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Fannie Mae says loan-level price adjustments (LLPAs) are aligned across Classic FICO and VantageScore 4.0, effective for whole loans purchased on or after October 1, 2026, and for loans delivered into mortgage-backed securities with issue dates on or after that date. For investors, the verified changes are the aligned pricing treatment and Fannie Mae’s planned disclosures identifying which score model was used—not evidence that the models produce identical credit risk or investment returns. The official materials reviewed do not verify which investor concerns were raised at the Mortgage Banking Summit or who raised them.
What changed in LLPA pricing
LLPAs are loan-level pricing adjustments applied to mortgage loans. Fannie Mae’s September 30, 2026 announcement says the adjustments are aligned across Classic FICO and VantageScore 4.0. The stated effective dates differ by acquisition channel:
| Channel | Effective date | What the date refers to |
|---|---|---|
| Whole loans | October 1, 2026 | Loans purchased by Fannie Mae on or after this date |
| Mortgage-backed securities | October 1, 2026 | Loans delivered into MBS with issue dates on or after this date |
These dates and the alignment are from Fannie Mae’s September 30 pricing announcement. The announcement supports a statement about aligned LLPAs; it does not establish that a given FICO score and VantageScore score represent the same risk or that every loan will receive the same price under every other aspect of the pricing framework.
Which credit-score models lenders can use
As of FHFA’s policy page last updated October 2, 2026, all Fannie Mae- and Freddie Mac-approved lenders may use either Classic FICO or VantageScore 4.0 for eligible loans. The lender selects a model loan by loan, but must use the same model for every borrower on a particular loan. A lender cannot use FICO for one borrower and VantageScore for another co-borrower on the same mortgage.
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FICO 10T is not currently eligible for Enterprise loan delivery. FHFA says it has been approved for future use, but its current interim policy leaves lenders choosing between Classic FICO and VantageScore 4.0. Classic FICO remains approved; FHFA has announced no retirement date for it. See FHFA’s Credit Scores policy page for the current eligibility and lender-choice rules.
What the change may mean for investors
Pricing can be compared across two eligible models
Aligning LLPAs removes a model-based difference in the stated adjustment schedule for Classic FICO and VantageScore 4.0. It does not make the underlying scoring systems interchangeable: score distributions, borrower assignments and loan performance may differ. The pricing announcement does not report realized performance or show that investor yields or credit losses will be unchanged.
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Planned disclosures can identify the score model
Fannie Mae has announced changes to CRT and loan-performance materials intended to show whether reported loans used Classic FICO or VantageScore 4.0. The planned changes affect CRT files published on and after October 26, 2026, and the October dataset update for 2026 Q2 activity, subject to loans entering the applicable pool or meeting the relevant cutoff. Because acquisition, pool entry and dataset cutoffs matter, VantageScore loans may not appear immediately in every applicable disclosure. Details are in Fannie Mae’s CRT disclosure update announcement.
Performance conclusions require evidence beyond the pricing change
FHFA reports historical credit-score data for FICO 10T covering Enterprise acquisitions from April 2013 through September 2025, published July 1, 2026, and additional VantageScore 4.0 data covering acquisitions from April 2023 through September 2025. Those dates describe the historical data’s coverage, not the dates when the models became eligible for delivery. The policy announcements reviewed do not establish how loans scored under the models will perform under the aligned pricing schedule.
How the rollout reached the current policy
- 2022: FHFA says FICO 10T and VantageScore 4.0 were validated and approved.
- April 22, 2026: Fannie Mae described a limited VantageScore 4.0 rollout to approved lenders, with FICO 10T to follow later. See Fannie Mae’s initiative announcement.
- September 9, 2026: Fannie Mae’s policy communications list VantageScore 4.0 as broadly available to Fannie-approved lenders; the entry was updated September 30. See Fannie Mae’s Selling Policy Communications.
- October 1, 2026: Fannie Mae’s aligned LLPA pricing takes effect for the whole-loan purchase and MBS issue-date categories described above.
FHFA also says the move to the new score-model choice did not initially change credit-reporting requirements: the page describes tri-merge and bi-merge requirements as remaining as they were at that point. Check the current FHFA policy page for updates before relying on a reporting requirement for a particular transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is—and is not—verified about summit concerns
The official FHFA and Fannie Mae materials establish the pricing alignment, model eligibility and planned disclosure changes. They do not identify investors who raised concerns at the Mortgage Banking Summit, document what those concerns were, or attribute a statement to a named speaker. Without a separately attributable event report or recording, summit-specific objections should not be presented as established fact. Investors can assess the verified developments against their own questions about model mix, disclosure timing and realized credit performance, but those questions are not evidence of a particular objection voiced at the summit.
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