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In a TBA (To-Be-Announced) trade for agency MBS, which characteristic of the underlying pool is NOT specified at the time of trade?
A
B
C
D
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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 Practice Questions
Verified exam format metadata for Certified Mortgage Banker (Residential) is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.