Our new program enables multifamily borrowers to report timely rent payments, helping renters establish or improve credit scores.
Positive Rent Payment

Help renters build credit

Our new program enables multifamily borrowers to report timely rent payments, helping renters establish or improve credit scores.

 

Multifamily positive rent payment reporting is a win-win

Did you know you can help renters establish, maintain, or improve their credit scores? When they pay rent on time, these positive rent payments can be reported to the credit bureaus to help build credit. This is an important part of our plan to advance greater housing equity.

Fannie Mae’s Positive Rent Payment program connects property owners of Fannie Mae-financed buildings with fintech providers that can report the positive rent payments of their residents directly to credit bureaus.

 

Uncover the benefits of positive rent payment reporting


For borrowers

Participate in the pilot at no cost.

One year of Positive Rent Payment services via one of the three designated vendors will be reimbursed by Fannie Mae.

Reporting rent may increase timely rent payments.

When rent is reported, renters may be motivated to pay on time, which could help reduce delinquencies, evictions, and turnover.

According to a TransUnion study, 73% of renters are inclined to pay rent on time when their rent payments are reported.

Help renters establish or improve their credit scores.

Informed and responsible residents are good for you and your property(ies).


For renters

Make rent count. Rent is the largest recurring monthly expense that many households pay. Having on-time payments reported to credit bureaus can help prepare renters to buy a home or get a better rate on a loan.

Open the door to homeownership. Having sufficient credit can help individuals qualify for a mortgage.

Access lower-cost credit. Reliable, on-time payments, when reported to the credit bureaus, can help renters increase their credit score. Better credit scores lower the cost of financing to purchase a car, start a small business, or borrow for education.

Establish credit profiles. Rent payment reporting enables “credit-invisible consumers” (individuals without credit history) to build credit.

Find housing in higher-opportunity neighborhoods. Credit scores are a factor used to screen prospective renters. Individuals with stronger credit scores may qualify for housing in a wider array of areas.

Possibly lower future rent security deposits. A renter’s credit score can impact the size of their security deposit. If a renter has a low credit score, a landlord might request a higher security deposit amount. If a renter has a high score, they could lower their security deposit.


How to enroll your property

Learn more about the fintech providers below and connect with them to get started. These providers will confirm eligible loans/properties with Fannie Mae. Eligible properties are active loans that have five or more years to reach maturity.*


*Note that the five-year eligibility rule is general guidance, but loans will be reviewed on a case-by-case basis, and Fannie Mae reserves the right to waive that eligibility rule.


 

To inquire about setting up positive rent payment reporting, use the buttons below to submit a request to the select vendor.


Esusu

  • Renters are automatically enrolled with an option to opt out.
  • Esusu manages rollout to renters, communications, reporting, and disputes so there’s no work for property managers or on-site staff.
  • Integrated with leading property management software to seamlessly transmit rent payment data.
  • Esusu has an additional product, free of charge, called Housing Stability Loans. These are 0% interest loans for a tenant struggling to pay their rent, paid directly to the landlord. Then, Esusu enters into a repayment plan with the renter.

 

Contact Esusu


Jetty

  • Renters are automatically enrolled with option to opt out (as the pilot progresses, Jetty will introduce an opt-in model).
  • Fully integrates with your property management software. Requires no changes to your leasing or rent collection processes.
  • Jetty offers other products that may be of interest to borrowers/renters (at additional cost, not covered in pilot), which include a flexible rent product, renters’ insurance, and security deposit alternative.

 

Contact Jetty


Rent Dynamics

  • Borrower has the option to choose between a renter opt-out or opt-in program.
  • Integrates with leading property management softwares.
  • Rent Dynamics integration and implementation teams do the work to seamlessly incorporate into your existing processes.
  • Rent Dynamics can handle all resident communication and marketing efforts to provide support and increase adoption.
  • Also offers (at additional cost) their own CRM software for leasing activities, a 24/7 leasing contact center, and at no cost, The Advantage Program to help renters who desire to buy a home.

 

Contact Rent Dynamics

Have questions? Contact the Fannie Mae Multifamily team.

Find instructions on the servicer reimbursement process here.

FAQ

Positive rent payment reporting is the submission of renters’ monthly on-time payment to the credit bureaus (Equifax, Experian, and TransUnion) for inclusion in the calculation of a consumer’s credit report. This will also factor into the calculation of a consumer’s credit score.

Rent payment reporting has been identified as a tool to create a more equitable housing system. Fannie Mae’s mission is to facilitate equitable and sustainable access to quality affordable rental housing, and this pilot is part of Fannie Mae’s Equitable Housing Plan and Duty to Serve plan for 2022.

These companies provide the technology capabilities to report positive rental payments to credit bureaus. Depending on the platform, companies may provide services such as:

  • Offering emergency rent loans at 0% interest.
  • Providing budgeting solutions to help renters stay current.
  • Reporting up to 24 months of previous on-time payments.

Borrowers can select an approved fintech partner and will work directly with them to get onboarded to the platform. The fintech partner will invoice the borrower for the cost and through the servicer reimbursement process can request for Fannie Mae to reimburse the fees.

To be eligible for participation in the pilot and reimbursement, the borrower must not pass costs for reporting on to renters and commit to 12 months of reporting.

View servicer reimbursement instructions here.


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