100+ Free MBA CMB Practice Questions

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2026 Statistics

Key Facts: MBA CMB Exam

150

CMB Points Required

MBA Standard Track

10+ yrs

Industry Experience

MBA

6 hours

Written Exam

Plus 1-hr oral

$2,500

Executive Track Cost

MBA

$806,500

2026 Conforming Limit

FHFA

1.75%

FHA UFMIP

HUD HB 4000.1

MBA's Certified Mortgage Banker (Residential) designation requires 10+ years industry experience plus 150 CMB points, culminating in a 6-hour written essay exam and 1-hour oral panel before existing CMB designees. The body of knowledge spans residential origination, TRID/ATR-QM/RESPA/ECOA/HMDA, secondary marketing (MSR, TBA, hedging), warehouse lending, and servicing operations under CFPB and FHFA frameworks. Our 100 free practice questions cover the underlying knowledge body even though the actual credential exam uses essay/oral formats.

Sample MBA CMB Practice Questions

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

1Under TRID, the Loan Estimate must be delivered or placed in the mail no later than how many business days after the lender receives a complete application?

A.1 business day

B.3 business days

C.7 business days

D.10 business days

Explanation: Regulation Z (12 CFR 1026.19(e)) requires the Loan Estimate to be delivered or placed in the mail no later than 3 business days after a complete application is received. A complete application is defined by the six TRID triggers: name, income, SSN, property address, estimated value, and loan amount.

2Under the ATR/QM rule, what is the maximum debt-to-income ratio for a General QM loan covered by the price-based threshold replacing the prior 43% DTI cap?

A.No fixed DTI; lender must verify and consider DTI but use APR/APOR spread

B.43% DTI

C.45% DTI

D.50% DTI

Explanation: The 2021 General QM Final Rule replaced the strict 43% DTI cap with a price-based approach. A loan is a General QM if the APR does not exceed APOR by more than the applicable threshold (e.g., 2.25 pp for most first-lien loans at or above $124,331 in 2024). Lenders still must consider and verify DTI or residual income.

3A Closing Disclosure must be received by the consumer no later than how many business days before consummation?

A.1 business day

B.3 business days

C.7 business days

D.10 business days

Explanation: Under 12 CFR 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 under the mailbox rule, so a typical mailed CD requires 6 business days from delivery to closing.

4Which of the following changes to a Closing Disclosure triggers a new 3-business-day waiting period?

A.APR increase by more than 1/8 of 1 percent for fixed-rate (or 1/4 for ARM)

B.Addition of a prepayment penalty

C.Loan product change (e.g., fixed to ARM)

D.All of the above

Explanation: Three CD changes trigger a new 3-business-day waiting period under 12 CFR 1026.19(f)(2)(ii): (1) APR becomes inaccurate (>1/8% for regular, >1/4% for ARM), (2) loan product changes, and (3) a prepayment penalty is added. All other changes only require a corrected CD at consummation.

5Under RESPA Section 8, which of the following arrangements is prohibited?

A.A referral fee paid to a real estate agent for sending a borrower to a specific lender

B.An affiliated business arrangement with proper disclosure

C.A bona fide salary paid to a loan officer

D.A volume discount earned from a title insurer based on actual services performed

Explanation: RESPA Section 8(a) (Reg X, 12 CFR 1024.14) prohibits kickbacks and referral fees for the referral of settlement service business. Affiliated business arrangements are permitted with required disclosure (Section 8(c)(4)), and bona fide compensation for services performed is also permitted.

6Which federal regulation implements the Equal Credit Opportunity Act?

A.Regulation B

B.Regulation C

C.Regulation X

D.Regulation Z

Explanation: Regulation B (12 CFR 1002) implements ECOA, which prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or exercise of consumer protection rights. Reg B governs adverse action notices and appraisal copy delivery.

7Under ECOA/Reg B, an adverse action notice must be provided to the applicant within how many days of the credit decision?

A.3 days

B.15 days

C.30 days

D.60 days

Explanation: Regulation B, 12 CFR 1002.9, requires creditors to notify applicants of action taken within 30 days after receiving a completed application. The notice must include the specific reasons for adverse action or a statement of the right to request them.

8Regulation C (HMDA) requires reporting of which of the following data points for covered loans?

A.Loan amount, action taken, race/ethnicity, sex

B.Borrower credit score only

C.Lender's portfolio yield

D.Loan officer NMLS ID

Explanation: HMDA, implemented by Reg C (12 CFR 1003), requires lenders to collect and report loan-level data including loan amount, action taken, property location (census tract), applicant race/ethnicity/sex, and (since 2018 expanded reporting) credit score, DTI, rate spread, and more.

9A Section 32 (HOEPA) high-cost mortgage is triggered when the APR exceeds APOR by more than what amount for a first-lien transaction?

A.1.5 percentage points

B.3.5 percentage points

C.6.5 percentage points

D.8 percentage points

Explanation: Under 12 CFR 1026.32(a)(1)(i), a first-lien closed-end mortgage is a high-cost (HOEPA/Section 32) loan if the APR exceeds APOR by more than 6.5 percentage points (8.5 pp for first-lien loans under $50,000 or junior liens). HOEPA also has points-and-fees and prepayment-penalty triggers.

10A Higher-Priced Mortgage Loan (HPML) under Section 35 requires which of the following?

A.Escrow for taxes and insurance for at least 5 years

B.Mandatory full doc only

C.Prohibition on all prepayment penalties

D.Cash reserves of 6 months

Explanation: Reg Z Section 1026.35 requires that creditors establish an escrow account for taxes and insurance on first-lien HPMLs and maintain it for at least 5 years (cancellable after that if LTV is below 80%). An HPML is a first-lien loan with APR exceeding APOR by 1.5+ percentage points.

About the MBA CMB Exam

The MBA Certified Mortgage Banker (Residential) is the industry's premier designation for senior residential mortgage banking professionals. The official credential exam is a 6-hour written essay exam plus a 1-hour oral panel — but the underlying body of knowledge covers residential origination, secondary marketing, MSR economics, servicing, regulatory compliance (TRID, ATR/QM, RESPA, ECOA, HMDA), warehouse lending, and capital markets. Our practice questions test that knowledge body to support your written/oral exam preparation.

Assessment

6-hour written essay exam + 1-hour oral panel exam (essay/oral format)

Time Limit

7 hours total (6-hour written + 1-hour oral)

Passing Score

Determined by MBA exam panel

Exam Fee

$2,500 (Executive track) to higher depending on enrollment path (Mortgage Bankers Association)

MBA CMB Exam Content Outline

20%

Loan Products & Origination

Conventional, FHA, VA, USDA, non-QM, jumbo, ARM/fixed, manufactured housing

20%

Federal Regulation

TRID, ATR/QM, RESPA (Reg X), ECOA (Reg B), TILA (Reg Z), HMDA (Reg C), HOEPA, HPML

15%

Secondary Marketing

MSR valuation, TBA/specified pool, pipeline hedging, GSE selling guides, Ginnie Mae

10%

Warehouse Lending

Warehouse facilities, haircuts, aging/dwell, covenants

15%

Servicing Operations

Loss mitigation, foreclosure timing, Reg X servicing, escrow, PMI termination (HPA)

10%

Capital Markets

MBS pricing, duration, prepayment, Fed/Treasury impacts

10%

Risk Management & Compliance

Fair lending (ECOA, FH Act), BSA/AML, CFPB supervision, GLBA, SAFE Act

How to Pass the MBA CMB Exam

What You Need to Know

Passing score: Determined by MBA exam panel
Assessment: 6-hour written essay exam + 1-hour oral panel exam (essay/oral format)
Time limit: 7 hours total (6-hour written + 1-hour oral)
Exam fee: $2,500 (Executive track) to higher depending on enrollment path

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 CMB Study Tips from Top Performers

1Master TRID timing rules cold: 3-business-day LE delivery, 3-business-day CD waiting period, 7-business-day post-LE waiting, and the 3 CD redisclosure triggers (APR, product, prepayment penalty)

2Memorize regulation citations: Reg B (ECOA), Reg C (HMDA), Reg X (RESPA), Reg Z (TILA) — the oral panel asks 'under which regulation' frequently

3Build a personal cheat sheet of GSE conforming limits (2026: $806,500 baseline, $1,209,750 high-cost), FHA UFMIP (1.75%) and annual MIP, and VA funding fees

4Practice articulating mortgage banking economics aloud — pull-through, gain-on-sale, MSR valuation drivers — because the oral panel scores clarity

5Network with current CMB designees through MBA conferences; sponsorship and points come from these relationships

Frequently Asked Questions

What is the MBA CMB exam format?

The MBA Certified Mortgage Banker (Residential) credential exam is a 6-hour written essay exam followed by a 1-hour oral panel before a group of existing CMB designees. Practice questions help build the knowledge foundation, but the exam itself is essay and oral — not multiple choice.

What are the prerequisites for the MBA CMB designation?

The Standard track requires 10+ years in real estate finance plus 150 CMB points (earned via MBA education, committee service, mentoring, and industry contribution), sponsorship from a current CMB designee, and active employment at an MBA member company. The Executive track requires 10+ years of executive-level experience.

How long does it take to earn the MBA CMB?

Typically 12-24 months from enrollment, including the 7-week CMB Prep Course, point accumulation, written essay exam preparation, and oral panel scheduling. Some candidates spend several years accumulating CMB points before formally enrolling.

How much does the MBA CMB cost?

The Executive CMB track is $2,500 total including all exams and materials. The Standard track varies based on prep course enrollment and points-earning activities. Annual recertification is also required to maintain the designation.

What topics does the MBA CMB exam cover?

The body of knowledge spans residential origination (product expertise, TRID, ATR/QM), federal regulation (RESPA, ECOA, TILA, HMDA, HOEPA), secondary marketing (MSRs, TBA hedging, GSE delivery), warehouse lending, servicing operations (Reg X, loss mitigation), capital markets, and industry leadership.

Can I take the MBA CMB exam without being an MBA member?

Candidates must be employed by an MBA member company at the time of enrollment and through the exam. Most major mortgage banking firms are MBA members. Independent professionals may need to join through their employer.

How do I maintain my CMB designation after earning it?

CMB designees complete annual recertification attestation and remain current with MBA membership and industry engagement. The designation can be revoked for non-compliance or violations of the MBA Code of Ethics.