The Federal Housing Finance Agency is expected to direct Fannie Mae and Freddie Mac to accept credit reports based on data from two bureaus, according to reporting by HousingWire.
The change would affect the credit-reporting documentation accepted by the government-sponsored enterprises in their mortgage business, a central part of the U.S. housing finance system.
Bloomberg reported that the requirement is expected to take effect between one and three months after it is announced. No announcement date was provided in the available reporting.
Mortgage lenders, brokers and borrowers will be watching for the FHFA's formal terms, including the implementation timetable and the operational steps required to use the newly accepted reports.
