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URW Positive Rental Payment History

URW is pleased to announce that we will align with FHA ML 2022-17 regarding the consideration of positive rental payment history for first-time homebuyers on purchase transactions!  This guidance is effective for loans submitted to Total Scorecard on or after 10/30/22, and for case numbers assigned on or after 9/20/21.

Positive Rental Payment History

(1)    Definitions

Positive Rental Payment History refers to the on-time payment by a borrower of all rental payments in the previous 12 months.  A rental payment is considered to be on time when it is paid within the month due.

A First Time Homebuyer refers to an individual who has not held an ownership interest in another property in the three years prior to the case number assignment.  First Time Homebuyer includes an individual who is divorced or legally separated and who has had no ownership interest in a principal residence (other than joint ownership interest with a spouse) during the three years prior to case number assignment.

(2)    Standard

A Mortgagee may submit a transaction to TOTAL Mortgage Scorecard indicating a Positive Rental Payment History provided

·       The transaction is a purchase;

·       At least one Borrower is identified as a First Time Homebuyer;

·       The Minimum Decision Credit Score is 620 or greater; and

·       At least one Borrower has a documented history of a positive rental payment history with monthly payments of $300 or more for the previous 12 months.

(3)    Required Documentation

To verify the Borrower’s rental payment history, the Mortgagee must obtain a copy of the executed rental or lease agreement and one of the following:

·       Written verification of rent from a landlord with no Identity of Interest with the borrower; or

·       12 months canceled rent checks; or

·       12 months bank or payment service statements documenting rents paid; or

·       Landlord reference from a rental management company.

Borrowers renting from a Family Member must provide a copy of the executed rental or lease agreement and 12 months of canceled checks or bank statements to demonstrate a satisfactory rental payment history.

Contact your URW Account Executive today for complete details and guidelines!

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