{"id":727,"date":"2019-08-16T08:47:54","date_gmt":"2019-08-16T12:47:54","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=727"},"modified":"2024-04-25T23:21:04","modified_gmt":"2024-04-26T03:21:04","slug":"gig-economy-the-impact-on-mortgages-and-real-estate-ownership","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/gig-economy-the-impact-on-mortgages-and-real-estate-ownership\/","title":{"rendered":"Gig Economy: The Impact on Mortgages and Real Estate Ownership"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/08\/gig-economy-and-real-estate-1024x538.jpg\" alt=\"Image of a delivery person on a bike with a food container backpack. Captioned: Gig Economy: The Impact on Mortgages and Real Estate Ownership\" class=\"wp-image-728\" width=\"512\" height=\"269\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/08\/gig-economy-and-real-estate-1024x538.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/08\/gig-economy-and-real-estate-300x158.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/08\/gig-economy-and-real-estate-768x403.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/08\/gig-economy-and-real-estate.jpg 1080w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p>Many people\nhope to buy homes, but&nbsp;struggle&nbsp;to qualify for loans.&nbsp;And this\nmeans millions of first-time buyers are&nbsp;deferring their dreams of\nhomeownership until they are in a stronger position to qualify for a mortgage\nloan.<\/p>\n\n\n\n<p>Today&#8217;s\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/nextavenue\/2018\/04\/19\/older-renters-are-getting-squeezed\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">renters are renting longer<\/a>\u2014often not by choice. Half of renters now in their mid\u00a050s and older\u00a0don\u2019t anticipate buying a home any time soon, according to a survey carried out by Freddie Mac, and 15% don&#8217;t think they\u2019ll ever be able to afford one. About a third of renters aged 40-54 don\u2019t anticipate buying soon, with 12% predicting\u00a0they, too, will\u00a0never have the\u00a0financial resources\u00a0to buy.\u00a0<\/p>\n\n\n\n<p>Could at\nleast&nbsp;part of the problem be that&nbsp;the mortgage industry has not\nadjusted to the way millions of renters work?<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Jobs,\nRedefined<\/h2>\n\n\n\n<p>Increasingly,\ncorporations seek new ways to&nbsp;outsource processes and people. Workers who,\nin generations past, would have had stable jobs and pensions are now the\nleaders in our startup culture and the earners&nbsp;in an ever-expanding gig\neconomy.&nbsp;<\/p>\n\n\n\n<p>Traditional,\nsalaried employees would simply show&nbsp;a mortgage agent their W-2 forms to\nprove their&nbsp;income. The W-2 is the classic assurance that\nan&nbsp;applicant&nbsp;can make the&nbsp;mortgage payments for the full span of\nthe loan.&nbsp;The self-employed startup and gig workers, in contrast, may be\ntold that they don&#8217;t have jobs, at least not in the way mortgage companies\ndefine jobs.&nbsp;Many lenders do not regard gig earnings as&nbsp;\u201cincome\u201d that\nfits the approval process.<\/p>\n\n\n\n<p>Underscoring\nthis with statistics is a study reported by Fannie Mae in 2018. When 3,000 mortgage&nbsp;executives\nwere asked how they deal with earnings from gigs&nbsp;on loan applications,\nabout&nbsp;95% of the surveyed executives said&nbsp;lending guidelines could\nprevent&nbsp;consideration of those earnings.&nbsp;<\/p>\n\n\n\n<p>When they <em>are<\/em>&nbsp;considered, gig\nworkers can expect to be&nbsp;sent on a tremendous paper chase. They&#8217;ll be\ndigging&nbsp;up tax documentation,&nbsp;profit-and-loss statements, independent\ncontractor pay records, incorporation documents (for business founders), and\nmonths of bank statements as the approval process plays out.&nbsp;<\/p>\n\n\n\n<p>Mortgage\nlenders require a loan applicant&nbsp;to show at least two years of regular and\nsufficient income, coupled with a reasonable likelihood of sustaining those\nearnings over a period of years.&nbsp;Traditional W-2 employees are easy for\nthe mortgage lender to assess, with their steady incomes&nbsp;from year to\nyear. But gig workers and entrepreneurs may be&nbsp; pressed to get\naccountants&#8217;&nbsp;letters on their behalf, vouching for the integrity of their\nincome streams. And those who have started a business within the past two years\nwill face painstaking&nbsp;scrutiny.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage\nHurdles<\/h2>\n\n\n\n<p>It is\npossible to be approved for a mortgage without W-2s. For those who\ncan&nbsp;demonstrate a long enough history of&nbsp;stable earnings and good\ncredit,&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/how-getting-a-mortgage-with-a-co-borrower-affects-the-deed\/\">a\nco-borrower for the loan<\/a> is not necessary. But there will be hurdles.<\/p>\n\n\n\n<p>Borrowers may find offering to make a\u00a0<a href=\"https:\/\/www.chase.com\/news\/103116-saving-for-a-home\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">larger\u00a0down payment<\/a>, by lowering\u00a0the loan amount needed, could ease the approval process. Putting\u00a0down 30%\u00a0or more\u00a0can offset a lender&#8217;s concerns\u00a0about income qualifications.\u00a0The mortgage Catch-22 is this. Lenders frown on\u00a0depleted savings accounts. They want to see <em>cash reserves:<\/em><strong>\u00a0<\/strong>assurances that self-employed buyers can\u00a0handle mortgage\u00a0payments\u00a0even when\u00a0earnings drop.\u00a0<\/p>\n\n\n\n<p>Meanwhile, these borrowers are\u00a0pressed to <em>minimize<\/em> their tax deductions. They must show the largest income they can when applying for a mortgage loan, as lenders prefer a debt-to-income ratio (total monthly debt payments divided by monthly income) no higher than\u00a0<a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">43%, according to the Consumer Financial Protection Bureau.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Two\nSides of the Coin<\/h2>\n\n\n\n<p>There are good things and not-so-good things to say about the gig economy. \u201cThe disruption offered by the sharing economy,&#8221; <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/qz.com\/1556194\/the-gig-economy-is-quietly-undermining-a-century-of-worker-protections\/\" target=\"_blank\">writes<\/a>\u00a0Alexandrea Ravenelle,\u00a0&#8220;is simply a hustle.\u201d\u00a0 In contrast, some writers <a href=\"https:\/\/www.forbes.com\/sites\/brianscudamore\/2018\/05\/09\/how-the-gig-economy-is-fueling-a-new-type-of-entrepreneur\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">praise<\/a>\u00a0the\u00a0entrepreneurs who have &#8220;chosen freedom\u00a0over a 401K.&#8221;<\/p>\n\n\n\n<p>Whatever we might think of the trend, it&#8217;s here. By now,\u00a0<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.flexjobs.com\/blog\/post\/new-bls-report-size-gig-economy-leaves\/\" target=\"_blank\">perhaps 40%<\/a> of the U.S. work force is performing\u00a0some form of gig work. The <a href=\"https:\/\/www.federalreserve.gov\/publications\/2018-economic-well-being-of-us-households-in-2017-employment.htm\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Federal Reserve<\/a>, in June 2018, put\u00a0the number at 30%, counting\u00a0self-employment\u00a0and contract work separately\u2014although the\u00a0line between such forms of earning is not always so clear.<\/p>\n\n\n\n<p>Much gig work is driven by technology, which makes it easy\u00a0for clients to\u00a0engage people and services\u00a0through their phones, tablets, and laptops. Yet the gig economy goes well beyond ride hailing and home sharing. It has\u00a0come to encompass much of\u00a0the service sector, and large swathes of\u00a0publishing, lawyering, and healthcare. Add to this the sought-after thought leaders who work through speakers\u2019 bureaus or serve as consultants. What&#8217;s more,\u00a0three fourths of the total population of <a href=\"http:\/\/www.newfacultymajority.info\/facts-about-adjuncts\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">U.S. professors<\/a>\u00a0today\u2014well over\u00a0a million\u2014hold precarious\u00a0contracts, not\u00a0tenure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Next\nUp: A Modern&nbsp;Loan Approval Process?<\/h2>\n\n\n\n<p>A system\nmust emerge to create&nbsp;third-party income validation for freelance and\ntemporary contract jobs. Lenders must be enabled to identify&nbsp;capable,\ncommitted&nbsp;borrowers.<\/p>\n\n\n\n<p>This is not\nto say that examining a loan applicant&#8217;s two-year income history is obsolete.\nBut the loan&nbsp;approval process needs new ways of accounting for histories\nof&nbsp;income&nbsp;streams from various sources when taking stock of an\napplicant&#8217;s repayment&nbsp;power. When the mortgage sector catches up with today&#8217;s\neconomic realities, the benefits will work both ways. Responsible applicants\nwill apply for mortgage loans with confidence. And the real estate\nindustry&nbsp;as a whole will enjoy greater opportunities to\nattract&nbsp;qualified buyers.<\/p>\n\n\n\n<p>Indeed, Freddie Mac, collaborating with\u00a0LoanBeam, has <a href=\"https:\/\/www.chicagotribune.com\/real-estate\/ct-re-0603-kenneth-harney-20180529-story.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">tested<\/a> the concept of\u00a0automatically\u00a0verifying gig workers&#8217;\u00a0multiple income streams.\u00a0<\/p>\n\n\n\n<p>As\ntechnology continually creates new opportunities for it, the gig economy will\nkeep&nbsp;expanding. The&nbsp;challenges it presents have created a trove of\nnew opportunities for mortgage lenders. Lenders can offer&nbsp;<em>non<\/em>&#8211;<em>qualified mortgages <\/em>(&#8220;non-QM\nloans&#8221;)<em>&nbsp;<\/em>for\nborrowers who are able to repay&nbsp;their loans. We expect non-QM&nbsp;financing\nto&nbsp;come&nbsp;to the fore&nbsp;as a massive growth&nbsp;opportunity for\nmortgage lenders, because&nbsp;it can assist&nbsp;people working in the gig\neconomy. For committed loan&nbsp;applicants who would otherwise be excluded\nfrom getting&nbsp;a mortgage loan, it&nbsp;serves as a welcome route to\nhomeownership.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many people hope to buy homes, but&nbsp;struggle&nbsp;to qualify for loans.&nbsp;And this means millions of first-time buyers are&nbsp;deferring their dreams of homeownership until they are in a stronger position to qualify for a mortgage loan. Today&#8217;s\u00a0renters are renting longer\u2014often not by choice. Half of renters now in their mid\u00a050s and older\u00a0don\u2019t anticipate buying a home any [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-727","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gig Economy: The Impact on Mortgages and Real Estate Ownership - Deeds.com<\/title>\n<meta name=\"description\" content=\"It is possible to be approved for a mortgage without W-2s. 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