Market Pulse

Equifax
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Market Pulse is a monthly podcast by Equifax, in partnership with Moody’s Analytics. Equifax hosts bring you interviews with industry experts on the latest economic and credit insights that can help drive better business decisions. Whether you’re in financial, mortgage, auto or another service industry, we help make sense of the latest economic conditions that impact you. This podcast series supplements our Market Pulse webinars, which occur on the first Thursday of each month.

  1. 12/18/2025

    Naughty or Nice? 2025 Economic Recap & 2026 Resolutions

    In this special holiday edition, Emmaline Aliff is joined by Equifax Advisors Tom O’Neill, Dave Sojka, Jesse Hardin, and Maria Urtubey for a “Santa Scorecard” look back at what was naughty or nice in the 2025 economy, and what may change in 2026. The group unpacks AI adoption, rate cuts, equity market resiliency, and rising consumer stress signals—from student loans to auto and mortgage delinquencies. They close with 2026 resolutions, including what they’re watching most closely. Economist Shandor Whitcher from Moody’s Analytics provides this episode’s macroeconomic update. What are the key economic themes discussed? ·       AI adoption at the personal and industry level—and its economic impact ·       The state of inflation, growth, and consumer sentiment ·       Federal Reserve rate cuts and what they mean for credit, housing, and auto loans ·       Equity market resiliency and the role of higher-income households ·       Rising delinquencies in student loans, auto, and mortgages ·       Government shutdowns and gaps in economic data ·       The persistence—and possible evolution—of the K-shaped economy What are the biggest risks heading into 2026?The panel highlights labor market softening, affordability pressures, consumer reliance on credit, and uncertainty around policy, tariffs, and inflation. What are the key takeaways for businesses and lenders? ·       Consumer financial health is increasingly uneven across income tiers ·       Credit performance signals require closer monitoring in 2026 ·       AI and alternative data sources are becoming essential for economic insight ·       Adaptability and resilience will be critical as uncertainty continues Have feedback or want to be a guest?Contact the Equifax Advisors team at riskadvisors@equifax.com.

    48 min

  2. 12/09/2025

    Driving Efficiency and Resilience in the Mortgage Industry

    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

    20 min

  3. 11/18/2025

    Credit File Contradiction: Why is Each Different?

    HousingWire CEO Clayton Collins brings together an unprecedented trio — Joel Rickman (Equifax), Michele Bodda (Experian), and Satyan Merchant (TransUnion) — for a first-of-its-kind conversation on how data is redefining the mortgage process. The three leaders also unpack key topics dominating the MBA Annual 25 conference floor — from the tri-merge debate and the cost of credit reports to regulatory shifts, innovation in alternative data, and the rise of VantageScore. More from this episode: Why is data so important in today’s mortgage ecosystem? Data drives nearly every step of the mortgage process — from pre-qualification to underwriting. As Joel Rickman explains, “more data is better for the consumer,” because richer data helps more people qualify for home loans while maintaining safety and soundness in the system. How are the credit bureaus competing and collaborating? While they compete fiercely for business, the three bureaus share a united goal of financial inclusion. Each is innovating through differentiated data sources like rental payments, utilities, telecom data, and cash-flow insights — all designed to represent consumers more fairly. What new data types are shaping credit files? The credit file has never been more diverse. Buy Now, Pay Later (BNPL) accountsRental and utility paymentsShort-term lending dataCash-flow management attributesThese data sets help lenders build more accurate profiles of consumers who were previously underserved or “credit invisible.”What role does regulation play in driving innovation? The panelists agree that regulation and innovation can coexist. The FHFA’s adoption of modern scores like VantageScore 4.0 is one example of policy enabling progress — allowing new models that use broader data to enter the market. What is the bi-merge debate, and why does it matter? The bi-merge proposal — using two credit reports instead of three — is a hot topic at MBA Annual 2025.The bureaus argue that reducing data increases risk and could harm consumers by creating gaps in credit history, leading to higher pricing or denied loans. How are the bureaus improving consumer education? Each company invests in tools and partnerships that help consumers understand and improve their credit: Equifax: education through lender partnershipsExperian: initiatives like Boost and HomeFree USA to reach underrepresented communitiesTransUnion: free credit monitoring and app-based education to help consumers take control of their credit healthWhat innovations are leading the way in credit reporting? Equifax is leveraging The Work Number and NCTUE data to bring employment and telecom insights into credit decisions.Experian is pioneering cash-flow scoring and consumer-permissioned data.TransUnion is expanding rental trade lines and short-term lending insights to include more first-time buyers.How should lenders prepare for VantageScore adoption in 2026? All three bureaus encourage lenders to start testing VantageScore now. They’re offering early access to evaluate how it performs in underwriting and portfolio management before GSE guidelines take effect.

    27 min

  4. 11/13/2025

    The Tech Reshaping Mortgage Lending

    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.

    21 min

  5. 11/11/2025

    The Real Cost of Credit Reports: Data, Competition & Policy Implications

    Emmaline Aliff of Equifax joins Dr. Amy Crews Cutts, Chief Economist at AC Cutts & Associates, to unpack the real costs and competitive dynamics of mortgage credit reporting. They dig into what the data actually shows about tri-merge pricing, lender negotiation power, fallout loans, and the entry of VantageScore. In this episode: What is the true cost of pulling a credit report for a mortgage? The cost of a mortgage credit report usually falls within a wide range—from around $40 up to about $240 per file, depending on factors like the number of borrowers and the products included (such as trended data or monitoring services). While some lenders cite an average cost around $155, the actual cost is often driven by how many borrowers are on the application, how many times credit is pulled, and which ancillary services are added. Why do lenders say credit reports are “too expensive”? Many lenders feel credit reports are expensive not because of the unit price, but because of fallout—loans that never close. When a lender pulls credit and the borrower doesn’t complete the loan, the lender usually eats that cost. Unlike appraisals, credit report fees are often not collected upfront, so unrecovered costs on fallout loans can make credit reporting feel disproportionately expensive. How much does a credit report actually matter in the total cost of a mortgage? In the context of a full mortgage transaction, the credit report fee is typically a small fraction of total closing costs and prepaid expenses. Even if a report costs $60–$150, that’s minimal compared to items like taxes, insurance, and appraisal fees. The real financial impact often comes from how credit information influences interest rates and approvals, not just the report fee itself. What is a tri-merge credit report and why does it exist? A tri-merge credit report combines data from the three nationwide credit reporting agencies—Equifax, Experian, and TransUnion—into one consolidated file. This helps: Reduce blind spots by capturing regional and portfolio differences between bureausGive investors and GSEs (Fannie Mae, Freddie Mac) a more complete view of borrower riskSupport underwriting models that rely on rich, multi-bureau data rather than a single viewTri-merge helps maintain investor confidence in mortgage-backed securities by reducing data gaps and gaming risk.

    44 min

  6. 11/06/2025

    Mortgage Industry Evolution: Data, Transparency, & the Future of Lending

    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.

    19 min

  7. 11/04/2025

    How Credit Score Competition Is Reshaping the Mortgage Market

    At MBA Annual 2025, HousingWire CEO Clayton Collins interviewed Rikard Bandebo, Chief Strategy Officer and Chief Economist at VantageScore, about one of the biggest industry shifts in decades: the entrance of VantageScore into the mortgage ecosystem.  In this episode: Why is credit score competition important?For decades, the mortgage industry has relied on one scoring model. With the Federal Housing Finance Agency (FHFA) expanding options, VantageScore introduces innovation, transparency, and fairness—allowing lenders to assess creditworthiness more accurately and consumers to qualify for mortgages previously out of reach. How will this change expand homeownership?VantageScore’s model incorporates up to 24 months of credit history and uses alternative data sources, helping identify five million additional households that could qualify for mortgages. These consumers are often in rural or high-rental communities, meaning the change supports economic growth and financial inclusion in underserved markets. What are the implications for lenders and the market? ·       Lenders: Gain new tools to expand their customer base without increasing risk. ·       Consumers: See more consistent and transparent scoring. ·       Market: Competitive pricing for credit data, increased innovation, and better access to affordable lending. What’s next for mortgage credit innovation?Lenders are encouraged to back-test their portfolios, prepare internal systems, and align with new data channels to ensure readiness as the transition accelerates in 2026.

    19 min

  8. 10/29/2025

    MBA Annual25 Day 2: Tri-Bureau, Triggers & Tooling Up

    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.

    16 min
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About

Market Pulse is a monthly podcast by Equifax, in partnership with Moody’s Analytics. Equifax hosts bring you interviews with industry experts on the latest economic and credit insights that can help drive better business decisions. Whether you’re in financial, mortgage, auto or another service industry, we help make sense of the latest economic conditions that impact you. This podcast series supplements our Market Pulse webinars, which occur on the first Thursday of each month.

Information

  • Creator
    Equifax
  • Years Active
    2020 - 2025
  • Episodes
    68
  • Rating
    Clean
  • Copyright
    © 2021
  • Show Website
    Market Pulse

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