The Community Home Lenders of America recently called for a single credit scoring process across conventional and government home loan programs. Spokespersons for FHA, VA this week said the agencies are considering a bi-merge credit scoring process.

Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.

Industry participants are asking Congress to fully fund the salary and expense requests for both FHA and Ginnie Mae during the fiscal 2024 budget appropriations reconciliation.

A coalition of most of the major mortgage industry participants says FHFA and the GSEs should be more transparent about how they assessed and validated the new credit score models.

Community Home Lenders of America has sent a letter to federal mortgage regulators urging them to look into the potential mortgage financing fallout from the court ruling in Sitzer/Burnett v. NAR.

Finding a replacement, though, is going to be a tall order given that Ginnie Mae has pay restrictions.

With the cost of credit reports rising, many lenders have begun increasing their use of cheaper soft pulls for borderline borrowers. However, lenders say credit bureaus are raising the price for those as well.

The enterprise’s plan closely resembles an alternative to current buyback policy that was proposed by CHLA in May.

With a healthy reading on FHA’s Mutual Mortgage Insurance Fund, lender trade groups want further changes to FHA’s mortgage insurance premium policy. (Includes data table.)

Mortgage industry trade groups continue to pressure the Biden administration to intervene in the MBS market to help struggling homebuyers overcome high interest rates and low supply.