WASHINGTON - Freddie Mac hopes to gain some market share and fee income with a new program that lenders can use to have their loans securitized within one business day, Currently. the Federal Home Loan Mortgage Corp. takes at least five business days to securitize loans, and the Federal National Mortgage Association about the same.

Freddie Mac executives said the time savings would cut borrowing costs for lenders by allowing them to deliver more quickly securities to Wall Street dealers and to repay "warehouse" loans from banks.

Freddie Mac has set up a two-tier pricing system for the program. During the peak period of the month, lenders can opt to use the program for a fee of 0.04% of the principal amount of the loan. At other times, the fee is half that amount.

Executives said they expect the program to be used by both large and small lenders.

Obviously, if you're a bigger customer who does more volume, it'll have a bigger impact," said Warren Raybould, senior vice president of marketing and sales at Freddie Mac.

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