Conforming Mortgage Law and Legal Definition
According to 12 USCS § 4502 (26), [Title 12. Banks and Banking; Chapter 46. Government Sponsored Enterprises] the term conforming mortgage means, “with respect to an enterprise, a conventional mortgage having an original principal obligation that does not exceed the dollar amount limitation in effect at the time of such origination and applicable to such mortgage, under, as applicable--
(A) section 302(b)(2) of the Federal National Mortgage Association Charter Act [12 USCS § 1717(b)(2)]; or
(B) section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act [12 USCS § 1454(a)(2)].”
