BANKING & FINANCE - June 24, 1993

Mortgage Company Reduces Closing Costs: GE Capital Mortgage Insurance Corp. unveiled a mortgage insurance product that it said will reduce closing costs for homeowners by 9% to 22%. By using new technology, the firm said, it will be able to reduce to one month the usual 12-month premium that is payable at closing, by replacing yearly manual processing of insurance premiums with automated processing on a monthly schedule. Both the Federal National Mortgage Assn. and the Federal Home Loan Mortgage Corp. said they will buy mortgages insured under the GE Capital program.