Picture this. You sprain your ankle. You go in for an X-ray. And instead of one radiologist reading it, the clinic sends it to three. Then it bills you for all three.
Is the second opinion ever useful? Sure. On a complicated case, absolutely. But on a simple sprain? You’d start asking some questions.
That’s pretty much the conversation happening in the mortgage industry right now about credit reports. And it looks like the answer is about to change.
What Happened in Chicago
At the MBA’s 2026 Annual Convention and Expo, MBA President and CEO Bob Broeksmit took direct aim at the mandatory tri-merge credit report. HousingWire’s Flávia Furlan Nunes reported that he called tri-merge outdated and costly, and said he’s increasingly confident it “won’t be around for long.”
Here’s what’s on the table:
- Today: Most loans sold to Fannie Mae and Freddie Mac require a tri-merge report, pulling data and scores from all three major credit bureaus.
- Bi-merge: FHFA Director Bill Pulte has said on social media that an option using two bureaus instead of three is under consideration. That idea was first announced back during the Biden administration.
- Single-pull: The FHFA is also studying a one-bureau option. Broeksmit has pushed for this, at least for lower-risk loans.
- The other side: Dan Smith, President and CEO of the Consumer Data Industry Association, said more data leads to better outcomes and lower borrowing costs, and that keeping tri-merge is critical to the safety and soundness of the mortgage industry.
Many people expected Pulte to announce a bi-merge option in person at the convention. He canceled that appearance and is scheduled to speak virtually instead. So stay tuned. This one is moving.
One more detail worth noticing. Broeksmit said credit reports matter more than credit scores. After a year of headlines about which score lenders can use, the fight is shifting to what goes into the file itself.
Why This Matters More Than It Sounds
Credit reports used to be a line item nobody noticed. Not anymore. Agents, you’ve probably heard a loan officer grumble about it. Buyers have definitely noticed it on their Loan Estimates.
And here’s the part people forget. A lender doesn’t pull credit once per closed loan. We pull it for every pre-approval. Every buyer who shops. Every buyer who walks away. Every file that needs a re-pull because the contract took longer than expected. All of that cost has to land somewhere, and eventually it lands on the consumer.
So when the MBA talks about cutting a bureau out of the process, this isn’t inside baseball. It’s closing costs. It’s affordability. It’s whether a first-time buyer feels nickel-and-dimed before they’ve even found a house.
The Deeper Principle: Fewer Opinions Means Each One Matters More
Now let’s go back to that X-ray.
With three radiologists, one sloppy read gets outvoted. With one radiologist, whatever they see is the diagnosis. Period.
Credit works the same way. Today, lenders typically qualify a borrower using the middle of their three scores. One bureau with a stale collection or a reporting error gets softened by the other two. In a bi-merge or single-pull world, that cushion shrinks. An error on one report could carry a lot more weight.
That’s exactly the trade-off the article points to. Lower fees for borrowers and lenders on one hand. Real questions about data consistency, risk modeling, and underwriting technology on the other. Both sides have a point. And the details of the final policy will matter a lot.
But here’s what I know after 26 years of reading credit files: the buyers who win aren’t the ones with perfect credit. They’re the ones who checked before it counted.
For Realtors: Get Your Buyers Checked Early
Whatever the FHFA decides, this is your moment to add value. Here’s the play:
- Send buyers to a lender before they tour. A real pre-approval with a full credit review, not a quick online estimate.
- Have them pull all three reports themselves. AnnualCreditReport.com is the free, official site. Errors don’t always show up on all three bureaus. If the industry moves to fewer bureaus, you want to know which one has the problem now, not at underwriting.
- Coach them on the quiet period. No new cards, no new car, no co-signing between pre-approval and closing. That advice doesn’t change no matter how many bureaus get pulled.
Buyers will remember the agent who helped them avoid a surprise. Trust is still the greatest competitive advantage.
For Loan Officers: Get Ahead of the Questions
Your partners and borrowers are going to see these headlines. Be the one who explains them first.
Keep it simple. Nothing changes until the FHFA and the GSEs publish actual guidance. Government loans like VA and FHA follow their own agency rules. And the details, like which bureau gets pulled, how the qualifying score gets picked, and which loans qualify, are still being worked out. Promise clarity, not predictions.
Also worth watching: the MBA announced a new effort aimed directly at individual loan officers, member companies or not, with continuing education, coaching, and career development. Good news for anyone building their skills in a tight-margin year.
The Deal Doctor’s Prescription
Rules change. Reports change. Bureaus come and go from the process. People don’t. They still want a fair price, a clear explanation, and nobody blindsiding them at the closing table.
So here’s my challenge this week. Pick three buyers in your pipeline who haven’t had a full credit review. Get them in front of a lender before they fall in love with a house. One conversation now can save a deal later.
Knowledge is power. And a clean credit file is a head start.
Questions? Just call Kate at (931) 980-9764 or email Kate@VanDykMortgage.com. Buyers can get started any time right here: create your account.
Frequently Asked Questions
1. What is a tri-merge credit report?
It’s a single report that combines credit data and scores from all three major credit bureaus. It has long been the standard for loans sold to Fannie Mae and Freddie Mac.
2. What is a bi-merge credit report?
A bi-merge report uses data from two bureaus instead of three. The FHFA has said it is considering a bi-merge option, which was first announced during the Biden administration.
3. What is a single-pull credit report?
A single-pull report uses just one bureau. The FHFA is studying this option, and the MBA has advocated for it, at least for lower-risk loans.
4. Has the tri-merge requirement ended?
Not as of this writing. The MBA is pushing for change and the FHFA is weighing options, but no new requirement has taken effect. Lenders still follow current agency guidelines.
5. Why does the MBA want to move away from tri-merge?
Cost. Tri-merge adds meaningful expense to every file, and lenders are dealing with tighter margins and higher compliance costs. Fewer bureaus could lower fees for both lenders and borrowers.
6. Why do the credit bureaus want to keep tri-merge?
The Consumer Data Industry Association says more data leads to better outcomes and lower borrowing costs, and that tri-merge is critical to the safety and soundness of the mortgage industry.
7. Could my credit score be different with fewer bureaus?
Possibly. Your scores often differ from bureau to bureau. Today lenders typically use the middle of three. With fewer reports, the score used to qualify you could change, depending on how the final rules are written.
8. Does this affect VA and FHA loans?
The current discussion centers on loans sold to Fannie Mae and Freddie Mac. VA and FHA loans follow their own agency rules, so any changes there would come through those agencies.
9. What should buyers do right now?
Pull your free reports from all three bureaus at AnnualCreditReport.com, dispute any errors you find, and get a full pre-approval with a lender before you start touring homes.
10. How can Realtors help clients through this change?
Get buyers to a lender early, encourage them to review all three credit reports, and coach them to avoid new credit before closing. Then let your lender partner explain any new rules as they’re released.
Source: Flávia Furlan Nunes, “Bob Broeksmit says tri-merge ‘won’t be around for long’,” HousingWire, Oct. 12, 2026. Commentary and opinions in this post are my own.
Kate Deiboldt, Senior Mortgage Advisor, NMLS #18487. VanDyk Mortgage Corporation, Company NMLS #3035. Licensed in TN, KY, AL, FL, GA, TX, and IL. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, underwriting guidelines, and program eligibility. Rates, terms, and programs are subject to change without notice. Information about proposed policy changes is for educational purposes only and reflects public reporting as of the date of this post; actual requirements will be set by the FHFA, Fannie Mae, Freddie Mac, and other agencies. VA loan eligibility requirements apply. http://www.nmlsconsumeraccess.org
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