MBA’s Bob Broeksmit Advocates for Single-Bureau Credit Reporting with Guardrails to Prevent Score Shopping and Mortgage Risks

Mortgage Bankers Association President and CEO Bob Broeksmit has reaffirmed the organization’s support for a single-bureau credit reporting model in mortgage lending, emphasizing that such a change can be effective only if accompanied by strong safeguards against manipulation.

In a blog post published on April 22, 2026, Broeksmit stated that when used properly, a single credit score from one of the three major national credit bureaus can provide lenders with the information they need to assess creditworthiness for loans sold to Fannie Mae and Freddie Mac. He reiterated the MBA’s long-standing position that the current requirement to pull three credit reports — known as a tri-merge — adds unnecessary cost and complexity without a corresponding improvement in risk assessment for well-qualified borrowers.

Broeksmit pointed to research from the American Enterprise Institute’s Housing Center, published in March 2026, which found that while individual credit scores vary across bureaus, their predictive performance for loan outcomes is broadly similar. The study concluded that a single score carries essentially the same predictive power as the tri-merge approach when used correctly.

However, Broeksmit warned that the success of a single-bureau model depends on preventing lenders from engaging in “score shopping” — the practice of pulling multiple scores and submitting only the highest one to secure more favorable loan terms. He argued that such behavior undermines the integrity of the underwriting process and could introduce new risks if not properly controlled.

To address this concern, Broeksmit advocated for clear business rules that would prohibit lenders from cherry-picking scores. For example, he suggested that if a lender pulls three credit reports, they should be required to submit all three. Alternatively, lenders could be required to select a single bureau for the initial credit pull, creating competition among the bureaus for that business.

The MBA first formally unveiled its stance on single-bureau credit reporting in mid-2025, aligning with broader efforts by the Federal Housing Finance Agency to lower consumer costs and improve efficiency in the mortgage ecosystem. Broeksmit noted that despite declining mortgage origination volumes, the three national credit bureaus have continued to post strong earnings in their mortgage segments, driven by their ability to raise prices in a lack of competitive pressure.

He emphasized that introducing competition into the credit reporting market — either through a single-bureau requirement or other pro-competitive measures — could lead to higher-quality services and lower costs for consumers, similar to trends seen in auto lending and home equity loans where single-score models are already standard.

Broeksmit concluded that the evidence supports moving away from the universal tri-merge mandate for GSE and government-guaranteed loans, provided that policymakers and industry stakeholders implement responsible safeguards to ensure the system is not exploited.