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A Closer Look at the FHFA’s Tri-Merge to Bi-Merge Decision

The Federal Housing Finance Agency’s (FHFA) decision to change its mortgage underwriting requirement from three credit reports (tri-merge) to two (bi-merge) will not achieve its stated objective of reducing costs for consumers. Nor is it in line with the FHFA’s mission to “Ensure the regulated entities fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity for equitable and sustainable housing finance and community investment throughout the economic cycle.”1  TransUnion’s impact analysis indicates ignoring one credit score would impose serious and lasting repercussions on the economy, disproportionately affecting low-to-moderate income consumers and potential first-time homebuyers:

  • Mortgages will become inaccessible or unsustainable for millions of consumers
  • The credit ecosystem will take on more risk — taxpayers will bear the burden

To learn more about the implications of TransUnion’s findings and our recommendations to the FHFA, read our take.


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