Missouri Senator Josh Hawley has opened an investigation into FICO's mortgage credit score pricing practices, urging the Federal Trade Commission to examine what he characterizes as excessive fees charged to lenders and consumers. According to Hawley's investigation, FICO maintains profit margins of 88% on mortgage credit scoring services.
The senator's probe focuses on the financial impact across the mortgage industry, with Hawley citing up to $500 million in added costs industrywide from FICO's pricing structure. These fees are typically passed through the mortgage origination process, potentially affecting borrowing costs for homebuyers.