Big Credit Check Change Coming: What Homebuyers Need to Know

The FHFA is expected to shift to bi-merge credit reports for mortgage qualifying, a move that could lower costs for borrowers. Here's what it means for your home purchase.

A significant change may be on the horizon for the mortgage industry — and it's one that could actually save homebuyers money.

The Federal Housing Finance Agency is widely expected to announce a shift from the current tri-merge credit report system to a bi-merge model. Right now, most conventional mortgage lenders are required to pull credit reports from all three major bureaus — Equifax, Experian, and TransUnion — and package them together for underwriting. Under the new approach, only two bureaus would be required.

So why does this matter to you as a buyer? Credit report fees are a real cost in the mortgage process, and reducing the number of required bureau pulls could translate into modest but meaningful savings at the closing table. It's also part of a broader effort to make the mortgage process more efficient and affordable overall.

For California homebuyers already navigating high home prices and elevated rates, every dollar counts. We'll be watching this announcement closely and updating our lending process as soon as any changes take effect.

Thinking about buying or refinancing? Reach out to our team today — we'll make sure you're taking advantage of every cost-saving opportunity available.