CRMP Study Guide 2026
Everything you need to pass the CRMP 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.
📋 CRMP Exam Format at a Glance
📚 CRMP Topics to Study (21)
✍️ Sample CRMP Questions & Answers
1. For a mixed-use property to qualify for a HECM, what percentage of floor area must be residential?
For a mixed-use property, at least 51% of the total floor area must be used for residential purposes to qualify for a HECM.
2. What is a CRMP's obligation under the NRMLA Code of Ethics?
The NRMLA (National Reverse Mortgage Lenders Association) Code of Ethics emphasizes that CRMPs must always prioritize the senior borrower's best interest. This means providing unbiased information, ensuring suitability of the product, and avoiding any practices that could harm the borrower. It goes beyond mere compliance, focusing on ethical conduct and client advocacy.
3. Which disbursement strategy is generally considered most financially advantageous for a HECM borrower who wants to maximize available funds over the long term?
A line of credit strategy is often considered most advantageous because the unused portion grows over time at the loan rate plus MIP, increasing available funds and providing flexibility for future needs.
4. When must a CRMP act as a mandatory reporter?
CRMPs, like many professionals working with vulnerable populations, often have a legal and ethical obligation to act as mandatory reporters. This means they are required by law to report any suspected elder abuse, neglect, or exploitation to the appropriate authorities. This responsibility is paramount to protecting the safety and well-being of senior clients.
5. What happens when the last surviving borrower dies or moves out?
A reverse mortgage becomes due and payable when the last surviving borrower dies, sells the home, or permanently moves out. At this point, the loan must be repaid, typically by selling the home, or by the heirs refinancing the loan or paying off the balance. This ensures the lender recovers the loan amount, while any remaining equity goes to the heirs.
6. During a financial assessment for a HECM loan, which of the following is the PRIMARY reason for analyzing the client's credit history and residual income?
The financial assessment was implemented by HUD to reduce defaults on HECM loans. Its main purpose is to verify that the borrower has the financial capacity and a demonstrated history of willingness to pay ongoing property-related expenses, such as property taxes, homeowners insurance, and maintenance costs, which are required to be paid by the borrower throughout the life of the loan.