline calculations, reducing manual review and improving underwriting readiness. How are lenders balancing innovation with cost control in a tight market?Many are focusing on capacity management, which used technology to increase efficiency with existing staff while remaining scalable as volumes return. What role does AI play in today’s mortgage technology stack?AI is increasingly used to gather and prepare information, while humans remain essential for judgment, decision-making, and borrower communication. What is “agentic AI” and why does it matter for lenders?Agentic AI refers to systems that can take action—not just provide insights—while still operating within defined workflows and human oversight. How do integrations and APIs improve borrower experience?Connected systems allow data to flow in real time, trigger automations instantly, reduce back-and-forth, and give borrowers greater transparency throughout the process.

Recorded live at the 2025 MBA Annual in Las Vegas, this special episode of Market Pulse explores how down payment assistance programs can help unlock homeownership amid today’s affordability challenges. Joel Rickman of Equifax sits down with Rob Chrane, Founder and CEO of Down Payment Resource, to discuss how lenders, real estate professionals, and technology can better connect buyers to thousands of available programs—and why awareness, education, and alignment are key to getting more families into homes. In this episode: What is down payment assistance, and how does it help homebuyers? Down payment assistance (DPA) includes grants, forgivable loans, and other programs that help cover down payments and closing costs. These programs can significantly reduce upfront cash requirements and make homeownership more accessible—especially for first-time buyers and middle-income households. How many down payment assistance programs exist today? According to Down Payment Resource’s latest Homeownership Program Index, there are more than 2,600 active homeownership assistance programs nationwide, administered by over 1,300 state, local, and nonprofit organizations. Who qualifies for down payment assistance programs? Eligibility varies by program, but many programs serve more than just low-income buyers. Some programs: Have no household income limitsSupport middle-income and “missing middle” buyersApply to manufactured homes and multifamily (2–4 unit) propertiesAre available nationally or in high-cost housing marketsWhy don’t more buyers use down payment assistance? The biggest barrier isn’t funding—it’s awareness. Many buyers (and even industry professionals) don’t know these programs exist. Fragmentation, lack of standardization, and fear of complexity have historically limited adoption. How do lenders and loan officers use Down Payment Resource? Down Payment Resource provides tools that: Match borrowers and properties with eligible assistance programsIntegrate with loan origination systems (LOS)Surface vetted programs automatically during the lending processHelp lenders educate borrowers without adding operational burden

In this special holiday edition, Emmaline Aliff is joined by Equifax Advisors Tom O’Neill, Dave Sojka, Jesse Hardin, and Maria Urtubey for a “Santa Scorecard” look back at what was naughty or nice in the 2025 economy, and what may change in 2026. The group unpacks AI adoption, rate cuts, equity market resiliency, and rising consumer stress signals—from student loans to auto and mortgage delinquencies. They close with 2026 resolutions, including what they’re watching most closely. Economist Shandor Whitcher from Moody’s Analytics provides this episode’s macroeconomic update. What are the key economic themes discussed? ·       AI adoption at the personal and industry level—and its economic impact ·       The state of inflation, growth, and consumer sentiment ·       Federal Reserve rate cuts and what they mean for credit, housing, and auto loans ·       Equity market resiliency and the role of higher-income households ·       Rising delinquencies in student loans, auto, and mortgages ·       Government shutdowns and gaps in economic data ·       The persistence—and possible evolution—of the K-shaped economy What are the biggest risks heading into 2026?The panel highlights labor market softening, affordability pressures, consumer reliance on credit, and uncertainty around policy, tariffs, and inflation. What are the key takeaways for businesses and lenders? ·       Consumer financial health is increasingly uneven across income tiers ·       Credit performance signals require closer monitoring in 2026 ·       AI and alternative data sources are becoming essential for economic insight ·       Adaptability and resilience will be critical as uncertainty continues Have feedback or want to be a guest?Contact the Equifax Advisors team at [email protected].  

Jennifer Henry of Equifax sits down with Andrew Davidson, president of Andrew Davidson & Co. and a leading voice in mortgage analytics, to unpack one of the most misunderstood elements of housing finance: credit scores. They explore what a credit score actually measures, why different models and bureaus produce different results, how VantageScore’s adoption could reshape risk evaluation, and what investors, lenders, and consumers need to know as the industry shifts toward new data sources and scoring frameworks. What is a credit score and what does it measure? A credit score is a model applied to a specific credit file to predict the likelihood that a borrower will become delinquent. It is based only on the data included in that credit file, not the consumer’s entire financial life. Why do credit scores differ between bureaus or scoring companies? Scores vary because: Each bureau holds different underlying data.Scoring companies group data differently based on their models.The same borrower may fall into different “risk buckets” depending on how the model evaluates attributes (e.g., payment history, utilization, depth of file).Different models may both predict risk effectively yet categorize borrowers differently. How does adopting multiple scores (e.g., VantageScore + FICO) affect the industry? Having multiple accepted scores encourages deeper analysis of: How risk is grouped and measuredWhich score is most predictive for different loan typesHow investors calibrate pricing and performance expectationsThis shift pushes the industry to understand why scores differ, not just rely on a single number. How could alternatives to tri-merge (bi-merge or single file) impact lending decisions? Using fewer files may lower cost and streamline operations, but may reduce visibility into borrower behavior—especially for thin-file or non-traditional applicants. More data generally improves risk grouping. How does alternative data (e.g., utilities, telco, rental history) influence credit scoring? Alternative data helps: Create a more complete financial pictureSurface strong repayment behavior not shown on traditional trade linesImprove risk assessments for people with non-traditional income patterns or limited credit historyHowever, adding new data is not enough. Lenders and investors must also understand how that data influences models. Where can listeners learn more? Andrew Davidson & Co: ad-co.comFinancial Lifecycle Education (FiCycle): ficycle.org

HousingWire CEO Clayton Collins brings together an unprecedented trio — Joel Rickman (Equifax), Michele Bodda (Experian), and Satyan Merchant (TransUnion) — for a first-of-its-kind conversation on how data is redefining the mortgage process. The three leaders also unpack key topics dominating the MBA Annual 25 conference floor — from the tri-merge debate and the cost of credit reports to regulatory shifts, innovation in alternative data, and the rise of VantageScore. More from this episode: Why is data so important in today’s mortgage ecosystem? Data drives nearly every step of the mortgage process — from pre-qualification to underwriting. As Joel Rickman explains, “more data is better for the consumer,” because richer data helps more people qualify for home loans while maintaining safety and soundness in the system. How are the credit bureaus competing and collaborating? While they compete fiercely for business, the three bureaus share a united goal of financial inclusion. Each is innovating through differentiated data sources like rental payments, utilities, telecom data, and cash-flow insights — all designed to represent consumers more fairly. What new data types are shaping credit files? The credit file has never been more diverse. Buy Now, Pay Later (BNPL) accountsRental and utility paymentsShort-term lending dataCash-flow management attributesThese data sets help lenders build more accurate profiles of consumers who were previously underserved or “credit invisible.”What role does regulation play in driving innovation? The panelists agree that regulation and innovation can coexist. The FHFA’s adoption of modern scores like VantageScore 4.0 is one example of policy enabling progress — allowing new models that use broader data to enter the market. What is the bi-merge debate, and why does it matter? The bi-merge proposal — using two credit reports instead of three — is a hot topic at MBA Annual 2025.The bureaus argue that reducing data increases risk and could harm consumers by creating gaps in credit history, leading to higher pricing or denied loans. How are the bureaus improving consumer education? Each company invests in tools and partnerships that help consumers understand and improve their credit: Equifax: education through lender partnershipsExperian: initiatives like Boost and HomeFree USA to reach underrepresented communitiesTransUnion: free credit monitoring and app-based education to help consumers take control of their credit healthWhat innovations are leading the way in credit reporting? Equifax is leveraging The Work Number and NCTUE data to bring employment and telecom insights into credit decisions.Experian is pioneering cash-flow scoring and consumer-permissioned data.TransUnion is expanding rental trade lines and short-term lending insights to include more first-time buyers.How should lenders prepare for VantageScore adoption in 2026? All three bureaus encourage lenders to start testing VantageScore now. They’re offering early access to evaluate how it performs in underwriting and portfolio management before GSE guidelines take effect.  

How are innovation, data, and AI are transforming the mortgage experience? Wendy Hannah-Olson, SVP of Digital Alliances and Strategy Execution at Equifax, sits down with Jonas Moe, SVP of Marketing at ICE Mortgage Technology to discuss this evolution, from streamlining operations and improving borrower engagement to keeping the human connection at the heart of lending. In this episode: How are lenders improving the borrower experience?The focus is shifting toward a complete borrower lifecycle — creating a seamless experience from application through servicing. Lenders are embracing automation in the “middleware” stages, such as underwriting and processing, to remove friction while keeping human engagement where it matters most. How is ICE Mortgage Technology evolving its platform?By integrating technologies from MERS, Simplifile, Ellie Mae, and Black Knight under the ICE umbrella, the company is building a truly end-to-end ecosystem that connects origination and servicing to eliminate friction, reduce costs, and enhance borrower visibility. What role does AI play in operational efficiency?ICE uses AI to make compliance and servicing smarter — for instance, through “Ask Reggie,” a tool that simplifies complex AllRegs compliance searches, and an AI-powered call agent that routes consumers efficiently to either automated answers or human assistance when needed. What’s next for credit scores and data innovation?ICE is collaborating closely with FHFA, Fannie, Freddie, and Equifax to support the rollout of new credit models responsibly. Equifax’s new crisis-period dataset — tracing behavior before, during, and after 2008 — helps the industry model risk more accurately as scoring systems evolve.

Emmaline Aliff of Equifax joins Dr. Amy Crews Cutts, Chief Economist at AC Cutts & Associates, to unpack the real costs and competitive dynamics of mortgage credit reporting. They dig into what the data actually shows about tri-merge pricing, lender negotiation power, fallout loans, and the entry of VantageScore. In this episode: What is the true cost of pulling a credit report for a mortgage? The cost of a mortgage credit report usually falls within a wide range—from around $40 up to about $240 per file, depending on factors like the number of borrowers and the products included (such as trended data or monitoring services). While some lenders cite an average cost around $155, the actual cost is often driven by how many borrowers are on the application, how many times credit is pulled, and which ancillary services are added. Why do lenders say credit reports are “too expensive”? Many lenders feel credit reports are expensive not because of the unit price, but because of fallout—loans that never close. When a lender pulls credit and the borrower doesn’t complete the loan, the lender usually eats that cost. Unlike appraisals, credit report fees are often not collected upfront, so unrecovered costs on fallout loans can make credit reporting feel disproportionately expensive. How much does a credit report actually matter in the total cost of a mortgage? In the context of a full mortgage transaction, the credit report fee is typically a small fraction of total closing costs and prepaid expenses. Even if a report costs $60–$150, that’s minimal compared to items like taxes, insurance, and appraisal fees. The real financial impact often comes from how credit information influences interest rates and approvals, not just the report fee itself. What is a tri-merge credit report and why does it exist? A tri-merge credit report combines data from the three nationwide credit reporting agencies—Equifax, Experian, and TransUnion—into one consolidated file. This helps: Reduce blind spots by capturing regional and portfolio differences between bureausGive investors and GSEs (Fannie Mae, Freddie Mac) a more complete view of borrower riskSupport underwriting models that rely on rich, multi-bureau data rather than a single viewTri-merge helps maintain investor confidence in mortgage-backed securities by reducing data gaps and gaming risk.

Recorded live at MBA Annual 2025, HousingWire CEO Clayton Collins talks with Joel Rickman, SVP of Verification Services/Workforce Solutions at Equifax, and Justin Demola, President of Lenders One, about the ripple effects of FICO’s new pricing model, the rise of VantageScore, and how smarter lending data can drive efficiency, affordability, and innovation across the housing market. In this episode: Why is the FICO vs. VantageScore discussion so important right now?The FHFA’s move to accept VantageScore opened the door for more competition and potential savings. While some lenders worry about cost increases, experts explain how competition is already driving innovation and pricing transparency—helping lenders better serve homebuyers. How are Equifax and other bureaus responding to these market shifts?Equifax, Experian, and TransUnion have each added new data benefits within existing pricing structures. At Equifax, that includes embedding income and employment data into credit reports to reduce costs and improve decision accuracy. The goal: help lenders make smarter, faster, and fairer lending decisions. What role does Lenders One play in shaping this change?Lenders One represents over 230 independent mortgage bankers, providing cooperative buying power and technology tools. By building its own credit-reporting platform and partnering with bureaus like Equifax, Lenders One helps members gain flexibility, lower costs, and optimize workflows. How can lenders create efficiency in loan manufacturing?The guests stress “buy what you need, when you need it.” That means pulling the right data at the right stage of the loan, automating income verification later in the process, and using analytics to predict fallout rates—reducing unnecessary costs while keeping accuracy high.  

At MBA Annual 2025, HousingWire CEO Clayton Collins interviewed Rikard Bandebo, Chief Strategy Officer and Chief Economist at VantageScore, about one of the biggest industry shifts in decades: the entrance of VantageScore into the mortgage ecosystem.  In this episode: Why is credit score competition important?For decades, the mortgage industry has relied on one scoring model. With the Federal Housing Finance Agency (FHFA) expanding options, VantageScore introduces innovation, transparency, and fairness—allowing lenders to assess creditworthiness more accurately and consumers to qualify for mortgages previously out of reach. How will this change expand homeownership?VantageScore’s model incorporates up to 24 months of credit history and uses alternative data sources, helping identify five million additional households that could qualify for mortgages. These consumers are often in rural or high-rental communities, meaning the change supports economic growth and financial inclusion in underserved markets. What are the implications for lenders and the market? ·       Lenders: Gain new tools to expand their customer base without increasing risk. ·       Consumers: See more consistent and transparent scoring. ·       Market: Competitive pricing for credit data, increased innovation, and better access to affordable lending. What’s next for mortgage credit innovation?Lenders are encouraged to back-test their portfolios, prepare internal systems, and align with new data channels to ensure readiness as the transition accelerates in 2026.