Mortgage Credit Report Review: Assessing the Shift from Three to Two Scores.
This bill mandates the Federal Housing Finance Agency (FHFA) to study the costs and benefits of requiring only two, instead of the current three, credit reports and scores when purchasing residential mortgages. The goal is to determine if this change would save money for borrowers and how it might affect consumer access to mortgage credit. No change will be implemented until the analysis is published and public comments are reviewed.
Key points
Requires a federal analysis to determine if reducing the number of mandatory credit reports from three to two would lower mortgage costs for borrowers.
The study must assess potential changes in consumer access to mortgage credit and the operational costs for lenders and credit agencies.
Any final decision to change the reporting requirement must wait until the analysis is published and a 90-day public comment period is completed.
Status:
Expired
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