In recent news, a House Republican has proposed a bill aimed at making the tri-merge credit model a legal requirement within the mortgage industry. This move signifies a potential shift in how credit is assessed for mortgage applicants, with potential implications for lenders and borrowers alike.
Key Points:
– House Republican introduces bill to make tri-merge credit model law
– Tri-merge credit model could become mandatory in mortgage industry
– Bill faces challenges in a closely divided Congress, suggesting potential obstacles to its passage and implementation
– Implications of tri-merge credit model becoming law could impact how lenders evaluate creditworthiness of potential borrowers
You can read this full article at: https://www.housingwire.com/articles/republicans-look-to-codify-tri-merge-credit-model-into-law/(subscription required)
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