The bank account data is obtained from designated third-party service providers using the same automated process used to verify assets, income, and employment through LPA asset and income modeler (AIM). The offering allows lenders and brokers to submit bank account data for LPA (with permission of the borrower) to identify 12-months of on-time rent payments for inclusion in the tool’s assessment of purchase eligibility. By factoring in a borrower’s responsible rent payment history into our automated underwriting system, we can help make home possible for more qualified renters, particularly in underserved communities.”
“Millions of American adults lack a credit score or have limited credit history. “This extremely important initiative will help many renters move closer to achieving the dream of homeownership,” said Michael DeVito, CEO of Freddie Mac. Beginning July 10, 2022, this automated functionality will be available to mortgage lenders nationwide through Freddie Mac Loan Product Advisor (LPA). Freddie Mac’s latest action is geared toward increasing homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the GSE’s loan purchase decisions.
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