How is the number of conventional mortgages calculated?

[Nate R.]

Let's say there are 10 mortgaged properties held in individual LLC's, and each LLC is owned by a single holding company LLC with husband and wife as members.

Would those loans count as 1 or 2 towards the 20 conventional loan spots available (1 for each partner).

What I find interesting about this is that lenders will say you cannot do entity vesting with Fannie/Freddie loans, so how would it even matter who the members of the entity are? The one who took out the loan has the obligation to make the payments, not the entities. 

I have heard otherwise - from people who sell entities and thus have a vested interest in promulgating the idea that separate holding companies are needed for husband and wife. :)