Market Pulse

Affordability is top of mind for lenders—but broad economic indicators don't always tell the full story. In this episode of Market Pulse, the Equifax Advisors share what they're hearing from customers and explore the latest Market Pulse Index and credit trends to understand how inflation, debt, income and financial stability are affecting different consumer populations. Plus, the team puts their economic instincts to the test with another round of “Headline or Hallucination.”

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

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.

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.

Recorded live at MBA Annual25 in Las Vegas, host Rebecca Kritzman and guests Ashley Sellers, Elaina McFarland, and Bobby Deery break down what lenders are asking for right now: AI-driven workflow efficiency, expanding use of soft-pull strategies, and dual processing to analyze Vantage Score alongside existing scores. Who are the speakers?Rebecca Kritzman – SVP, Experience & Partner Marketing, EquifaxAshley Sellers – VP, Mortgage Sales, EquifaxElaina McFarland – Leader, Solution Sales Experts (Credit & Verification), EquifaxBobby Deery – SVP, Product, Credit Division, EquifaxTogether, they explore the intersection of innovation, compliance, and customer trust.What were the major insights from Day Two?AI and Automation in Workflows: Lenders are adopting AI to streamline process flows and improve efficiency from application through close.Rising Interest in Dual Processing: Many lenders are testing Vantage Score alongside existing models to compare outcomes and assess portfolio risk.Soft Pull Momentum: Equifax’s soft-pull tools are helping lenders pre-qualify borrowers and protect consumers’ credit scores, especially under the new trigger law.Voice of the Customer: Product teams are incorporating direct lender feedback to guide new innovations such as income qualify and telco/pay-TV/utility data integrations.Education and Clarity: With rapid industry change — from FICO model updates to 1B vs. 3B credit reporting — customers are asking for clear, data-driven guidance. What challenges did attendees highlight?Widespread uncertainty dominated discussions — from pricing implications and trigger-law timing to confusion around single- vs. tri-bureau models. Customers expressed concern about misinformation and asked for help educating both lenders and consumers on what these changes truly mean.What recommendations did Equifax leaders share?Stand up dual-score processing to compare outcomes between Vantage and FICO models.Collaborate with Equifax product teams to provide feedback that shapes future solutions.Audit your process flows to align products (credit, verification, income qualify) with milestones that deliver the most value.Prioritize education and communication — both internally and with consumers — to navigate market shifts confidently.

As the U.S. government shutdown delays key economic data, the Equifax Advisors team steps in with deeper insights. Host Emmaline Aliff is joined by Jesse Hardin, Tom O’Neill, and Maria Urtubey to unpack the indicators that matter most when visibility is limited—and to debut the Market Pulse Index, a new holistic measure capturing the intersection of credit, income, assets, and financial behavior across populations.Economist Justin Begley of Moody’s Analytics delivers our macroeconomic update.In this episode: What is the Market Pulse Index?The Market Pulse Index is a new measure developed by Equifax Advisors that combines multiple financial dimensions—credit performance, income, debt, assets, and affluence—into one holistic view of consumer and market health. It helps lenders and policymakers understand economic conditions beyond single metrics like CPI or GDP.Why is the Market Pulse Index important right now?With the U.S. government shutdown delaying key data releases, traditional indicators such as the jobs report and GDP updates are unavailable. The Market Pulse Index fills this gap by integrating real-time, multi-source data to reveal trends in affordability, financial durability, and consumer well-being.How does the Market Pulse Index differ from other metrics like CPI or GDP?Unlike single-dimension indicators, the Market Pulse Index combines hard data (credit, income, assets) and soft data (consumer sentiment) to provide a multi-layered view of economic conditions. It can reveal disparities across populations, regions, and credit tiers—helping decision-makers identify who’s thriving and who’s struggling.What is the K-shaped economy and how does it relate?The K-shaped economy describes uneven recovery patterns—where high-income consumers see wealth gains while lower-income groups face rising debt and affordability challenges. The Market Pulse Index captures these differences, offering a clearer picture of financial resilience across demographic groups.How can lenders and businesses use the Market Pulse Index?Organizations can use the Market Pulse Index to:Track aggregate consumer health across income, geography, and age groupsIdentify emerging credit risks and opportunitiesAdjust lending and pricing strategies based on holistic insightsImprove risk management and marketing segmentationIf you have questions or suggestions for future podcasts, please reach out to [email protected].