CMC Study Guide 2026

Everything you need to pass the CMC exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

📋 CMC Exam Format at a Glance

200

Questions

360 min

Time Limit

75.00%

Passing Score

Take a Full CMC Exam Simulation →

📚 CMC Topics to Study (67)

Client Relations and Financial Advisory · 9 cards Federal Regulations and Compliance Standards · 9 cards Loan Processing and Underwriting Guidelines · 9 cards Mortgage Products and Lending Practices · 9 cards Advanced Mortgage Products · 7 cards Advanced Mortgage Products · 7 cards Advanced Mortgage Products · 7 cards Advanced Mortgage Products · 7 cards Client Financial Advising · 7 cards Client Financial Advising · 7 cards Client Financial Advising · 7 cards Client Financial Advising · 7 cards Client Relations and Advisory · 7 cards Client Relations and Advisory · 7 cards Client Relations and Advisory · 7 cards Client Relations and Advisory · 7 cards Client Relations and Financial Advisory · 7 cards Client Relations and Financial Advisory · 7 cards Client Relations and Financial Advisory · 7 cards Client Relations and Financial Advisory · 7 cards Ethics and Professional Conduct · 7 cards Ethics and Professional Conduct · 7 cards Ethics and Professional Conduct · 7 cards Ethics and Professional Conduct · 7 cards Federal Regulations and Compliance Standards · 7 cards Federal Regulations and Compliance Standards · 7 cards Federal Regulations and Compliance Standards · 7 cards Federal Regulations and Compliance Standards · 7 cards Loan Processing and Underwriting Guidelines · 7 cards Loan Processing and Underwriting Guidelines · 7 cards

See all 67 topics as flashcards →

✍️ Sample CMC Questions & Answers

1. What distinguishes a 'portfolio loan' from a conventional conforming loan?

✓ Portfolio loans are held by the originating lender and not sold to the secondary market

Portfolio loans are kept on the lender's books rather than sold, allowing more flexible underwriting outside agency guidelines.

2. Under the Fair Housing Act, a CMC must NOT vary loan terms based on a borrower's:

✓ National origin

The Fair Housing Act prohibits discrimination in mortgage lending based on national origin, race, color, religion, sex, disability, or familial status.

3. A borrower is applying for a loan on a 2-unit property to be used as a primary residence. What is the minimum down payment required under FHA guidelines?

✓ 3.5%

FHA requires only 3.5% down for 1-4 unit properties when the borrower occupies one unit as a primary residence and has a qualifying credit score.

4. What is 'subordination' in real estate finance?

✓ An agreement where a junior lienholder agrees to remain in a lower lien priority

Subordination is when a junior lienholder (such as a second mortgage holder) agrees to remain in a secondary lien position behind a new first mortgage.

5. A mortgage consultant who collects advance fees from borrowers before completing any services may be violating:

✓ The Mortgage Assistance Relief Services (MARS) Rule

The MARS Rule prohibits collecting advance fees before successfully completing promised mortgage relief services.

6. Which loan type is specifically designed for the purchase and renovation of a single-family property using one loan?

✓ Both A and C

Both FHA 203(k) and Fannie Mae HomeStyle Renovation Mortgage combine purchase and renovation costs into a single loan.

🎯 Free CMC Practice Tests

Loan Processing and Underwriting Guidelines · 9 questions Client Relations and Financial Advisory · 9 questions Federal Regulations and Compliance Standards · 9 questions Mortgage Products and Lending Practices · 9 questions Mortgage Products and Practices · 7 questions Mortgage Products and Practices · 7 questions Property Appraisal and Valuation · 7 questions Federal Regulations and Compliance Standards · 7 questions Mortgage Products and Practices · 7 questions Federal Regulations and Compliance Standards · 7 questions

📖 CMC Guides & Articles

Your CMC Study Path

1. Learn with Flashcards → 2. Drill Practice Tests → 3. Take the Full Exam Simulation

🃏 CMC Flashcards (465)🏆 CMC Exam Simulation

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