FICO CEO on criticism from FHFA Director Bill Pulte

Market Dynamics & Competition - The director is perceived as someone who acts swiftly and makes decisions promptly, aiming to implement changes in a process that has spanned multiple years [1] - The director initiated actions on social media and introduced measures to foster increased competition [1] - The so-called interim solution deviates significantly from the prior recommendation [2] - The company faces claims of being a monopoly, acknowledging a large market share [2] Product & Industry Standard - The company's score is widely adopted in a free market environment without government mandates [3] - The score is chosen for its great value and effectiveness in predicting a consumer's debt repayment likelihood, establishing it as the industry standard [3][4] - Maintaining a single, industry-standard score promotes efficiency within the complex mortgage industry [4] Efficiency & Implications - Introducing duplicate scores would necessitate duplicate modeling across the entire industry, leading to inefficiencies [5] - Multiple scores circulating within the mortgage system, involving various stakeholders, would be inefficient [5]