Efforts are being made to address rising costs of credit reports and scores by engaging regulators like FHFA, CFPB, and FTC. FHFA Director Bill Pulte is focused on reducing borrower costs, recently allowing VantageScore 4.0 as an alternative to FICO. Broeksmit critiques the outdated tri-merge method of credit reporting while advocating for a single credit report. The Mortgage Bankers Association is collaborating with stakeholders to enhance competition and improve credit reporting while mitigating risks in the mortgage market.
A primary reason is that we have found an eager ally and FHFA Director, Bill Pulte, who is sharply focused on lowering borrowers' costs.
Broeksmit confirmed in a June blog post that the trade group has begun studying the feasibility of moving to a single credit report for mortgage underwriting.
Collection
[
|
...
]