Cowen Washington Group Research analyst Jaret Seiberg believes the rule announced yesterday by the Federal Housing Finance Agency establishing a process for Fannie Mae (FMNA) and Freddie Mac (FMCC) to adopt new credit scoring models is a positive for Vantage Score and a risk to Fair Isaac's (FICO) FICO. However, the FHFA process "is measured in years and not weeks," so this will not be a quick effort even if Vantage Score can win approval of its model, Seiberg tells investors in a research note. Further, there is no guarantee that FICO will have a rival to its credit score model for mortgages backed by Fannie and Freddie as the process is long and complicated to get new models approved, adds the analyst. With that said, Seiberg points out that FICO is not guaranteed to have one of its credit scoring models approved at the end of this process. After dropping yesterday, shares of Fair Isaac are down another 2.5% to $328.80 in early trading.