Fair Isaac Corporation shareholders lost money when the stock fell sharply after the Federal Housing Finance Agency announced it would simplify mortgage pricing and potentially allow a direct competitor to the Company's credit score into mortgage underwriting. Following the FHFA announcement, Rocket Mortgage issued a press release, announcing it will be using VantageScore 4.0, a direct competitor to the classic FICO score, as its preferred scoring model going forward following months of testing and alleged finding that it “helped more qualified clients,” than FICO. The next morning, on September 29, 2026, FICO opened down more than 20% on the news. Investors seemingly viewed the policy shift and announcement from Rocket Mortgage as structural risks to the Company's near-monopoly in mortgage underwriting, with potential erosion of pricing power, fee income, and its competitive moat. Previously, during FICO's second quarter earnings call on April 28, 2026, Chief Executive Officer Will Lansing indicated that FICO "anticipate\[d\] no loss of volume to Vantage in this fiscal year." Similarly, during a Barclay's conference presentation on May 5, 2026, he questioned whether “Vantage gets any share at all,” even if they were approved." Then, on the subsequent third quarter earnings call on July 29, 2026, CEO Lansig suggested that, while VantageScore might get up to 20% of the share, it was only useful when “gaming” the system, and customers would still “need to pull both a FICO Score and a VantageScore if you’re going to do the gaming.” The investigation concerns whether Fair Isaac Corporation adequately disclosed the regulatory and competitive risks posed by potential changes to mortgage pricing and underwriting guidelines ahead of the Federal Housing Finance Agency's and Rocket Mortgage's announcements.