Lenders: Income Verification Needs for “Gig” Economy

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Posted To: MND NewsWire

Late last year Fannie Mae included questions in one of its National Housing Surveys about working in the “gig” economy. About a fifth of respondents claimed they earned at least some of their income through such employment. Gig-economy workers tend to have flexible work arrangements, working on single projects or tasks preforming on-demand services such as transportation (Uber, Lyft) lodging rental (Airbnb and VRBO) food/goods delivery, and personal tasks (TaskRabbit). Because of its “on-demand” nature, the income stream from gigging can be less stable and its source less reliable . With the numbers involved increasing, this is likely to become an issue in mortgage lending, so Fannie Mae’s Economic and Strategic Research (ESR) group included some self-employment and gig-economy related questions…(read more)

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