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Question 1
A client with a stable income and a low-interest first mortgage wants to consolidate $50,000 in high-interest credit card debt and fund a small home renovation. They are concerned about rising interest rates and want predictable payments. Which of the following strategies would a CMPS practitioner most likely recommend to best meet the client's goals?
Correct Answer:
A cash-out refinance to lock in a new fixed rate on the entire mortgage balance.
Question 2
Which of the following is the primary purpose of conducting a cash flow analysis for a prospective homebuyer?
Correct Answer:
To determine their capacity to manage monthly housing expenses and other financial obligations.
Question 3
A mortgage planner is calculating a client's back-end debt-to-income (DTI) ratio. The client has a gross monthly income of $8,000. Their proposed monthly mortgage payment (PITI) is $2,200. They also have a $450 monthly car payment, a $250 monthly student loan payment, and minimum credit card payments totaling $150. What is their back-end DTI ratio?
Correct Answer:
40.6%
Question 4
A homeowner is experiencing a temporary financial hardship and is struggling to make their mortgage payments but wants to keep their home. Which of the following debt management strategies is specifically designed to negotiate new, more affordable loan terms with the lender, such as a lower interest rate or an extended term?
Correct Answer:
Loan Modification
Question 5
Which debt reduction strategy involves making fixed, additional principal payments each month with the primary goal of reducing the overall loan term and total interest paid?
Correct Answer:
Planned Prepayment
Question 1
Exam overview

About this Exam

Prepare with the Certified Mortgage Planning Specialist (CMPS) practice quiz. This question bank includes 100 questions covering client, mortgage, loan, property, and cmps. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Certified Mortgage Planning Specialist (CMPS)

This practice set contains 100 questions from the matching question bank and focuses on client, mortgage, loan, property, and cmps. 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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