Quicken Loans Inc. in Detroit has entered into an initiative with California’s Airbnb that will allow Airbnb hosts to apply to refinance their mortgage.
Two other financial institutions – Citizens Bank of Rhode Island and Better Mortgage of New York City – along with Fannie Mae, a federally funded source of financing for mortgage lenders, are also part of the initiative.
“At Airbnb, we’ve been able to help many reimagine the home as an asset, a destination, and a contributor to the community,” says Nathan Blecharczyk, Airbnb co-founder and chief strategy officer. “Today, some of the nation’s largest financial institutions understand that Airbnb is an economic empowerment tool that can generate important income for families, and they are working to recognize this.”
Airbnb hosts who are interested can include Airbnb Proof of Income in their application. The documents host earnings on Airbnb so lenders can consider Airbnb income when processing the application. Applicants will also have to provide other financial information traditionally required for a mortgage.
“Technology is at the heart of everything we do at Quicken Loans, so it is a natural fit for us to partner with one of Silicon Valley’s most innovative companies,” said Jay Farner, CEO of Quicken Loans. “Airbnb and Quicken Loans are firmly aligned to drive innovation in the real estate industry to dramatically improve and simplify client experience, as well as saving homeowners time and money.”
Airbnb was founded in 2008 and provides accommodations to travelers in 65,000 cities and 191 countries.
This initiative was developed with Fannie Mae to identify new ways of recognizing home-sharing income. Details regarding the initiative, including information for Airbnb hosts, can be found here.