The Fannie Mae pilot utilizes rent reporting to establish or build credit scores and increase financial equity for U.S. renters
LEHI, Utah, Nov. 14, 2023 /PRNewswire/ — Entrata, a leading multifamily industry operating system, today announced that recently acquired Rent Dynamics will continue as one of three vendors to work with Fannie Mae for its Positive Rent Payment pilot, which first launched in late 2022. The pilot is extending for another year through December 2024 following the success in year one.
Fannie Mae’s Multifamily Positive Rent Payment pilot helps residents establish or build their credit scores by sharing timely rent payment data with the three major credit bureaus through Entrata. With the goal of helping as many residents as possible, Fannie Mae fully covers the cost of the first year of rent reporting services with an approved vendor for property management companies. The program aims to increase financial equity for apartment community residents by allowing them to build, maintain, or improve their credit history through on-time rent payments, which allows them greater opportunities to access more affordable car insurance rates, loans on mortgages, business, and more.
“Working with Fannie Mae to help residents build credit scores and create financial stability has been a part of a much larger mission of Entrata to continue to elevate the resident experience,” said Adam Edmunds, Chief Executive Officer of Entrata. “Rent Dynamics is at the forefront of this space, as it continues to quickly expand enrollments in its rent reporting program.”
Entrata results from the Fannie Mae pilot saw an average 26-point lift in their credit score in the first year of participation alone. Additionally, more than 8% of residents who currently use rent reporting go from having no credit to being scored based on participation in rent credit reporting with RentPlus.
To encourage adoption, Fannie Mae is offering more multifamily property owner-operators the opportunity to participate in the pilot through December 2024 by collecting and disseminating rent payment data for a 12-month period for property owner/operators of Fannie Mae finance properties.
Entrata is a leading operating system for multifamily communities worldwide. Setting the bar for innovation in property management software since 2003, Entrata offers solutions for every step of the leasing lifecycle and empowers owners, property managers, and renters to create stronger communities. Entrata currently serves over three million residents across more than 26 thousand multifamily communities around the globe. Learn more at www.entrata.com.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit: fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Originally published at https://www.prnewswire.com/news-releases/entrata-continues-to-work-with-fannie-mae-as-it-extends-its-positive-rent-payment-pilot-through-2024-301987064.html
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