New credit-building service to be offered to select renters for free as part of Fannie Mae’s Equitable Housing Finance Plan
NEW YORK, Sept. 27, 2022 /PRNewswire/ — Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced the launch of Jetty Credit, a new service that reports rent payments to all three credit bureaus, giving renters the opportunity to build their credit history.
Jetty Credit will launch as part of Fannie Mae’s Equitable Housing Finance Plan, which aims to remove barriers faced by Black homeowners and renters throughout their housing journey. As part of this program, Fannie Mae will fully subsidize Jetty Credit for a subset of renters who live in properties with existing Fannie Mae loans.
“The majority of renters are getting zero lift in their credit score for paying their biggest monthly expense and Jetty Credit has been designed to fix that,” said Mike Rudoy, Jetty’s Co-Founder and Chief Executive Officer. “Jetty Credit fits perfectly into our broader suite of financial tools designed to help renters and we couldn’t be more proud to launch it with Fannie Mae, a company who shares in our mission.”
Jetty Credit will form part of Jetty’s existing platform of financial solutions. This platform already includes Jetty Deposit, a security deposit alternative; Jetty Rent, a flexible rent payment program; and Jetty Protect, modern renters insurance. These products are introduced to renters through Jetty’s network of property partners.
“Fannie Mae’s Multifamily Positive Rent Payment Reporting pilot program helps renters build their credit history and improve credit scores, bolstering equitable access to credit,” said Michele Evans, EVP and Head of Multifamily, Fannie Mae. “Jetty’s partnerships and technical integrations with owners of Multifamily rental units will help track timely rent payments and share the data with credit bureaus to be factored into a renter’s credit profile.”
Alongside the Fannie Mae program, Jetty will be making Jetty Credit available across its entire partner network, as well as the broader property ecosystem. The development of Jetty Credit follows a recent investment from PayPal Ventures and Experian Ventures.
About Jetty
Jetty is the financial services platform on a mission to make renting a home more affordable and flexible. Jetty’s integrated suite of products helps property managers increase lease conversions, improve resident retention, reduce bad debt, and boost NOI. For renters, Jetty decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent. To learn more about Jetty, visit jetty.com.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. They enable the 30-year fixed-rate mortgage and drive responsible innovation to make home buying and renting easier, fairer, and more accessible. To learn more, visit fanniemae.com.
Contact
Jetty
Clark Kays
clark.kays@jetty.com
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SOURCE Jetty
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.