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

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