10 exam-style questions with answers and explanations, straight from our 1,030-question bank. Tap an answer to check yourself. When you're ready, take the scored version in the free practice test.
The CMB exam has 7 questions and runs 6 hours.
These 10 free CMB questions are organized by exam domain, so you can see how each part of the Certified Mortgage Banker blueprint is tested. Reveal the answer and explanation under each question.
A lender is reviewing a mortgage application with strong credit and collateral but a debt-to-income ratio above guidelines. What is the best underwriting approach?
Correct answer: C - Evaluate documented compensating factors and applicable underwriting requirements
A lender discovers information that may require a corrected consumer disclosure before closing. What should management determine first?
Correct answer: A - Whether applicable disclosure rules permit a corrected disclosure based on the change
A mortgage servicing transfer is scheduled. Which action best protects borrowers during the transition?
Correct answer: B - Coordinate accurate account data and required communications between servicers
A servicer identifies repeated payment-processing errors. What is the most appropriate response?
Correct answer: A - Investigate the process, correct affected accounts, and monitor remediation
A mortgage lender wants to expand referral relationships. Which strategy best supports long-term growth?
Correct answer: C - Build compliant relationships through service quality and reputation
Why do mortgage investors evaluate loan quality after origination?
Correct answer: A - Loan quality affects investor confidence, pricing, and portfolio performance
A mortgage company has increasing revenue but declining profitability. What analysis should management perform first?
Correct answer: B - Analyze margins, expenses, revenue sources, and efficiency
A lender closes 240 loans with $1,200,000 in production expenses. What is the approximate cost per loan?
Correct answer: B - $5,000
A lender compares two initiatives with different returns and risks. Which method is most appropriate?
Correct answer: B - Evaluate return, risk, and strategic alignment
A compliance officer reviews an underwriting practice. Which question is most important?
Correct answer: A - Does the practice treat similarly situated applicants consistently and lawfully?
The CMB exam also covers these domains. Drill them in the full free practice test:
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