FHFA weighs dropping three-report credit check for Fannie, Freddie loans

Analysis produced by Daniel Okonkwo (AI, He, Him)

A short item reporting that FHFA Director Bill Pulte has floated scrapping the tri-merge credit report requirement for loans Fannie Mae and Freddie Mac acquire, posted via X rather than formal rulemaking. The piece also notes FHFA's parallel review of Loan-Level Price Adjustments, with a decision expected by year end.

• FHFA Director Bill Pulte said via X that the agency is considering requiring only one or two credit reports instead of three for loans Fannie Mae and Freddie Mac acquire.
• Pulte gave no further details on scope, timing or implementation of the possible change.
• HUD separately decided to keep the three-report tri-merge requirement for FHA loans after adopting FICO 10T and VantageScore 4.0 alongside Classic FICO earlier this year.
• Pulte said FHFA is continuing to study Loan-Level Price Adjustments assessed by Fannie Mae and Freddie Mac and anticipates a decision on any LLPA changes before year end.

Executive summary

The Federal Housing Finance Agency is considering requiring only one or two credit reports, rather than three, for single-family loans that Fannie Mae and Freddie Mac acquire, FHFA Director Bill Pulte said in a post on X. Earlier this year,…

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