The face of the fixed-rate mortgage is about to change amid Countrywide Home Loan Inc.'s much talked-about new no-refinance loan program. But the question of how big a player the program will be in the secondary market remains a mystery.

Dubbed the eEasy Rate Reduction Plan, the initiative is available to all borrowers who apply for a fixed-rate conventional loan. As interest rates decrease, a borrower will not have to file new paperwork to take advantage of the lower rates or miss out on an even lower rate while the paperwork is being processed.

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