FICO shares sink 5%, facing Senate probe into mortgage pricing hikes

Fair Isaac Corporation (FICO) shares fell more than 5% on Monday.

Republican Senator Josh Hawley initiated an investigation into the company’s mortgage service pricing, according to Politico. Hawley sent a letter to FICO announcing an inquiry into credit score price increases.

The Senator also urged the Federal Trade Commission to launch a parallel probe. Hawley cited concerns that rising credit score costs place additional financial burdens on homebuyers in an unaffordable housing market.