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 Fannie Mae approved to sell or service Mortgage Loans. bears all losses until the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. ’s recourse obligations are exhausted.