Among Fannie Mae's 2001 priorities are providing more money for affordable housing as wekk as positioning itself for all market cycles, says Angela Benton, vice president of multifamily services.

"It's been an awesome year," says Benton, adding FNMA has done nearly $9.8 billion in loan production through April. "We're running very fast."

Over the next 10 years, the company plans to finance at least $175 billion in debt and equity, Benton says. However, volume is not FNMA's only priority. Like its counterparts, an emphasis is being placed on lender training and making processes easier for them.

Freddie Mac vice president Daryl Hall concedes borrowers and lenders often see his agency's process as a maze. It is attempting to be more responsive, flexible and reduce turn-around time. Specifically, Freddie Mac no longer requires income and expense statements to reflect stabilization, says Teri Cochrane, director of multifamily loan servicing.

Challenges ahead include an accelerating pace of business as well as softening markets, FNMA's Benton says. Hiring, training and keeping qualified staff is another challenge, as is making sure technology keeps up with business demands.