CMB CMB - Certified Mortgage Banker Technology and Digital Mortgage Solutions Questions and Answers 2

Question 1

What is eClosing in the mortgage industry?

Accepted Answer

A closing process that uses electronic documents and signatures, partially or fully replacing paper

Answer

A digital platform for managing post-closing audits

Answer

An automated escrow reconciliation system

Answer

A tool to electronically file mortgage liens

Question 2

What is Remote Online Notarization (RON) and why is it significant for mortgage closings?

Accepted Answer

A process allowing a notary to notarize documents via audio-visual technology without in-person presence

Answer

A method for remotely auditing loan files after closing

Answer

A system for ordering title commitments remotely

Answer

An electronic payoff request system

Question 3

In the context of mortgage technology, what does a Loan Origination System (LOS) primarily manage?

Accepted Answer

The end-to-end workflow of originating a mortgage from application through closing

Answer

Only the secondary market delivery of loans to investors

Answer

Escrow account disbursements for taxes and insurance

Answer

The servicing of loans after funding

Question 4

What is a digital mortgage 'decisioning engine' used for?

Accepted Answer

Automating credit policy rules to provide real-time loan eligibility decisions

Answer

Calculating origination fees for GFE disclosures

Answer

Managing investor pipeline commitments

Answer

Generating closing disclosure forms

Question 5

Which technology advancement allows borrowers to verify employment and income instantly without providing paper documents?

Accepted Answer

Day 1 Certainty / GSE direct data services using payroll data integrations

Answer

Manual VOE forms sent by fax

Answer

Borrower-provided PDF bank statements

Answer

IRS Form 4506-T paper requests

Question 6

What cybersecurity threat specifically targets the mortgage industry through fraudulent wire transfer instructions sent via email?

Accepted Answer

Business Email Compromise (BEC) / wire fraud

Answer

Ransomware injection into LOS software

Answer

DDoS attacks on lender websites

Answer

SQL injection into property databases