A loan team is about to close a file involving conforming loan limits. Which action should occur first?
Correct Answer
A) Classify loans above the limit as nonconforming or jumbo
FHFA conforming loan limits define maximum principal amounts for Fannie Mae and Freddie Mac acquisition. The best answer is "Classify loans above the limit as nonconforming or jumbo".
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 "Classify loans above the limit as nonconforming or jumbo".
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