Mortgage Action Alliance 'Call to Action' Urges Support for Self-Employed Mortgage Access Bill

MBA NewsLink Staff

May 08, 2019

The Mortgage Bankers Association's grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action yesterday urging support of legislation that would improve mortgage access for the self-employed, gig workers and other non-traditional borrowers.  

MAA asked support for H.R. 2445, The Self-Employed Mortgage Access Act (, introduced by Reps. Tom Emmer, R-Minn., and Bill Foster, D-Ill. A companion bill to S. 540, the Self-Employed Mortgage Access Act.  

"This bipartisan, common-sense legislation embodies recommendations made by MBA," said MBA Senior Vice President of Legislative and Political Affairs Bill Killmer.  

Among the bill's provisions:  

--Help expand access to mortgages for the self-employed, gig workers and other creditworthy individuals with non-traditional forms of income without jeopardizing consumer protections.  

--Allow the use of existing underwriting standards such as those found in the Fannie Mae and Freddie Mac Seller/Servicer Guides or the FHA, VA, and USDA Handbooks as alternatives to Appendix Q.  

--Allow lenders to responsibly qualify borrowers with legitimate, documented income sources such as rental income, retirement income or income from self-employment, thus validating ability to repay.  

"Small business owners and the self-employed, who represent up to 30% of the labor force and growing, should not face unnecessary obstacles to homeownership," Killmer said. "As the industry develops new, innovative, responsible methods of underwriting that are supported by technological advances, a more dynamic regulatory framework is needed to keep pace."  

For more information about the Call to Action, click For more information about the Mortgage Action Alliance, click

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