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Fannie Mae on Tuesday launched a pilot program to help borrowers in many areas build their credit reports and improve their credit scores.
It starts in September. Starting on the 27th, eligible multifamily landlords will be able to share rent payment data from the landlord’s credit profile with TransUnion, Equifax, and Experian through a network of providers.
“About 20 percent of US Citizens have a poor or below average credit history. Blacks and Latinos/Hispanics are equally underrepresented in this group. A disproportionate number of black consumers have high credit scores.
This disparity exacerbates the racial divide between borrowers and homeowners when it comes to credit and access to quality affordable housing,” said Michelle Evans, executive vice president and the head of the family group at Fannie Mae said. car and education fund.”
Homeowners who do not pay are automatically canceled to protect their credit score. You can also cancel your subscription to the program.
Fannie Mae said it will cover the cost of collecting and distributing 12 months of mortgage data for multifamily borrowers using one of three approved data collection providers.
In September 2021, Fannie Mae began adding consumer loans to an insurance system called Desktop Underwriter.
Freddie Mac, the smaller of the two federally sponsored agencies, announced in late June that it would include mortgages in its risk assessment.
He also encouraged homeowners to report good mortgages to credit bureaus to improve homeowners’ chances of qualifying for a mortgage. The GSE said in November that 70,000 families in 816 housing units are participating in the plan.
In the survey published the last year, Fannie Mai said that 17% of the money if the amount is now entered for a company’s payment asked.
Reference Source: Housing Wire
