Easing the mortgage application process for the self-employed

Fannie Mae and Freddie Mac are instituting an automated system that will simplify the mortgage application of self-employed and freelance workers. This automated income verification system will put an end to the manual combing through tax documents that often delays the process.

The new system should allow loan applications to take only three to five days to process and reduce the costs of the applications.

According to the Bureau of Labor Statistics the number of self-employed works in the United States is over 15 million.