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 unenroll renters when missed payments
occur, preventing harm to those who struggle financially.