All of the Following Are True of Maximum and Minimum

question 6

Multiple Choice

All of the following are true of maximum and minimum limits for conventional loans EXCEPT:

• A) Fannie Mae/Freddie Mace set new limits each year for their conventional/conforming loans
• B) if a prospective loan exceeds an institution's in-house limit, other lenders may join in a participation loan
• C) setting minimum limits for loan amounts is a possible violation of the Fair Housing Act
• D) all states set limits on the maximum amount for residential loans within the state

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Definitions:

Subsequent Client Interview

A follow-up meeting with a client that takes place after the initial discussion or consultation.

Bankruptcy Filing

The legal procedure initiated by an individual or company declaring inability to repay outstanding debts, seeking relief through the court.

Witness Statement

The written record of the statements made by a witness during an interview, signed by the witness.

Deposition

A witness's sworn, out-of-court testimony used for discovery purposes or in preparation for trial.