Federal Housing Finance Agency Director Bill Pulte caused a commotion in early September when he hinted on social media that Fannie Mae and Freddie Mac may soon adopt a bi-merge credit scoring model.

Bloomberg reported Thursday that Pulte may be pushing forward with that proposal, with plans to announce the new requirement at an upcoming Mortgage Bankers Association (MBA) conference in Chicago, citing an individual familiar with the plans. The FHFA director, who also serves as board chair of Fannie and Freddie, is scheduled to speak at the event.

The FHFA did not return a request for comment from Scotsman Guide.

Advertisement

Shifting current underwriting practices from the existing model is a controversial proposition. The current framework requires lenders to retrieve credit scores for every loan file from each of the three national credit bureaus: Equifax, Experian and TransUnion.

Suggestions to move Fannie and Freddie underwriting to a bi-merge model are not new, however. Former FHFA Director Sandra Thompson, who led the federal regulator during the Biden administration, had previously announced plans of a bi-merge shift.

But those plans were shelved in January 2025, shortly after reports surfaced that Thompson intended to resign. Pulte took office two months after Thompson stepped down.

In an exclusive interview with Scotsman Guide in July 2025, Pulte said that while the bi-merge proposal had been tabled, he was open to exploring the option at some point in the future.

The shift to a bi-merge model would carry significant implications for stakeholders across financial markets. But the MBA has argued the FHFA should move even further from the tri-merge mandate. It supports a single-file framework for borrowers with strong credit profiles above a minimum threshold.

The Community Home Lenders of America disagrees, warning that a single-pull credit model could increase repurchase risk and may result in higher mortgage insurance rates.

The Consumer Data Industry Association, a trade group whose members include the big three credit reporting agencies, has been a staunch defender of the tri-merge framework from the get-go.

“More data, not less, produces better outcomes and keeps borrowing costs down,” Dan Smith, the CDIA’s president and CEO, said in a statement shared with Scotsman Guide. “Lenders and borrowers benefit from the most complete, accurate picture, which is why maintaining the tri-merge credit report is critical to the safety and soundness of the mortgage industry.”