Bill to aid mortgage applicants who rely on the gig economy

Source: Ken Harney, Washington Post (Paid Registration)

Enter the Self-Employed Mortgage Access Act, co-sponsored by Sens. Mark R. Warner (D-Va.) and Mike Rounds (R-S.D.). It would expand lenders’ permissible sources to verify incomes beyond the relatively narrow range specified in current QM regulations. According to Warner, as many as 42 million Americans — roughly 30 percent of the workforce — are self-employed or in the gig economy.

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