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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 Practice Questions
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