Director of Mortgage Lending Finance of America on the “future of lending”



Dallas cited the rise in the number of self-employed workers, thanks in large part to the boom in the gig economy, as evidence that better methods must be introduced to assess a person’s ability to repay a loan.

More details: “It Never Was Like Work.” – Finance of America Mortgage, Bill Dallas.

About 55 million people in the U.S. were giants in 2017, according to the International Labor Organization, representing up to 34% of the workforce, although that number was expected to rise to 43% last year.

According to the latest data from Statista, the number of people doing freelance work in the US stood at 59 million in 2020. The importance of the sector to the US economy became apparent earlier this year when Labor Secretary Marty Walsh said that giants should be classified as employees.

Dallas said the 43% DTI cap – a method lenders use to measure a person’s ability to pay off a mortgage – “doesn’t make sense” because the debt-to-income ratio “never correlates with default.”


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