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Freddie Mac shares data to help lenders cope with gig economy

Launches new campaign effort

Freddie Mac announced Monday its new campaign aimed at helping mortgage originators better understand the needs of the new home buying generation.

The GSE’s new campaign, Borrower of the Future, analyses the evolving needs of new homebuyers, and delivers insights to show how key trends affect various buyer segments.

For example, the growing gig economy and increase in self-employment is leading to several shifts in the economy, and needs to be addressed by mortgage lenders, according to Freddie Mac.

“The increase in self-employed and the rise of the sharing economy and digitally-driven lifestyles are having a tremendous impact and leading to shifts in behavioral, economic and societal factors,” said Chris Boyle, Freddie Mac Chief Client Officer. “Collectively, the industry must now take into account these dynamics as we think about how to effectively help the next generation find the home of their dreams.”

“We’re excited to serve in this important role to help the industry better understand the Borrower of the Future, and then drive the conversation on how to apply these insights to make the mortgage process more efficient and affordable,” Boyle said.

Freddie Mac explained its campaign will take the form of white papers, reports and articles, among other content.

But the rising gig economy isn’t the GSE’s only focus. It also partnered with NYU Stern School of Business Professor Arun Sundararajan, who will provide insight into how digital technologies and the future work change the dynamics of homeownership.

“I’m delighted to be collaborating with Freddie Mac on such a forward-looking initiative,” Sundararajan said. “As digital forces transform varied aspects of business and life, industries across the spectrum will need to adapt.”

“Our collaboration will shed light on the demographic, economic, technological and cultural factors reshaping the needs and preferences of the future homebuyer, enabling the industry to evolve efficiently and effectively to address new market realities,” he said.

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