Fannie Mae and Freddie Mac this week announced a new “origination defects and remedies framework” designed to give lenders more clarity about underwriting problems that could lead to a repurchase demand. The framework sets three categories of loan defect: findings, price-adjusted loans and significant defects. Findings are negligible defects that had no effect on whether the loan was acceptable to the government-sponsored enterprise. The GSE will not require a price adjustment or other remedy from the lender, though it may request updated data regarding the loan. Price-adjusted loans are...