Fannie Mae said more than 1,000 mortgage originators and 27 lenders are using its Desktop Originator to process more than 10,000 transactions each month.

Transactions submitted over Desktop Originator have increased nearly eightfold since June 1997, Fannie Mae said.

The software is designed to reduce documentation, streamline appraisals, and make it possible to close a loan in as little as 24 hours.

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