MBA’s Broeksmit: Setting the Record Straight About MBA’s Advocacy on Credit Reporting Costs

Mortgage Bankers Association President & CEO Bob Broeksmit, CMB, weighed in last Tuesday to set the record straight about credit reporting costs.

“MBA has been the leading industry voice since late 2022 in calling out the lack of transparency regarding the rising costs of the tri-merge credit reports, credit scores, and other credit reporting products, especially given the unique market structure and lack of options for obtaining credit reports and credit scores,” Broeksmit said in a memo to MBA members.

“Our position on this issue has been very clear in letters to FHFA and CFPB, press statements (see examples here and here), and regularly in conversations with these and other regulators. In fact, we are pleased that CFPB Director Chopra – as he shared during our Secondary and Capital Markets Conference and Expo in May – is finally joining the chorus.”

“That is why it was extremely disappointing and angering to read a research writer’s recent blog post that inaccurately and unfairly characterized our advocacy on this issue. We are asking for a correction and reject any suggestion that MBA is conflicted when it comes to advocating for you and the consumers you serve.”

“Rest assured, we will continue to fight for you and urge policymakers to examine the drivers of these cost increases to ensure transparency and to protect consumers and lenders from paying higher costs in connection with their home mortgages.”