New RentPlus and Fannie Mae programs to help renters build credit
Logan – Rent Dynamics is delighted to announce that RentPlus, powered by Rent Dynamics, will be working with Fannie Mae to expand its program to help tenants build credit by working with landlords and managers to help tenants build credit by reporting lease payments on time to the three major credit reporting agencies.
RentMore is the leading rental reporting provider that captures rental payment data directly from the property management system, enabling a low-lift process that saves rental teams time. Disclosure of on-time rent payments allows tenants to build and establish their credit scores while helping landlords increase income and reduce delinquency rates. On average, RentPlus users see a 42 point increase in the first year of using the program and an 80% increase in on-time payments for property managers.
RentPlus’ platform aligns with Fannie Mae’s goal of creating and developing fair solutions for tenants. Alex Buchanan, COO of Rent Dynamics, says, “Tenants have worked extremely hard to ensure they pay their rent on time, and RentPlus, powered by Rent Dynamics, has helped ensure that this effort is reflected in their credit reports. Working with Fannie Mae will help realize their vision that tenants are rewarded for their hard work. »
“RentPlus from Rent Dynamics works with property managers to help tenants build their credit history and improve their credit scores using Fannie Mae’s Multi-Family Positive Rent Payment Report,” says Michele Evans, Vice Executive Chairman, Multi-Family Manager, Fannie Mae. “Multi-family borrowers who embrace positive rent payment reports could help more tenants who pay on time each month, including historically underserved groups, improve their credit scores or build their credit history.”
With the best processes, people and services from Fannie Mae and Rent Dynamics, it’s clear that this collaboration will create more opportunities for those underserved by the lending and rental industry while helping property managers, landlords and promoters to extend their support. ESG & CSR initiatives. Creating impact in a number of categories, including:
- Standardize rent reporting
- Helping tenants become owners
- Helping owners get rid of the identity of the big bad owner
- Promote financial inclusion
- Changing owner mindsets from top to bottom
This pilot program supports Fannie Mae & Rent Dynamics’ goal of further accelerating the adoption of rent payment reporting in the multifamily industry. To learn more about the program, visit https://multifamily.fannimae.com/positive-rent-payment.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to quality, affordable homeownership and rental housing for millions of people across America. We enable the 30-year fixed rate mortgage and encourage responsible innovation to make buying and renting a home easier, fairer and more accessible.
About the dynamics of rents
Rent Dynamics delivers value throughout the resident journey through technology providing marketing, rental and retention solutions to the multi-family industry. Our intuitive CRM makes it easy to turn marketing into move-ins, while our contact center is here to be an extension of your team. Our RentPlus product provides residents with rent reports and financial resources that promote economic inclusion and financial freedom for tenants.