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- Equifax is holding its $1 VantageScore 4.0 price through 2027
Equifax is holding its $1 VantageScore 4.0 price through 2027
Plus: FHA proposes replacing partial claim liens with a simpler advance model
☀️ Thanks for joining us this Wednesday. Today’s newsletter is a 2.5-minute read.
Disclaimer: Average mortgage rates as of July 21, 2026. © MND Daily Rate Index.
1. Equifax is holding its $1 VantageScore 4.0 price through 2027
Equifax will keep VantageScore 4.0 priced at $1 through the end of 2027 as it pushes adoption across the mortgage market.
About 1,200 lenders are now pulling VantageScore alongside a paid FICO score from Equifax, and Q2 VantageScore mortgage volume hit 2.2 million transactions — nearly triple Q1. About 100 lenders have gone further, switching to VantageScore-only at the $1 price point, primarily smaller non-GSE originators and home equity lenders.
Equifax is positioning its $1 VantageScore as a cost-saving tool for originators and consumers. The company continues to cite a potential $1 billion annual cost savings opportunity as lenders shift volume from FICO.
2. Rates keep climbing but buyers are finding some relief
The 30-year fixed rose to 6.69% last week — the highest since last August — but purchase apps actually rose 6% as buyers took advantage of more inventory and seller price cuts. Year over year, purchase demand is essentially flat at just 0.2% above last year's levels.
Refi apps fell 2% and are now just 7% above year-ago levels, with rates only 15 basis points below last year — nearly no incentive to refinance.
Rates moved even higher to start this week as Iran war escalations pushed oil prices back up, erasing last week's inflation relief. As MND's Matthew Graham put it: "fuel prices do a good enough job explaining the move."
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3. More Nuggets
⚖️ CrossCountry and appraisal firm sued over inflated appraisal fees. (Justia)
📈 Rates match longer-term high for the 3rd time in 2026. (MND)
📊 Senior home equity surges to record $14.92 Trillion in Q1 2026. (NRMLA)
💳 HomeAdvantage partners with Valley First on real estate rewards. (The Realty Brief)
🤖 Mortgage lenders slow to deploy AI, despite being a priority. (NMN)
4. FHA proposes replacing partial claim liens with a simpler advance model
FHA is proposing to eliminate the zero-interest subordinate lien used for partial claims and replace it with a servicer advance added directly to the existing FHA first mortgage.
Borrowers sign a repayment agreement instead of a separate promissory note and subordinate mortgage — removing the recording and documentation burden from servicers and the lien resolution requirement from future sales, refis, and assumptions.
The advance remains zero-interest and due only at maturity, sale, or payoff. Borrowers who can't repay in a lump sum get up to 48 months to repay depending on balance size. Participation is voluntary and servicers get incentive fees of $500 for a partial claim RAP and $1,750 for a payment supplement RAP.
5. NEXA's Mike Kortas settles years-long legal battle with co-founder Mat Grella
Kortas and Grella have reached a global settlement ending all litigation between them, including disputes over NEXA's ownership and a planned $24 million Arizona property purchase.
Grella receives an undisclosed cash payment and a single asset. In return, Kortas now owns 100% of NEXA — Grella previously held a 49.5% stake.
Kortas estimates he spent about $4.5 million in attorney fees across five mediations. "The only people making money on the stupidity in this entire lawsuit were the attorneys," he said. Despite the legal battle, NEXA grew from 2,300 to 3,700 loan officers during the same period.
☀️ You’re all caught up. See you on Friday!
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