100+ Free MBA AMP Practice Questions

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2026 Statistics

Key Facts: MBA AMP Exam

3 courses

SOMB I + II + III Required

MBA

75%

Passing Score per Exam

MBA SOMB

3 attempts

Per Course Final Exam

MBA

~$1,400

Member Price per Course

State MBA pricing

$806,500

2026 Conforming Limit

FHFA

1.75%

FHA UFMIP

HUD HB 4000.1

MBA's Accredited Mortgage Professional (AMP) designation is earned by completing School of Mortgage Banking I, II, and III and passing each course final exam with at least 75%. Each course is 4 days (classroom) or 3-4 weeks (online) and concludes with a multiple-choice/multiple-answer exam; three attempts are allowed. Pricing runs roughly $1,400-$1,900 per course, with three courses required. Our 100 free practice questions cover the SOMB-style body of knowledge: origination, TRID/ECOA/RESPA/HMDA, 4 Cs underwriting, FHA/VA/USDA, secondary marketing (TBA, MSR, hedging), servicing, ethics, and SOMB III strategic planning.

Sample MBA AMP Practice Questions

Try these sample questions to test your MBA AMP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A complete loan application under TRID is triggered when the lender has received which six pieces of information?

A.Name, income, SSN, property address, estimated value, loan amount sought

B.Name, employer, bank account, address, debts, credit score

C.Name, address, SSN, credit score, employer, assets

D.Name, income, SSN, property address, appraised value, monthly payment

Explanation: Under Reg Z 1026.2(a)(3) and the TRID rule, the six application triggers are: consumer name, income, SSN to obtain credit report, property address, estimated property value, and mortgage loan amount sought. Once all six are received, the LE clock starts.

2Which form is the standard residential mortgage loan application used by Fannie Mae and Freddie Mac?

A.Form 1003 (Uniform Residential Loan Application)

B.Form 1004 (URAR)

C.Form 1008 (Underwriting Transmittal Summary)

D.Form 1009 (Residential Loan Application for Reverse Mortgages)

Explanation: Form 1003, the Uniform Residential Loan Application (URLA), is the standard loan application required by Fannie Mae and Freddie Mac. The redesigned URLA became mandatory March 1, 2021, and was updated to include expanded language preference and homeownership education sections.

3Under the SAFE Act, a mortgage loan originator at a non-bank lender must:

A.Be state-licensed and registered in NMLS with at least 20 hours of pre-licensing education

B.Be federally registered only

C.Hold a real estate license

D.Be a CPA

Explanation: The SAFE Act (12 USC 5101-5116) requires non-bank LOs to be state-licensed through NMLS, complete 20 hours of pre-licensing education, pass the National SAFE MLO Test, undergo a credit/criminal background check, and complete 8 hours of continuing education annually.

4The Loan Estimate must be delivered or placed in the mail no later than how many business days after a complete application?

A.1 business day

B.3 business days

C.7 business days

D.10 business days

Explanation: Reg Z 1026.19(e)(1)(iii)(A) requires the LE to be delivered or placed in the mail no later than 3 business days after the lender receives a complete application. The LE must also be delivered at least 7 business days before consummation.

5The Closing Disclosure must be received by the consumer at least how many business days before consummation?

A.1 business day

B.3 business days

C.5 business days

D.7 business days

Explanation: Under Reg Z 1026.19(f)(1)(ii)(A), the CD must be received at least 3 business days before consummation. If mailed, it is presumed received 3 business days after mailing, so 6 business days from mailing to closing is typical.

6Which three changes to a Closing Disclosure trigger a new 3-business-day waiting period?

A.APR increase beyond tolerance, change in loan product, addition of a prepayment penalty

B.Any fee increase, any APR change, any rate change

C.Property value change, borrower addition, fee correction

D.Title company change, hazard insurance change, escrow change

Explanation: Under Reg Z 1026.19(f)(2)(ii), three CD changes trigger a new 3-business-day waiting period: (1) APR becomes inaccurate (>1/8% fixed, >1/4% ARM), (2) loan product changes, and (3) a prepayment penalty is added. All other changes only require a corrected CD at consummation.

7Which fees on the Loan Estimate are subject to ZERO tolerance for increases at closing?

A.Fees paid to the creditor, its broker, or affiliates and transfer taxes

B.Recording fees and pest inspection fees

C.Owner's title insurance only

D.All third-party fees

Explanation: Reg Z 1026.19(e)(3)(i) lists zero-tolerance items: lender fees, fees paid to broker or affiliate, transfer taxes, and fees for services the consumer cannot shop for. Excess over the LE amount must be cured by refund to the borrower within 60 days of consummation.

8What is the 'front-end' or housing debt-to-income ratio?

A.Total monthly housing expense (PITI) divided by gross monthly income

B.Total monthly debts divided by gross monthly income

C.Net monthly income divided by housing expense

D.Loan amount divided by property value

Explanation: The front-end (housing) DTI is the borrower's total monthly housing expense - principal, interest, taxes, insurance, and any HOA dues or mortgage insurance (PITIA) - divided by gross monthly income. Back-end DTI adds all other recurring monthly debts.

9A borrower has gross monthly income of $8,000, total monthly debts of $1,200, and proposed PITI of $2,000. What is the back-end DTI?

A.25.0%

B.40.0%

C.45.0%

D.57.5%

Explanation: Back-end DTI = (Total monthly debts + PITI) divided by gross monthly income = ($1,200 + $2,000) / $8,000 = $3,200 / $8,000 = 40.0%. This is within Fannie Mae's standard DU ceiling of 45% and well within the expanded approval range up to 50%.

10Loan-to-value (LTV) ratio is calculated as:

A.Loan amount divided by the lesser of purchase price or appraised value

B.Loan amount divided by appraised value only

C.Purchase price divided by loan amount

D.Appraised value divided by purchase price

Explanation: For purchase transactions, LTV is the loan amount divided by the lesser of purchase price or appraised value. For refinances, LTV uses appraised value only. CLTV adds any subordinate liens to the numerator.

About the MBA AMP Exam

The MBA Accredited Mortgage Professional (AMP) is the residential mortgage industry's designation awarded upon completing all three School of Mortgage Banking (SOMB) courses with at least 75% on each final exam. The body of knowledge covers loan origination, federal regulation (TRID, ECOA, RESPA, HMDA, SAFE Act), underwriting fundamentals (4 Cs, DTI, LTV), loan products (conventional, FHA, VA, USDA, jumbo, non-QM, ARMs), secondary marketing and capital markets, servicing operations, quality control, ethics, and strategic planning. Our 100 free AMP practice questions cover the SOMB-style content used to prepare for course final exams.

Assessment

Three-course progression — SOMB I (foundations) + SOMB II (profitability & risk) + SOMB III (strategic planning) — each ending in a course final exam

Time Limit

Each SOMB course is 4 consecutive days (classroom) or 3-4 weeks (online) with a final exam at the end

Passing Score

75% on each SOMB course final exam

Exam Fee

Approximately $1,400 (state MBA member) to $1,900+ (non-member) per SOMB course — three courses required (Mortgage Bankers Association)

MBA AMP Exam Content Outline

15%

Loan Origination & Application

1003 application, SAFE Act/NMLS, pre-qualification vs pre-approval, TRID six triggers

20%

Federal Regulation & Disclosures

TRID, TILA (Reg Z), RESPA (Reg X), ECOA (Reg B), HMDA (Reg C), FCRA, GLBA, BSA/AML, Reg N

15%

Underwriting Fundamentals

4 Cs, DTI front/back, LTV/CLTV, AUS (DU/LPA), self-employed income analysis

15%

Loan Products

Conventional conforming, FHA, VA IRRRL, USDA, jumbo, non-QM, ARMs (SOFR), HECM, manufactured housing

15%

Secondary Marketing & Capital Markets

Fannie/Freddie, Ginnie, TBA, MBS, MSR economics, pipeline hedging, pull-through, best execution

10%

Servicing & Loss Mitigation

Escrow (RESPA Section 10), Reg X servicing rules, dual-tracking, foreclosure timing, short sales

10%

Risk Management, Ethics & Strategy

Quality control, fraud red flags, MBA Canon of Ethics, fair lending, SOMB III strategic planning

How to Pass the MBA AMP Exam

What You Need to Know

Passing score: 75% on each SOMB course final exam
Assessment: Three-course progression — SOMB I (foundations) + SOMB II (profitability & risk) + SOMB III (strategic planning) — each ending in a course final exam
Time limit: Each SOMB course is 4 consecutive days (classroom) or 3-4 weeks (online) with a final exam at the end
Exam fee: Approximately $1,400 (state MBA member) to $1,900+ (non-member) per SOMB course — three courses required

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

MBA AMP Study Tips from Top Performers

1Master the TRID six application triggers (name, income, SSN, property address, estimated value, loan amount) and the LE/CD timing rules cold — TRID is the most-tested federal regulation across SOMB

2Memorize regulation citations: Reg B (ECOA), Reg C (HMDA), Reg X (RESPA), Reg Z (TILA), Reg N (advertising), Reg V (FCRA) — SOMB exams frequently ask 'which regulation governs?'

3Drill the 4 Cs (Capacity, Capital, Collateral, Credit) and practice DTI/LTV math problems — every SOMB course expects you to calculate housing/total ratios and LTV from given figures

4Build a one-page cheat sheet of 2026 numbers: conforming limit $806,500, high-cost ceiling $1,209,750, FHA UFMIP 1.75%, annual MIP 0.55%, VA funding fee 2.15% (first use, 0% down)

5For SOMB III, practice articulating strategic responses to rate-cycle scenarios — the simulation rewards teams who tie hedge ratio, pull-through, MSR retention, and capacity decisions to changing rate environments

Frequently Asked Questions

What is the MBA AMP designation?

The Accredited Mortgage Professional (AMP) is a residential mortgage industry designation awarded by the Mortgage Bankers Association to professionals who complete all three School of Mortgage Banking (SOMB) courses — SOMB I, SOMB II, and SOMB III — and pass each course final exam with at least 75%.

How do I earn the AMP?

Take SOMB I (foundations of mortgage banking), pass the final exam with 75% or greater, complete SOMB II (managing profitability and risk) and pass its final exam, then complete SOMB III (strategic planning, including a real-world simulation) and pass its final exam. SOMB III concludes with a graduation ceremony awarding the AMP designation.

What is the AMP exam format?

Each SOMB course concludes with a final exam containing multiple-choice and multiple-answer items. Passing score is 75% on each course exam, and students are given up to three attempts before re-registration is required.

How much does the AMP cost?

Each SOMB course typically costs roughly $1,400 (state MBA / national MBA member pricing) to $1,900 or more (non-member). With three courses required, total program cost runs approximately $4,200 to $5,700, depending on member status and any state-association discounts.

How long does the AMP take?

Each SOMB course is 4 consecutive days in a classroom format or 3-4 weeks online. Most candidates complete the AMP across 6-18 months, depending on scheduling, employer support, and study time between courses.

What topics does the AMP exam cover?

The body of knowledge spans loan origination (1003, SAFE Act, TRID), federal regulation (TILA/Reg Z, RESPA/Reg X, ECOA/Reg B, HMDA/Reg C, FCRA, GLBA, BSA), underwriting (4 Cs, DTI, LTV, AUS), loan products (conventional, FHA, VA, USDA, jumbo, non-QM, ARMs), secondary marketing (TBA, MSR, hedging), servicing, quality control, ethics, and strategic planning.

Is AMP a stepping stone to the CMB?

Yes. Many mortgage professionals use the AMP as a stepping stone to the Certified Mortgage Banker (CMB) designation. SOMB I and SOMB II each earn 15 CMB points, and SOMB III earns 30 CMB points — 60 of the 150 points required for the CMB Standard track.