Closing The Gap: Fannie Mae’s Credit Building Program Finds Success
By KIMBERLEY HAAS
A Fannie Mae program designed to help build the credit scores of renters is finding success.
Launched in September, the Multifamily Positive Rent Payment Reporting pilot program allows property owners to share timely rent payment data with the three major credit bureaus. The goal is to accelerate the adoption of rent payment reporting so renters and prospective homebuyers with no or little credit can establish or improve their credit history.
Lenders can incorporate that data when evaluating potential homebuyers.
Leaders at Fannie Mae report that more than 263,000 rental units have been onboarded as of April 30. Over 10,000 renters in properties participating in the program have established credit for the first time and 58% of residents…