The mortgage industry could use some good news for a change and it's getting a little bit of it from Fannie Mae, the GSE, or government-sponsored enterprise, which buys mortgage-backed securities on the secondary market. Its actions bring crucial liquidity to the vast home loan sector. Life hasn't been easy for it lately, as it struggles with a record number of foreclosures and even outright corrosion of its once untouchable mandate.

Fannie Mae is moving forward with new ideas, though, despite its troubles and criticism. The latest it came up with is to speed considerably the warehouse lending routine. A warehouse lender provides financing to mortgage originators against the collateral of closed home loans before the loans are sold on the secondary market. It is a key player in the somewhat complex system. "We're providing faster funding to lenders so that they get cash immediately after closing to continue funding loans," promised Fannie Mae CEO in a recent speech. That's wonderful.

As mortgage financing has become quite inflexible lately, on account of tons of bank balance sheet problems, foreclosures and nosediving real estate values, this change gives it a little breathing room. It used to be that it could take a month or more before the home loan lender would receive its money after closing. That's a long time, probably due mostly to antiquated system processes. Under this new setup it will do so immediately, which in turn allows new mortgages to be originated much quicker. That's the whole idea.

Fannie Mae has to be commended for continuing to seek solutions to help lift up the battered mortgage and real estate markets. This recent process adoption isn't earth-shaking by any means, but it does improve the nowadays rigid mortgage regimen.