Posted To: MND NewsWire
Freddie Mac is joining Fannie Mae in including timely rent payments into the assessment of homebuyer credit. Fannie Mae’s president, Hugh Frater announced a program in August that would allow lenders to use Desktop Underwriter to submit a history of recurring rent payments. The program Freddie Mac just announced appears to go a further. The company says it is encouraging operators of multifamily properties to report on-time rent payments to the three major credit bureaus. Less than 10 percent of renters currently see their rental history reflected in their scores. Freddie Mac’s initiative incentivizes rent reporting via technology created by Esusu Financial Inc. It will deliver on-time rental payment data from property management software platforms to the credit bureaus and will automatically…(read more)
