Qualify more homebuyers
It hasn’t always been possible to consider consistent rent payment data when looking to qualify homebuyers for mortgages – but now, Desktop Underwriter® (DU®) can use rent payment history identified in credit reports or 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
How to use positive rent payments in DU
- Enter the borrower’s current rent payment amount in the loan application.
- If the borrower’s rent payment history appears on their credit report, no additional actions are required for DU’s assessment. If rent payments are not included in the credit report, order an asset verification report:
- Educate the borrower about what the asset verification process is, how it works, and get borrower consent to order a report.
- 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 on the loan application aligns with the withdrawal amount(s) in the asset verification report.
*Customer comments are based on their own experiences with positive rent payment history and may not be typical.
Supporting Resources
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