Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Rent is an interesting one I remember reading about when they were first socializing these new reports.  It's going to be targeting institutional landlords (like your big developments with hundreds of tenants) and won't be something that will be open to individual landlords (unless things have changed over the last few months).  I don't see smaller operators having the bandwidth or the desire to do this.  I'm honestly not sure if the larger operators will do it either.

 

California is trying to do "reusable" credit reports as well, so that that prospective tenants can pay for one report and use it with multiple applications... assuming the landlord is on board with accepting the report in the first place.  It's optional at this point.

Oct 24, 2022 09:59 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Confused Huh? Emoji GIF | GIFDB.com

Oct 24, 2022 06:40 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Only after reading your comments to comments Caroline Gerardo did I understand better the question.  You are always on top of what's happening in the industry.  Thank you!

Oct 25, 2022 09:03 AM
Rainmaker
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Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Thanks for sharing this information.

Oct 25, 2022 08:57 AM
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Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It sounds like some good changes are being made, credit shouldn't be as difficult to understand as it is, haha.  I always thought that as long as one pays their bills their credit score will be high, but it seems that it's more than just that.

Oct 25, 2022 04:15 AM
Rainmaker
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Peter Mohylsky
PMI. Destin - Miramar Beach, FL

Not sure that it will affect my business but it seems to be a good move. 

Oct 25, 2022 03:53 AM
Rainmaker
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

So what do you think Caroline Gerardo ? When do you think that appropriate loan products will be available (if ever)?

Oct 24, 2022 07:10 PM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What a meaty announcement...

Oct 24, 2022 04:57 PM
Rainer
360,327
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982
Oct 25, 2022 07:15 AM
Rainmaker
920,238
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Sounds like a bunch of 'virtue signaling' regarding affordable housing. 
Landlords fled the Section 8 program because of the inordinate requirements and protections added, I expect lenders to understand there will be mission creep. 
It is amazing that those discretionary expenditures are considered 'assets' when they may be contributing to the reason, they have so little money.

Oct 25, 2022 07:02 AM
Rainer
318,548
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I don't worry with such things.  In my second home market buyers always have a deep history and a great score.

Oct 25, 2022 05:44 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

No.

Oct 25, 2022 02:48 AM
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Anna Banana Kruchten Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Caroline I recall lenders using rent and utility payments in order to help low income buyers qualify to purchase a home - years ago.  Sounds similar to what you're talking about in a round about way.

Oct 25, 2022 01:35 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I'm okay with changes to credit reporting to help new buyers without much traditional credit, but I don't see it making a huge difference.

Oct 25, 2022 12:09 PM
Rainmaker
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Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

It will be interesting to see what happens. This is always an ever changing business.

Oct 25, 2022 11:42 AM