FOR IMMEDIATE RELEASE
August 19th, 2021
Washington, DC—The National Council of Asian Pacific Americans (NCAPA), The National Coalition for Asian Pacific American Community Development (National CAPAD), and the Asian American Real Estate Association of America (AREAA) issued the following statements after Fannie Mae’s announcement that it will improve its automated underwriting system to include consistent rent payments in credit evaluations.
“This important policy change is the first step on a long journey to creating a more equitable financial system for millions of Americans. Expanding the criteria of legitimate financial transactions in considering borrowing qualifications to American families has been a longstanding priority for NCAPA.
Lack of access to banking results in exclusion from crucial recovery efforts as well as hampers the ability for these community members to achieve the American dream of financial independence. As we continue to rebuild from the pandemic, it is critical that our communities have greater access to opportunities.”
Seema Agnani, Executive Director of the National Coalition for Asian Pacific American Community Development (National CAPACD) stated:
“We applaud Fannie Mae for implementing new approaches to address inequities in the marketplace. The recognition of rental payments in creditworthiness is long overdue and will have a lasting impact in expanding options and opportunities to a more diverse base of potential homebuyers during a critical time in our nation’s history when we must act to address the racial wealth gap and systemic barriers to wealth building.”
Amy Kong, National President of the Asian American Real Estate Association of America (AREAA) commented:
“For many, rent is possibly the biggest predictor of creditworthiness or someone’s ability to pay their mortgage consistently and on time. AREAA applauds the FHFA and Fannie Mae for considering this into the mortgage underwriting process as it will create more opportunities for AAPIs and other Americans to access credit.”
Based in Washington, D.C., the National Council of Asian Pacific Americans is a coalition of 38 national Asian Pacific American organizations that serves to represent the interests of Asian American and Pacific Islander (AAPI) communities and to provide a national voice for our communities’ concerns. Our communities are the fastest growing racial/ethnic group in the United States, currently making up approximately six percent of the population.