Mortgage bankers looking at move to single credit report

The Mortgage Bankers Association has begun to study the feasibility of reducing the government-related mortgage market’s traditional three credit-report pull to a single one, putting a new twist on an old proposal.

President and CEO Bob Broeksmit said in a recent blog that the move could fit in with an industry regulator’s interest in promoting efficiencies.

“A single-report requirement would lead to both higher-quality services and lower costs,” MBA President and CEO Bob Broeksmit said in the blog post.

Broeksmit said the move is worth considering given other consumer finance segments don’t use a trimerge and the reasons the mortgage industry has aren’t necessarily valid anymore.

“Gaps in coverage or quality that may have existed decades ago appear to have closed,” he said.

But there is…