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Who is considered ‘self-employed’?

  • Realtor?
  • Truck driver?
  • Construction worker?
  • Labor union?

The Key Question- does the borrower have 25% or more ownership in the company?  If the answer is yes, the borrower is considered self-employed.

But, is it really that simple?

For many borrowers, who may not be self-employed in the traditional definition, they have additional income, outside of their regular employment, and may still require tax returns for analysis.  Do any of your “salaried” borrowers also want to include the following as qualifying income:

  • Direct Sales, such as Mary Kay or Lularoe?
  • Rental Income?
  • Consulting?

As the landscape of ‘self-employed’ continues to evolve, asking the right questions, early, is critical to produce correct applications and avoiding undue burdens, both to borrowers and lenders alike, of last minute information requests.   Want to make your operations more efficient and your borrowers more satisfied with one simple, free action?  Ask additional questions when taking the loan application.