Derek McGowan discusses a new rule letting automated underwriting systems consider rental payment history when qualifying first-time home buyers. The change could help more people get approved for mortgages by factoring in their track record of paying rent on time.
May has come out with a pretty cool new rule to really help first time home buyers. So what they're doing is they're allowing their automated underwriting system to scan the person's bank account and look for rental payments to help benefit or boost.
Their credibility. Now there's no negative.
Downside if they don't have it on the bank account. They can also show check stuff to show they manually wrote checks as well for their rent payments.
Now they did a.
Study looking back at those first.
Time home buyers in.
The last few years that.
Have not been qualified. They showed 17%.
Actually would have been.
Qualified had they had the ability to.
Use their rental payment history. So really opens.
The door for first time mobile.
