Anna Maria Andriotis

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3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some Renters' Payment History Could Soon Help Them Get a Mortgage · 12 Aug 2021 podcast

And so with rent, as Fannie Mae's CEO told us, in some markets, it's just as expensive to rent as it is to own. matched

And so it should be equally and fairly considered in people's ability to pay the mortgage. matched

I mean, if you have a large rental payment that you need to make, and you're making it, why shouldn't that be factored in to help a consumer qualify for a mortgage? matched

The people who are more likely to benefit from this are people who have thin credit histories, a limited history of borrowing, but who have been making their matched

rent payments on time for a year or even more. matched

In particular, minority consumers, especially black and Hispanic borrowers, are likely to benefit here. matched

So basically, black and Hispanic adults in the US are more likely than white or Asian adults to lack credit scores. matched

So essentially when people lack credit scores, it's because they don't have much or any of a credit history of a credit report. matched

So this is the type of consumer that something like this, a recurring rent payment is being factored into the underwriting process, would be able to help. matched

So we're talking about people who don't have a mortgage and who don't have many or any other debts that are reported onto their credit reports. matched

But chances are high that at least some portion of this population has ongoing rent payments, a track history of that to show that, look, you know, every month I make the rent payment that I need to make. matched

And that is what will get picked up in this process with what Fannie Mae has rolled out. matched

Now, there are some exceptions to this. matched

For example, you know, when when matched

rent payments are made with cash that could be harder to track here but really what this tool is going to be identifying the bank account data would essentially reflect rent payments that are made by check or electronic payment platforms but they would have a harder time they wouldn't be able to capture payments for applicants who pay their rent in cash so this move would certainly help some people who have been left out of the mainstream financing system matched

So Fannie Mae made it very clear as we were working on this story that this is not an effort intended to play a negative role for people, meaning that if there is rent data that comes through from people's bank accounts, matched

that shows that they have been paying every month, that's good for them. matched

And that could bode well for them in the process of trying to get a mortgage. matched

But if that data doesn't come through, if it doesn't exist, if there isn't a record that they've been making consistent monthly payments towards their rent, that's not something that's going to count negatively against them. matched

So what this boils down to is if somebody was going to get rejected for a mortgage that a lender intends to sell off to Fannie Mae because of a limited credit history, a low or no credit score, if the outlook for that person getting approved wasn't good and they have that positive rental data, it can only help them to increase their chances of getting approved. matched

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