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Question 1
Under the ATR/QM rule, what is the maximum debt-to-income (DTI) ratio for a General QM loan with an Average Prime Offer Rate (APOR) spread below the threshold?
Correct Answer:
43% (legacy) / no hard cap under price-based General QM
Question 2
Which document, required under TRID, must be delivered to the borrower at least 3 business days before consummation?
Correct Answer:
Closing Disclosure (CD)
Question 3
A salaried W-2 borrower earns $7,500/month base plus $1,200/month overtime. The overtime has been received for 14 months. How should the underwriter typically treat the overtime under Fannie Mae guidelines?
Correct Answer:
Use a 24-month average if the underwriter documents likelihood of continuance
Question 4
On a conventional conforming loan, what credit score model is required by Fannie Mae and Freddie Mac as of the FHFA bi-merge transition?
Correct Answer:
FICO 10T and VantageScore 4.0 (bi-merge)
Question 5
On a Desktop Underwriter (DU) decision, an 'Approve/Eligible' recommendation means:
Correct Answer:
The loan meets Fannie Mae credit risk requirements and eligibility rules
Question 1
Exam overview

About this Exam

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

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NAMU CMU Practice Questions - NAMU Certified Mortgage Underwriter (NAMU-CMU) Exam

This practice set contains 100 questions from the matching question bank and focuses on loan, borrower, mortgage, fnma, and maximum. 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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