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  Applicant Handbook

GMA Exam Information...

Exam Format

The GMA® is a three (3) hour computer based exam and contains 125 multiple-choice questions that fall within seven subject-matter areas.  Each subject-matter area is weighted to reflect its relative importance to the practice of a mortgage broker who has newly entered the mortgage industry. A detailed outline of the subject-matter areas can be found in the Exam Specifications Outline.

To pass the GMA exam, candidates must answer at least 68% of the exam questions correctly.

Subject-Matter Area

% of Exam Content

# of Items

Sub-Categories

General Industry Knowledge

27

30

Origin of the mortgage industry; markets; government agencies; financial markets; different types of mortgages; appraisals; environmental liability; providing tax related and/or financial advice; knowledge of credit scores, credit reports, and their effect on a loan

Business Practices and Ethics

17

20

Professionalism; business ethics and integrity; handling customer funds; customer/broker relationship; advertising business-to-business and business-to-consumer; contents to a wholesale agreement; fraud

Insurance

6

11

Hazard, Mortgage, Title, and Builders’ insurance

Laws and Compliance

16

24

Mortgage and regulatory compliance; real estate law

Residential Financing

19

24

Pre-qualifying and initial application; processing and underwriting; closing/escrow

Mortgage Technology

5

6

Loan origination; automated underwriting system; web-based services

Marketing and Sales

10

10

Types of marketing; identify market demands; personal business plan

Preparing for the Exam 

In preparing for the GMA®, familiarity with the material contained in the Residential Mortgage Lending course (offered by NAMB or state affiliates) and any other mortgage-related courses may be helpful. This exam does not measure skills or knowledge that would be gained by on-the-job experience. In addition, the following may be helpful as you prepare for the exam:

  • An online practice exam which gives candidates the opportunity to become familiar with the format of the test questions and provides an indication of preparedness for the actual exam. The practice exam is a 55-question, multiple-choice tool based on the content outline of the GMA®. Once completed, you will be provided with a score report with performance feedback within the seven content areas. There are no prerequisites to take this practice exam.
  • Review reference materials related to subject areas as provided in the test specifications below. Materials used during the development of the exam are sited in the Reference List at the end of this handbook. NAMB does not recommend any one source for reference materials; however, you may want to refer to specific sources for help with subjects in which you need additional review.
  • Before your scheduled exam date, make sure you review the Exam Checklist and know the location of the test site. Know the best way to get there, where parking can be found, and the location of the exam room.

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