Federal Home Loan Mortgage Corp. and the...

Federal Home Loan Mortgage Corp. and the Federal National Mortgage Assn. announced that they have reached agreement on ways to streamline and simplify the often time-consuming process of obtaining a home mortgage. Both corporations buy mortgages from primary lenders and resell them as mortgage-backed securities, thus increasing the pool of money available to make home loans. The two companies, along with the Federal Housing Administration, the Veterans Administration and the Government National Mortgage Assn., have been seeking to standardize and simplify the mortgage application process. The mortgage group estimated that further progress could eventually cut in half the time it takes to get a mortgage approved. At present, this waiting period ranges from 45 to 60 days.