A month or two before Fannie Mae's new quality-control requirements take effect, lenders are grumbling that the changes will delay closings and reduce originations without much improving loan quality.

The government-sponsored enterprise's "loan-quality initiative," announced in February, was designed to reduce loan repurchase requests. If lenders do a better job on the front end of making sure the loans they deliver meet Fannie's guidelines, it said, the GSE would not have to make lenders buy back defective mortgages after the fact.

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