NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam - NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam

Question 1

For a borrower with 25% K-1 distributive share from an S-corporation, what documents does FNMA require for income analysis?

W-2 only Personal returns (2 years), business returns (2 years including K-1, Form 1120-S, Schedule K-1), YTD P&L, and analysis Just K-1 Verbal statement

Correct Answer:

Personal returns (2 years), business returns (2 years including K-1, Form 1120-S, Schedule K-1), YTD P&L, and analysis

Question 2

When analyzing a partnership K-1, what line item must be evaluated for likely continuance?

Guaranteed payments only Ordinary business income, guaranteed payments, plus liquidity of the partnership (sufficient capital and distributions) Capital account only Total partnership debt

Correct Answer:

Ordinary business income, guaranteed payments, plus liquidity of the partnership (sufficient capital and distributions)

Question 3

On a 12-month personal bank statement loan (non-QM), how is qualifying income typically calculated?

Total deposits / 12 Eligible deposits (after exclusions for transfers, refunds, loans) / 12, often with an expense factor applied Tax return income Borrower-stated income

Correct Answer:

Eligible deposits (after exclusions for transfers, refunds, loans) / 12, often with an expense factor applied

Question 4

A 'DSCR loan' for an investment property qualifies based on:

Borrower's W-2 income Property's rental income vs the PITIA (Debt Service Coverage Ratio); typically requires 1.0x-1.25x or higher Borrower's credit only Property appraisal alone

Correct Answer:

Property's rental income vs the PITIA (Debt Service Coverage Ratio); typically requires 1.0x-1.25x or higher

Question 5

A jumbo loan portfolio guideline typically requires reserves of:

1 month PITIA 6-24 months PITIA, often higher for larger loan amounts and lower credit/LTV No reserves 12 months only for first-time buyers

Correct Answer:

6-24 months PITIA, often higher for larger loan amounts and lower credit/LTV

Exam overview

About this Exam

Prepare with the NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam practice quiz. This question bank includes 100 questions covering fnma, loan, typically, borrower, and income. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam

This practice set contains 100 questions from the matching question bank and focuses on fnma, loan, typically, borrower, and income. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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NAMU CMMU Practice Questions - NAMU Certified Master Mortgage Underwriter (NAMU-CMMU) Exam

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