"while other retail lenders charge about $300 per closed loan for credit report costs, Oakmont charges about $95, depending on the credit pull, according to Bell. Instead of pulling credit for every applicant, Oakmont relies on application and publicly available data to work with borrowers on improving their credit scores before incurring costs. The upfront fee can also be waived if a client cannot afford it"
"Resellers have indicated that prices will jump another 50% in 2026, marking the fourth consecutive year of increases. The higher costs stem from reports that originate with FICO data and are delivered through the three major credit bureaus Experian, Equifax and TransUnion. Resellers are not yet offering the new direct program that FICO launched in October. And VantageScore 4.0, approved for use by Fannie Mae and Freddie Mac, is not yet operational."
"Mortgage brokers are increasingly likely to charge borrowers upfront for credit report costs, while many retail lenders remain hesitant because their competitors aren't doing the same, according to Don Clement, assistant vice president of strategic partnerships at CIC Credit. However, that may be changing with this increase, Clement said. If everyone went back to this model, it would make lenders' lives so easy."
Oakmont charges about $95 for credit reports per closed loan, well below the roughly $300 charged by many retail lenders, and limits credit pulls to reduce costs. Oakmont uses application and publicly available data to help borrowers improve credit scores before incurring report expenses. The upfront fee can be waived for clients who cannot afford it or deferred to closing for serious or time-sensitive deals. Credit-report prices have risen for multiple years and resellers expect another 50% increase in 2026. Higher costs originate from FICO data delivered via Experian, Equifax and TransUnion. Mortgage brokers are increasingly likely to charge upfront, while some lenders adopt new models to lower consumer costs.
Read at www.housingwire.com
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