MBA Pushes for Single Credit Report Model to Lower Mortgage Costs

The Mortgage Bankers Association (MBA) is advocating for a shift from the current tri-merge credit report requirement to a single-bureau model for GSE and government-backed loans, citing potential cost savings and improved efficiency in the mortgage industry.

MBA President and CEO Bob Broeksmit has emphasized that the existing system—requiring lenders to pull credit reports from Equifax, Experian, and TransUnion—is an outdated practice that no longer reflects modern credit reporting capabilities. He described the tri-merge approach as “an anachronism from the days when there were significant disparities in coverage by the credit bureaus.”

According to MBA analysis, the tri-merge credit check process can cost lenders up to $100 per loan, a figure that has doubled since pre-COVID levels. Despite declining mortgage origination volumes—now at levels not seen since the mid-1990s—the three national credit bureaus have reported strong earnings in their mortgage segments, largely due to price increases in a market where lenders face limited alternatives.

Broeksmit argued that the current mandate creates an anticompetitive environment, insulating credit reporting providers from market pressures and enabling them to raise prices without corresponding improvements in quality or innovation. He noted that gaps in credit data coverage or quality that may have justified the tri-merge model decades ago “appear to have closed” due to system modernization.

The MBA’s push for reform aligns with recent statements from Federal Housing Finance Agency (FHFA) Director Bill Pulte, who has consistently emphasized lowering consumer costs and improving efficiency across the mortgage ecosystem. Pulte has raised the issue both onstage at MBA events and in media interviews, supporting efforts to examine whether a single credit report model could be a safe and viable alternative for GSE and government-guaranteed loans.

Early discussions with MBA members suggest that a single-report approach would be feasible without posing undue risk to the GSEs. The association points to other consumer finance sectors—such as auto loans and home equity lending—that have successfully operated with single-file, single-score models for years.

MBA maintains that transitioning to a single credit report model would increase competition, reduce closing costs for homebuyers, and bring the mortgage industry in line with broader financial practices. The organization continues to urge policymakers and regulators to evaluate the drivers behind rising credit reporting fees and ensure transparency in the market.

As of June 2025, the MBA is actively studying the feasibility of a single credit report model and engaging stakeholders to build momentum for reform.

Key Takeaways

• The MBA is advocating to replace the tri-merge credit report requirement with a single-bureau model for GSE and government loans.
• Current tri-merge checks cost lenders up to $100 per loan, doubling since pre-COVID levels.
• Despite falling mortgage originations, credit bureaus have posted strong earnings in the mortgage segment due to price increases.
• MBA argues the tri-merge system is outdated and creates an anticompetitive market with little incentive for innovation.
• FHFA Director Bill Pulte has supported efforts to lower consumer costs and improve mortgage market efficiency.
• Early MBA member discussions indicate a single-report model would be feasible without undue risk to GSEs.
• The shift would align mortgages with other consumer lending sectors that use single-score models.

Frequently Asked Questions

What is a tri-merge credit report?

A tri-merge credit report combines data from all three major credit bureaus—Equifax, Experian, and TransUnion—into a single report used by lenders to assess mortgage applicants.

Why does the MBA seek to replace the tri-merge model?

The MBA argues the tri-merge requirement is outdated, unnecessarily expensive (costing up to $100 per loan), and limits competition, allowing credit bureaus to raise prices without market pressure.

Would a single credit report be safe for mortgage lending?

According to MBA President Bob Broeksmit, early discussions with association members suggest a single-report model would be feasible without posing undue risk to the GSEs, citing modernized credit data coverage.

Who supports the move toward a single credit report model?

The MBA’s initiative aligns with public statements from FHFA Director Bill Pulte, who has emphasized lowering consumer costs and improving efficiency in the mortgage industry.

How much could lenders save with a single credit report?

While exact savings vary, the MBA notes that tri-merge reports currently cost lenders up to $100 per loan—double pre-COVID levels—and a single-report model could significantly reduce this expense.