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Article: New CFO Leads Freddie Mac's Lending Attack
- Article from:
- The Washington Post
- Article date:
- September 26, 1994
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Richard H. Daniel, the new chief financial officer of the
Federal Home Loan Mortgage Corp., arrived just in time to oversee
the rollout of one of its most ambitious projects.
It's called "automated underwriting" and is being touted as one
of Freddie Mac's biggest contributions to helping reduce the
paperwork and monthlong mortgage application process that borrowers
must endure.
Lenders who want to sell loans to Freddie Mac must make sure
they meet certain guidelines. Automated underwriting uses computer
technology to evaluate a mortgage loan package and inform lenders if
Freddie Mac would purchase the loan they are processing.
Freddie Mac plans to introduce the service to lenders ...