Mortgage lenders want to cut the cost of checking borrowers’ credit. Buyers could benefit, but an industry demand is still different from a rule they can use today. At the Mortgage Bankers Association’s annual convention in Chicago on October 12, chief executive Bob Broeksmit signaled confidence that the requirement for reports from three credit bureaus will change. In MBA’s published prepared remarks, he said the requirement “won’t be around for long.” He also acknowledged that the specific reform was still…
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Mortgage Lenders Want to Ditch Three Bureau Credit Reports. Will Buyers Actually Save?
Mortgage lenders want to cut the cost of checking borrowers’ credit. Buyers could benefit, but an industry demand is still different from a rule they can use today.
