FHA to add new credit score models in January

🏁 The last call for August! Today's newsletter is 654 words, a 2.5-minute read.

1. Rocket names Alessio Sanfilippo as Redfin CEO

Rocket Companies has named Alessio Sanfilippo CEO of Redfin, effective immediately. The former Meta and Intuit executive brings more than 20 years of experience in product, data, analytics, and AI.

Sanfilippo will lead Redfin as Rocket works to integrate home search, brokerage, mortgage, closing, and servicing into a single homeownership platform.

The $1.75 billion all-stock acquisition of Redfin by Rocket closed earlier this year. Longtime CEO Glenn Kelman stepped down in January and joined Greylock Partners in June. Sanfilippo previously worked with Rocket CEO Varun Krishna at Intuit.

2. FHA to add new credit score models in January

The FHA is expected to accept VantageScore 4.0 and FICO 10T for case files dated Jan. 1, 2027 or later, alongside Classic FICO — part of HUD's broader effort, made alongside FHFA, to modernize mortgage credit scoring and give lenders a fuller view of borrowers' creditworthiness.

Unlike the conventional market, where FHFA has taken a staggered rollout with large lenders, FHA's change is expected to apply to all lenders at launch. Lenders are expected to use one scoring model consistently across all borrowers on the same loan file, meaning co-borrowers likely won't be scored on different models to game outcomes.

Classic FICO will remain available rather than being phased out. Mortgage executives say keeping the legacy model helps protect secondary-market liquidity, since many mortgage-backed securities are still collateralized based on Classic FICO scores.

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3. More Nuggets

🏠 MBA president fires back on claims of poor FHA underwriting. (HousingWire)

⚠️ Better's $15 million offer to Garg complicates case against him. (NMP)

🤝 Shareholder proposes new structure for Fannie Mae & Freddie Mac. (BusinessWire)

🔄 Velocity to buy Toorak platform, manage $3B BPL portfolio. (Velocity)

🚀 South River Mortgage elevates Tyler Plack to CEO. (MorningStar)

4. Real REMAX Group halts Motto Mortgage

Real RE/MAX Group is halting new Motto Mortgage franchise sales and letting existing franchisees exit their agreements, just days after closing its $880 million merger. The company is consolidating around a single mortgage platform for its broader agent network instead.

The move reverses what RE/MAX told franchisees in April, when SEC filings said Motto would remain a standalone brand with unchanged agreements and support.

The pullback caps a decline that predates the merger. Motto had 149 open offices at the end of June, down 32% year over year, after RE/MAX terminated roughly 22 underperforming or financially relieved franchisees in the first half of 2026 and about 80 more in Q4 2025.

The shift also brings a leadership change: Kate Gurevich, CEO of One Real Mortgage, is taking over the mortgage business after Vic Lombardo stepped down.

5. Vetted VA forms first advisory board

Vetted VA has launched its first advisory board with three VVA7 professionals and executives from NEXA Lending and Edge Home Finance. The board will advise on expanding the organization’s education, professional standards and industry partnerships as it grows.

The VA lending education group has tracked more than 5,190 VA loans totaling about $2.3 billion since its 2019 launch, with roughly 39.5% sourced directly through its network. Its digital communities now reach nearly 100,000 people, supported by about 40 hours of educational content.

Vetted VA plans to expand its training program, with a goal of offering one live class every day in 2027. The organization says it will remain independent and open to mortgage and real estate professionals across the industry, while maintaining its standards-based credentialing system.

☀️ You’re all caught up. See you on Wednesday!

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