A mortgage team asks a compliance manager about conforming loan limits during a renewal checklist. Which answer should guide the file?
Correct Answer
A) Check high-cost-area limits before classifying the loan
FHFA conforming loan limits define maximum principal amounts for Fannie Mae and Freddie Mac acquisition. The best answer is "Check high-cost-area limits before classifying the loan".
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 "Check high-cost-area limits before classifying the loan".
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