WASHINGTON, DC — The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have released the latest data from the National Survey of Mortgage Originations (NSMO). This latest release provides a comprehensive look at mortgage performance and credit information from 2013-2021.
What the data reveals
The FHFA and CFPB have been conducting quarterly surveys of recent mortgage borrowers since 2014. These surveys gather valuable insight into borrowers' experiences, perceptions of the mortgage market, and expectations for the future. The newly released data includes responses from borrowers through 2021, providing an additional year of insight.
Sati Patravansh, deputy director of the FHFA Office of Data and Statistics, emphasized the importance of the survey. “NSMO provides a unique perspective on mortgage borrowers and helps uncover underlying trends that can identify emerging issues in mortgage lending,” he said.
Key findings for 2021
The 2021 survey introduces three new questions that provide key insights.
Appraisal Satisfaction: When asked about their satisfaction with their property appraisals, 70% of respondents said they were very satisfied, 23% said they were somewhat satisfied, and 6% said they were not at all satisfied. Willingness to Relocate: When asked about their willingness to relocate from their primary residence, 50% of respondents said they did not want to relocate, 20% were unsure, 25% were willing and able to relocate, and 5% were willing but unable to relocate. Mortgage Lender/Broker Selection: Only 8% of respondents cited disability accommodations as an important factor when selecting a mortgage lender or broker. NSMO Data Shapes the Future of Mortgage
Understanding borrower experiences and behaviors is critical for policymakers and industry participants. NSMO's detailed loan-level data helps uncover trends and potential issues in the mortgage market. This information helps guide efforts to improve the mortgage process and address consumer challenges.
CFPB Deputy Director for Research Jason Brown noted the value of these insights. “This year’s survey provides new insights into the appraisal satisfaction and willingness to relocate of borrowers taking out new mortgages,” he said. “With the release of our public use files, we are asking researchers to help us understand the challenges consumers face and find ways to improve the consumer marketplace.”
Improving the Borrower Experience
NSMO is part of the larger National Mortgage Database (NMDB®), which serves as an important tool for policymakers and researchers. It helps regulators better understand the housing market and identify trends that may affect mortgage lending. The database supports informed decision-making that leads to more effective regulations and policies.
For consumers, this means their feedback directly contributes to improving the mortgage experience. By addressing areas of dissatisfaction, such as the appraisal process or lender responsiveness, the industry can improve services and better meet borrowers' needs.
Future outlook
The continued collection and analysis of mortgage data will continue to shape the future of mortgage finance. As more data becomes available, we gain deeper insights into consumer behavior and emerging trends. This proactive approach ensures the mortgage market stays responsive to borrower needs.
Updated data from NSMO provides a valuable snapshot of the mortgage landscape from 2013 to 2021. By understanding borrower experiences and identifying areas for improvement, the CFPB and FHFA aim to create a more efficient, consumer-friendly mortgage market. As researchers dig into this rich dataset, their findings will help shape policies that benefit both lenders and borrowers, fostering a healthier housing market for everyone.
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