Breaking News: Mortgage Industry Transformations
A significant update has hit the mortgage industry as of September 30, 2026. Credit scores, specifically VantageScore and FICO, will now be treated equally for regular home loans. This change eliminates the previous extra charge for using VantageScore, paving the way for potentially more affordable mortgage rates. Lenders now have the flexibility to choose the higher score when setting rates, offering borrowers better opportunities to secure a favorable mortgage.
The update promises to simplify the lending process and offer a more competitive landscape for home buyers. It encourages borrowers to inquire whether their lenders are using both scores, ensuring they get the best possible rate. Such changes underscore the importance of understanding score options and advocating for using the highest available score. Those needing further assistance are encouraged to seek advice from mortgage experts, such as Bob St Louis, who stands ready to guide clients through this evolving landscape.
