Fannie Mae — the nation’s leading source of mortgage financing — has also realized the power of rent payment reporting, and it could be a game-changer for first-time homebuyers.
COVID-19 Still Impacting Credit Reporting in 2022
March 29, 2022 By Leave a Comment
The financial effects of COVID-19 linger and new medical & student loan debt “forgiveness” programs are about impact credit reports.
Big Three Bureaus Announce “Buy Now Pay Later” Credit Reporting Plans
March 22, 2022 By Leave a Comment
In December 2021, Equifax — one of the “big three” credit bureaus — announced it was creating a new reporting code for “buy now, pay later” (BNPL) loans, also known as “point of sale” loans. In January 2022, Experian introduced its upcoming “Buy Now, Pay Later Bureau,” which is set […]
Fannie Mae Adds Rent Payments to Considerations for Mortgage Approval
October 2, 2021 By Leave a Comment
Effective September 18, 2021, Fannie Mae’s Desktop Underwriter® (DU®) will allow single-family lenders to automatically recognize recurring rent payments within an applicant’s bank statement data, allowing for a more comprehensive credit assessment. Fannie Mae’s DU upgrade opens additional opportunities for homeownership whilst promoting safe and sound lending for qualified renters […]
Credit Reporting and the CARES Act
September 25, 2021 By Leave a Comment
As our country continues to face the economic impacts of the Covid-19 pandemic and as the new Delta variant drives many people back inside, consumers and companies alike are facing unprecedented financial hardships. If you extend credit, chances are you’ve heard from your customers and clients asking what you can […]