Rental Reporting Is A Win Win For The Real Estate And Mortgage Industry

According to Rock The Score, Rent reporting has great potential as a marketing tool, It’s a win-win for the real estate and mortgage industries.

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This past September, Fannie Mae began accepting rent-payment histories through its Desktop Underwriter (DU) system. This is a good thing for a large group of potential homebuyers as their rental-housing payment history can now be included in their credit rating when they apply for a mortgage.

As mortgage lenders and originators know, a higher score results in a greater chance of loan approval and a lower risk rating, leading to lower interest rates and fees for the consumer.

However, the credit bureaus don’t include or report payment history from just anyone. Renters can’t submit their housing-payment history without using a vetted data provider. For a nominal monthly fee, these providers will confirm with landlords that payments are current. They may even report up to two years of history. This gives potential borrowers a long, solid line of credit that reporting bureaus can include in their credit score calculations.

Renters across the country have seen big advantages to using such a service. Reporting up to two years of history can result in a boost of 25 to 50 points — and sometimes much more.

This article was provided by Rock The Score.

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