Self-employed or a ‘gig’ worker? Getting a mortgage got easier

 

Source: Kenneth R. Harney, Washington Post ( Paid Registration )

As of last week, the two largest sources of mortgage money in the United States—investors Freddie Mac and Fannie Mae—have deployed remarkable new technology that automates underwriting for applicants who are self-employed or have significant side income. Applications that previously would have taken days to analyze and verify may now take just minutes, thanks to the use of “optical character recognition” (OCR) technology that reads tax returns, identifies what qualifies as eligible income and integrates it into both companies’ electronic underwriting systems. 

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