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We present a method for modeling OFDM transmission over time- and frequency-selective fading channels using finite-state hidden Markov models. The proposed approach has improved fading autocorrelation accuracy compared to previous related models. Also, we present a way of producing log likelihood ratio values as output of the finite-state model for any signal constellation. As a case study, we configure the proposed model according to the second generation terrestrial digital video broadcast system operating over a typical urban mobile channel.