New Jersey urges Congress to require mortgage lenders to consider rent payments when assessing credit worthiness.

This resolution urges Congress to pass legislation requiring mortgage lenders to consider rent payments when determining credit worthiness. Fannie Mae has started to count rent payments for some mortgage applications, but many other lenders do not. New Jersey cannot require this due to federal preemption. The resolution highlights that 17% of people who would not qualify for a mortgage could if rent payments were considered, many of whom are people of color with limited credit histories.

New Jersey urges Congress to require mortgage lenders to consider rent payments when assessing credit worthiness.

This resolution urges Congress to pass legislation requiring mortgage lenders to consider rent payments when determining credit worthiness. Fannie Mae has started to count rent payments for some mortgage applications, but many other lenders do not. New Jersey cannot require this due to federal preemption. The resolution highlights that 17% of people who would not qualify for a mortgage could if rent payments were considered, many of whom are people of color with limited credit histories.