The Quick Read: A commission-paid agent with uneven taxable income can often be reviewed on documented assets instead of tax returns, and the right provider depends on the agent’s balances, property, credit and leverage need rather than on a ranked list. Lendmire is a mortgage broker that matches the file to a program among select lenders in its wholesale network. Every cash-out figure below belongs to the asset depletion path only, and the two paths are never blended.
- Two paths exist. The asset qualifier path covers the whole loan with eligible assets. The asset depletion path turns assets into monthly qualifying income.
- Cash-out runs on the depletion path. Leverage on a cash-out refinance tops out at 60% for a principal residence, second home or investment property, subject to underwriting. The qualifier path’s cash-out terms are set by the lender and are not published.
- Assets are documented. The file has no traditional personal-income documentation, pay stubs or employment verification, but statements, credit, title and an appraisal are all reviewed.
- Provider fit depends on the file. A broker that shops several wholesale lenders can compare overlays, which a single lender’s page cannot do.
What “Top Provider” Means When a Broker Answers
Lendmire does not rank or name lenders. The best program for an agent depends on which assets the agent holds, how old the statements are, the property type, the credit profile and how much cash the agent needs. Two agents with the same commission history can land in different programs for those reasons.
So this article does what a broker does at intake. It explains how the programs work, shows which agents fit, and lays out how to judge any provider. Programs change, and every file is underwritten individually. Nothing here is a commitment to lend.
The Two Paths: Assets Cover the Loan, or Assets Become Income
The asset qualifier path asks one question: do eligible assets equal or exceed the entire loan amount? If so, the file is reviewed on assets alone. No employment or income is documented. Loans run up to $4,000,000, and leverage tops out at 80% on a purchase and 75% on a refinance of a principal residence or second home. Whether cash-out proceeds are allowed on this path, and at what leverage, is set by the lender and is not published. Do not plan a cash-out around the qualifier path until a lender confirms it.
The asset depletion path works differently. Usable assets are divided by 60 months to create a monthly qualifying income. That income must carry the housing payment and other debts through the debt-to-income test. Loans run from $125,000 to $3,500,000. This is the path built for cash-out:
- Principal residence or second home: up to 80% on a purchase or rate-and-term refinance, and up to 60% on a cash-out refinance.
- Investment property: up to 65% on a purchase or rate-and-term refinance, and up to 60% on a cash-out refinance.
A borrower is qualified on one path at a time. The two never blend. Cash-out proceeds also never count as qualifying assets, so an agent cannot pull cash out and then count it to support the same loan.
Step by Step: How Underwriting Treats a Commission Agent
Here is how a typical depletion-path cash-out file moves, subject to lender guidelines:
1. Choose the property and the cash need. Decide whether the home is a principal residence, a second home or an investment property. That choice sets the leverage ceiling.
2. Inventory eligible assets. List brokerage, cash, CDs, money market, savings and retirement balances. Each counts at its own percentage, as set out in the asset table in this article.
3. Check statement age. Statements must be at least 120 days old at application, and the most recent statement must fall within 45 days. Money that landed in an account last month does not meet the 120-day test unless it comes from an excused source, such as sale-of-business, inheritance or legal-settlement funds. The qualifier path uses a different rule: 60 days of seasoning and two months of statements per account.
4. Test the minimums. When asset depletion is the only income source, qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. They must also be at least $250,000 liquid.
5. Convert assets to income. Usable assets divided by 60 months gives the monthly qualifying income.
6. Run the debt-to-income test. That income must carry the new housing payment and all other debts.
7. Review credit, title, appraisal and property. The file is fully underwritten, with an appraisal and title work like any other mortgage.
An agent can also use asset income to supplement documented income, up to a 45% debt-to-income ratio. In that case the minimum-assets rule in step 4 is waived, which helps an agent whose tax returns show some income, just not enough.
Why Commission Income Looks Weak on Paper
Freddie Mac’s consumer education site lists what conventional underwriting asks of self-employed borrowers. That includes two years of personal returns, business returns and a year-to-date profit and loss statement. It also notes that heavy deductions lower taxable income and can push debt-to-income higher on paper.
That is the agent’s problem. Vehicle costs, marketing and desk fees shrink net income, even in a strong closing year. Commissions also arrive in lumps.
Asset-based underwriting removes the tax return from the equation. It asks what the agent has saved, not what the agent reported. That fits an agent who has built a securities account or cash reserves over several good years. It does not fit an agent whose money is mostly in pending closings, since a commission counts only once it sits in an eligible account with seasoned statements. Earned but unpaid commission is not an asset.
A Worked Example
On the asset depletion path, say an agent holds $1,500,000 in securities and $300,000 in cash. Securities count at 80%, which is $1,200,000. Cash counts at 100%, which is $300,000. Those haircut balances make $1,500,000 of usable assets. Divided by 60 months, that is $25,000 of monthly qualifying income.
That income then has to carry the housing payment and the agent’s other debts through the debt-to-income test. The lender’s own calculation governs, and this math only shows the shape.
On the asset qualifier path, the logic is simpler, because eligible assets must equal or exceed the entire loan. An $800,000 loan with $330,000 in brokerage accounts (100% = $330,000), $300,000 in a 401(k) under age 59½ (90% = $270,000) and $200,000 in savings (100% = $200,000) counts $800,000 of usable assets, even though the raw balances are higher. That file is reviewed on assets alone, subject to underwriting.
What Counts, and How Much
Percentages below are the share of the balance that counts. The part that does not count is the haircut.
| Asset | Qualifier path | Depletion path |
|---|---|---|
| Brokerage / securities | 100% | 80% |
| Cash, savings, money market | 100% | 100% (cash accounts) |
| Certificates of deposit | 100% | 100% |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not listed | 60% |
Some assets do not count on the depletion path at all. These include custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units and funds from non-regulated financial companies. Cryptocurrency, precious metals and collectibles are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account, with the source reviewed by the lender.
Comparing Provider Types, Not Companies
Agents often ask who writes these loans. The better question is what kind of provider fits the file. This table compares categories only.
| Provider type | How it works | Trade-off |
|---|---|---|
| Mortgage broker | Shops several wholesale lenders and matches the file | Does not lend; the lender approves |
| Single direct lender | Offers its own matrix only | One set of overlays to fit |
| Large retail lender | Usually built around standard income documentation | Asset programs may be limited or absent |
Lendmire sits in the first row. It arranges the loan through select lenders in its wholesale network, and the lender makes the approval decision.
A Checklist for Judging Any Provider
Use these questions with anyone, including a broker:
- Which path is the file on? The answer should name the path every time a figure appears.
- What percentage does each of my assets count at? Ask for it by account.
- How is statement age measured? Seasoning rules differ between the two paths.
- What is the cash-out ceiling for my occupancy? The figure for a principal residence differs from the figure for an investment property.
- What does the lender’s credit matrix require? The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on that path needs 700.
- Is the property in a state the program covers? Footprint is limited, as noted below.
Edge Cases That Break the General Rule
Privately held stock. An agent who owns shares in a private brokerage or franchise company cannot count them. Privately held company stock is not an eligible asset on either path. The documented route is a sale or buyout converted to a seasoned cash balance.
Fresh commission deposits. A large closing in the last few weeks sits in an account without 120 days of history. On the depletion path, only sale-of-business, inheritance and legal-settlement funds are excused from that seasoning. Ordinary commission deposits are not.
Investment property use. On the depletion path, an investment-property loan is a business-purpose loan. The CFPB’s ability-to-repay rule states that it does not apply to credit extended primarily for business purposes, even when a dwelling secures the loan. Business purpose rests on how the cash is used. An agent who takes cash out of a rental to pay personal bills should talk that through with the loan officer and counsel first.
Credit events. Housing history is reviewed at 0x30x12, and one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path.
Footprint. Consumer mortgage lending for this program is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. A property outside those states is outside this program.
When Asset-Based Is Not the Fit
Skip this route if most of the agent’s wealth is home equity, pending commissions or private-company stock. The same goes for an agent below the minimum-assets test with no supplemental income.
Other programs may fit better. A bank statement program is built for borrowers who document income with deposits. Lendmire’s piece Best Bank Statement Cash-Out Refinance Program for a Real Estate Agent Paid on Commission covers that route for agents. If the cash-out is on a rental that stands on its own rent, business-purpose DSCR financing qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Lendmire’s article Best DSCR Cash-Out Refinance Program for a Real Estate Agent Paid on Commission walks through that option.
Here is how the choices compare:
| Option | What it relies on | Best fit |
|---|---|---|
| Asset-based | Documented assets | Agent with large balances, light taxable income |
| Bank statement | Deposit history | Agent with steady deposits |
| DSCR | Rental income covering the payment | Agent cashing out an investment rental |
| Conventional | Tax-return income | Agent with strong net income on paper |
Documents to Gather Before Applying
- Statements for every account you plan to count: two months on the qualifier path, and statements at least 120 days old plus one within 45 days on the depletion path.
- A written source for any large recent deposit.
- A current mortgage statement, insurance declaration and property tax bill for the subject property. Your insurance agent and a qualified local tax professional can confirm the details of those documents.
- Government ID and the information needed for a credit review.
The program has no traditional personal-income documentation, pay stubs or employment verification. It is still fully underwritten.
Key Terms Defined
Asset qualifier path: the route where eligible assets, after credit percentages, equal or exceed the whole loan amount.
Asset depletion path: the route where usable assets divided by 60 months become monthly qualifying income.
Haircut: the part of an asset’s balance that does not count toward qualifying.
Seasoning: how long funds have sat in an account before they can be used.
Cash-out refinance: a new loan larger than the payoff, with the difference paid to the borrower.
Next Step
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage programs based on your statements, the property, credit profile, leverage, and your goals.
This article is general information, not legal or tax advice. Readers should consult a qualified professional, such as an attorney or CPA, about their own situation.
Frequently Asked Questions
Does commission I just earned count as an asset?
It counts only once it sits in an eligible account. The asset depletion path wants statements at least 120 days old plus a recent one within 45 days, while the asset qualifier path wants 60 days of seasoning. A fresh closing check may not meet either test. Pending commissions are not assets at all.
Can I take cash out on the qualifier path?
Whether cash-out proceeds are allowed on that path, and at what leverage, is set by the lender and is not published. The published cash-out ceiling is 60% on the depletion path. Confirm the exact structure with a broker before planning around it.
Can my ownership stake in a private brokerage count?
No. The documented route is a sale or buyout converted to a seasoned cash balance, plus any cash, public securities and retirement accounts you hold at their percentages.
What credit score is needed?
The qualifier path publishes a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor on that path needs 700. Credit is always reviewed, and approval depends on the full file.
Is this a no-documentation loan?
No. Income documents are skipped, but the assets are documented with statements. The file also carries an appraisal, title review and credit review, and it is fully underwritten.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Freddie Mac MyHome: Qualifying for a Mortgage When You’re Self-Employed
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Qualify and Apply for an Asset-Based Cash-Out Refinance as a Retiree · Best Asset-Based Cash-Out Refinance Program Without a Mortgage · Top Asset-Based Cash-Out Refinance Providers With Non-Traditional Income
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.