New MBA Webinar Series to Explore How to Leverage Rental Payment History Into the Underwriting Process
In April, MBA published its Leveraging Rental Payment History to Approve More First-Time Homebuyers white paper, which focuses on increasing lender adoption of rental payment history. As the next step in its efforts, MBA is encouraging members to join a timely discussion about the benefits of incorporating rental payment history into the underwriting process via a series of upcoming webinars.
As housing affordability remains constrained, lenders have looked to new approaches to help first-time homebuyers achieve the American Dream. In many markets, average rent payments are often as high or higher than average monthly mortgage payments. The ability to successfully leverage timely rental payment history into the underwriting process could open the doors of homeownership for many current renters.
MBA’s recommendations highlight necessary improvements to industry practices and the consumer experience, along with the need to enable GSE collaboration.
According to Anthony Siller, primary MBA staff support to this initiative and the association’s Affordable Homeownership Advisory Council, “This education series is the exciting next chapter in MBA’s Leveraging Rental Payment History Initiative, as it aims to foster industry partnerships with the GSEs, expand the adoption of a new and improved workflow, and make the dream of homeownership a reality for more first-time borrowers.”
The three-part webinar series is free for MBA members, and member companies are encouraged to share it with the leaders of their production and underwriting segments.
The three webinars are:
• Part I: Current GSE Policy and Recent Enhancements (Nov. 6, 1:00-2:00 p.m. ET) – Speakers from both Fannie Mae and Freddie Mac will summarize existing guidelines and policies allowing the use of positive rental payment history in the underwriting process. Additionally, GSE speakers will explore collaboration opportunities and recent enhancements aimed at expanding adoption.
• Part II: Industry Practices and Consumer Experience Improvements (Nov. 13, 1:00-2:00 p.m. ET) – Lenders will share an optimized loan officer workflow that increases adoption of positive rental payment history.
• Part III – Building the Borrower Profile (Nov. 20, 1:00-2:00 p.m. ET) – Speakers will explore ways to identify applicants most likely to benefit from the collection of rental payment history. Additionally, instructors will cover the power of closing the “Trust Gap”, along with collaboration
MBA encourages members to submit questions directly to Anthony (asiller@mba.org) beforehand. Additionally, you can learn more about MBA’s affordable housing advocacy here.
