FHFA may include crypto in mortgage criteria

Plus: Consumer confidence retreats in June

June 25, 2025

👋 Good morning! Let's check in on what’s happening in the mortgage world, shall we? Today's newsletter is 890 words, a 3.5-minute read.

Disclaimer: Average mortgage rates as of June 24, 2025. © MND Daily Rate Index.

1. FHFA may include crypto in mortgage criteria

The FHFA will review whether cryptocurrency holdings should be considered in mortgage qualification, according to a statement Monday by Director Bill Pulte.

  • FHFA regulates Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. A policy change could prompt lenders to factor digital assets into mortgage applications, a practice largely avoided to date.

Pulte announced the move on social media. He was sworn in as FHFA director on March 14 after being nominated by President Donald Trump.

2. Consumer confidence retreats in June

Consumer confidence unexpectedly deteriorated in June as households worried about business conditions and employment prospects over the next six months.

The Conference Board said on Tuesday its consumer confidence index dropped 5.4 points to 93.0 this month, erasing nearly half of the sharp gain in May.

June's retreat in confidence was shared by all age groups and almost all income groups. It was also shared across all political affiliations, with the largest decline among Republicans.

"The decline was broad-based across components, with consumers' assessments of the present situation and their expectations for the future both contributing to the deterioration," said Stephanie G, Snr economist at the Conference Board.

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3. More Nuggets

🤖 Goldman Sachs to roll out an artificial intelligence tool that could be used to take over tasks traditionally done by junior bankers. (New York Post)

💸 Americans are side-hustling like we’re in a recession. (The Week via WSJ)

🚀 Rocket launches bridge loan to help homeowners buy now, sell later. (NMP)

🏘️ Housing market at risk of "sustained downturn" as price growth cools. (Axios)

🆕 Powell emphasizes patience amid Trump pressure in House testimony. (The Hill)

🏡 KB Home: Homebuyers risk finding themselves 'upside-down' if they overpay for builder incentives. (ResiClub)

⛔️ Senate official blocks CFPB defunding in Trump’s megabill. (BankingDive)

💰 Home values spark “everyday“ class of millionaires. (Axios)

4. House passes ‘trigger leads’ bill

A bill to curb the sale and use of mortgage “trigger leads” cleared a major hurdle Monday, as the House unanimously passed the Homebuyers Privacy Protection Act (H.R. 2808).

The move follows the Senate’s June 12 approval of a similar measure, S. 1467. The legislation targets the controversial practice of selling consumer data when someone applies for a mortgage.

To become law, the House and Senate must reconcile differences between their versions and send a final bill to President Trump for signature.

“The Homebuyers Privacy Protection Act would dramatically reduce the number of unwanted calls and messages that millions endure during the homebuyer process,” said Rep. John Rose, R-Tenn., a primary sponsor of the House bill.

The Consumer Financial Protection Bureau has freed Bank of America from a mortgage data-related consent order three years early, an administrative document shows.

The bank, which allegedly failed to collect required demographic data of mortgage applicants but blamed its lack of data on applicants choosing not to respond, paid $12 million in 2023 to settle the allegations without admitting any wrongdoing.

As part of the settlement, the CFPB was to monitor Bank of America for five years. But the CFPB terminated its agreement with the bank June 4.

Efforts to overhaul the credit reporting system are facing sharp resistance from industry stakeholders, who warn that proposed changes could destabilize mortgage lending and lock millions out of homeownership.

At the center of the debate is a push by advocacy groups, including the MBA, to abandon the traditional “tri-merge” credit report—compiled from all three major bureaus—in favor of a bi-merge or even single-report model. Proponents say the move could reduce costs and streamline approvals. Critics call it a dangerous gamble.

“We are injecting significantly more risk into the mortgage lending system, this is just an untested experiment,” said Eric Ellman, president of the National Consumer Reporting Association (NCRA). With 85 million mortgages and $13 trillion in outstanding debt, he argued, narrowing the credit lens could have systemic consequences.

☀️ You’re all caught up. See you on Friday!

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