Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. where the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. bears all losses until the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s recourse obligations are exhausted.