Sawyer receives conflicting instructions about conforming loan limits. Which instruction should control?
Correct Answer
D) Use the FHFA conforming loan limit for the property and year
FHFA conforming loan limits define maximum principal amounts for Fannie Mae and Freddie Mac acquisition. The best answer is "Use the FHFA conforming loan limit for the property and year".
Why This Is the Correct Answer
FHFA conforming loan limits define maximum principal amounts for Fannie Mae and Freddie Mac acquisition. The best answer is "Use the FHFA conforming loan limit for the property and year".
More Mortgage Knowledge Questions
A branch supervisor asks Cameron how to handle conforming loan limits. What should Cameron recommend?
A branch supervisor asks Cameron how to handle HELOC and open-end credit rules and open-end credit rules. What should Cameron recommend?
During quality control, Elliot finds a file issue involving processing and underwriting review. Which action is most appropriate?
A borrower scenario raises a question about HELOC and open-end credit rules and open-end credit rules. Which answer should Frankie rely on?
A borrower scenario raises a question about FHA loan-program requirements. Which answer should Frankie rely on?
Before the file moves forward, Jamie must resolve an issue involving Debt to Income Ratios. What should happen?
during a conventional and conforming loan rules review, a branch supervisor identifies an issue involving conventional and conforming loan rules. Which response is most compliant?
A loan team is about to close a file involving secondary-market loan delivery. Which action should occur first?
Lane receives conflicting instructions about loan-application timing and documentation. Which instruction should control?
A loan team is about to close a file involving ATR Ability to Repay. Which action should occur first?
People Also Study
Federal Mortgage-Related Laws
24% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Uniform State Test Content
11% of exam
Related Study Resources
Previous Question
A processor asks how to handle a file where a trainee asks which official source controls FHA single-family origination policy. Which response is most accurate?
Next Question
During a disciplinary-risk review, an audit analyst identifies an issue involving LTV Ratio Calculations. Which response is most compliant?