Fannie Mae's AI governance rule took effect yesterday. Any approved lender or servicer using AI in origination or servicing now needs documented policies across the full lifecycle, the same standard pushed down to its vendors, and it has to disclose what it's running and what safeguards sit around it whenever Fannie Mae asks. It buys the loans, so it can make this a condition of doing business. A purchase contract did in 120 days what most AI laws are still consulting about. Writing the policy was the easy part.