The Federal Housing Finance Agency is considering requiring only one or two credit reports for single-family loans that Fannie Mae and Freddie Mac acquire, FHFA Director Bill Pulte said in a post on X.
Earlier this year, FHFA and the U.S. Department of Housing and Urban Development announced the adoption of the FICO 10T and VantageScore 4.0 credit scoring models alongside Classic FICO for Federal Housing Administration loans. HUD also decided to keep the three-report requirement — or tri-merge credit report — for FHA loans.
Fannie and Freddie also have a tri-merge requirement. In his post, Pulte announced his agency was considering ending the requirement for Fannie and Freddie “to bring even more savings than we already have to American consumers.” He didn’t provide further details.
Pulte also said FHFA is continuing to study Loan-Level Price Adjustments assessed by Fannie and Freddie “and I anticipate that we will make a decision on whether there will be any changes to LLPAs before year end.”
