Thrive Mortgage is reducing eligibility barriers for credit-deficient and first-time homebuyers using Fannie Mae’s positive rent payment history enhancement in Desktop Underwriter® (DU®), which incorporates consumers’ 12-month positive rent payment history in the credit evaluation process. By choosing FormFree’s AccountChek to power its verification of assets (VOA) experience, Thrive is able to automate this historically time-consuming procedure without paying additional fees or undergoing any system changes.
Now, Thrive has yielded time savings of up to six days for its loan officers and their borrowers. What’s more, the Texas-based lender reports positive rent payment history use is gaining momentum, with nearly 75% of its customers — even more than the industry average of three in five — opting in to AccountChek to streamline asset verification.
Read the full case study by Fannie Mae.