With CFA, is it a problem if a loading exceeds 1?
What does it mean to have a loading greater than 1?
What steps should be taken to deal with it, if nothing is amiss with the variable itself?
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Unstandardized loadings can be greated than 1. You can understand its meaning by looking at Z value (estimate / std error). Depends on the software you use, you should also be able to easily report the standardized loadings.
Standardized loadings should not be greater than 1, it isn't mathematically possible.
Maybe post some codes about what you did, and people can help you figure it out.