Applications & Technology

Qualify more homebuyers

By considering rent payments

It hasn’t always been possible to consider consistent rent payment data when looking to qualify first-time homebuyers for mortgages – but now, DU can use asset verification reports to help qualify more potential borrowers.

By confirming 12 months of positive rent payment data in the validation process, lenders are turning more renters into homeowners.

Lenders are serving more borrowers and growing their business

Synergy One Lending shares how they used positive rent payment history to help a first-time homebuyer.

Thrive Mortgage is helping first-time homebuyers ensure their rent payment history counts towards their mortgage evaluation.

Nations Lending has changed processes so they can serve more homebuyers and grow their business.

How to use positive rent payments in DU

  1. Educate the borrower about what the asset verification process is, how it works, and get borrower consent to order a report.

  2. Enter the monthly rent payment amount in the loan application.

  3. Order an asset verification report with 12-months of asset data from an authorized report supplier. Enter the Reference ID in DU and ensure that the rent payment amount entered aligns with the withdrawal amount(s) in the report.

  4. Review the DU Findings messages to see if positive rent payment history has been considered.

  5. Identify opportunities where rent payment data could provide a more favorable recommendation by using the Fannie Mae Connect Report.

*Customer comments are based on their own experiences with positive rent payment history and may not be typical.

Propel your business with powerful capabilities and make the most of every lending opportunity. Click on an enhancement to learn more.

New Option for Homebuyers

HomeReady mortgage offers a new $2,500 credit for creditworthy very low-income borrowers. Learn more.