Two measures of loan age introduced by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have become embedded in market analysis and may reduce investor challenges to brokers' judgments.

"In the past, I remember instances when customers questioned traders' judgments about the age of loan portfolios," said Andrew S. Carron, director of fixed-income research at First Boston Corp., New York. "Those challenges have stopped. Whether it's because the new age measures are now part of the analysis or whether investors have just become better educated, I don't know."

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