Three lenders field testing Freddie Macs fledgling automated underwriting system reported sizable decreases in the amount of time needed for loan approval as well as an increase in the number of qualifying applications that might have been previously considered ineligible.

Freddie reported its programs positive progress during the California League of Savings Institutions Western Secondary Mortgage Market Conference in San Francisco July 13, and added that five other mortgage lenders plan to implement the program soon. And if Freddies projected time and money savings prove accurate, many more lenders are likely to follow.

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