MBA, FHFA explore single credit report for mortgages

Bob Broeksmit, president and CEO of the MBA, wrote in a blog post on Friday that the trade group has “begun studying the feasibility” of such a move. The trade group is “engaging with the Trump administration, and specifically FHFA, to conduct the assessments needed to reform this process and align with the rest of the consumer finance market.” 

The proposal comes amid rising credit report costs. Industry estimates suggest that in 2025, credit reporting costs will be at least 20% higher than in 2024—continuing a years-long trend of steady increases.

FHFA Director Bill Pulte has signaled that credit-score pricing is a top priority, and changes to the credit-reporting requirements for mortgages purchased by the government-sponsored enterprises (GSEs) are on the…