Joint Release
Consumer Financial Protection Bureau
Federal Housing Finance Agency
WASHINGTON, DC – The Federal Housing Finance Administration (FHFA) and the Consumer Financial Protection Bureau (CFPB) today released the latest loan-level data collected through the National Survey of Mortgage Originations (NSMO), which also provides up-to-date mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013-2021.
Since 2014, FHFA and CFPB have conducted quarterly surveys of borrowers who recently obtained mortgages. These surveys collect feedback about borrowers' experiences during the mortgage process, their perceptions of the mortgage market, and their expectations for the future. Today's announcement adds one year's worth of new mortgage data through 2021.
“NSMO provides a unique perspective on mortgage borrowers and helps uncover underlying trends that can identify emerging issues in mortgage lending,” said Sati Patravansh, deputy director of FHFA's Office of Data and Statistics. “The data released today provides insights into consumer behavior and borrower experiences, leading to better analysis of how the mortgage process can be improved for future borrowers.”
“This year's survey provides new insights into the appraisal satisfaction and relocation intentions of borrowers taking out new mortgages,” said Jason Brown, CFPB's deputy director for research. “With the release of our public use files, we invite researchers to work with us to understand the challenges consumers face and find ways to improve the consumer marketplace.”
Today's release features data on three new survey questions asked of mortgage borrowers for the first time in 2021.
When asked about their satisfaction with the appraisal, 70 percent of respondents said they were very satisfied with their property appraisal, 23 percent said they were somewhat satisfied, and 6 percent said they were not at all satisfied.When asked if they were willing to relocate from their primary residence, 50 percent of respondents said they did not want to relocate, 20 percent were not sure whether they would relocate, 25 percent were willing and able to relocate, and 5 percent were willing but unable to relocate.When asked to select from a list of factors that are important to borrowers when selecting a mortgage lender/broker, 8 percent of respondents chose facilities for people with disabilities as an important selection factor.
The NSMO is a component of the National Mortgage Database (NMDB®), the first comprehensive repository of detailed mortgage information designed to support policymaking and research activities and help regulators better understand emerging mortgage and housing market trends.
The NMDB is designed to meet the requirements of the Housing Economic Recovery Act (HERA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). HERA requires the FHFA to conduct monthly mortgage surveys of all mortgages, including non-qualification mortgages issued by Fannie Mae and Freddie Mac. Dodd-Frank requires the CFPB to monitor the primary mortgage market, including through the use of survey data.
Access NSMO Public Use Files
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 federal home loan banks. These government-sponsored enterprises provide more than $8.4 trillion in capital to the U.S. mortgage market and financial institutions. For more information, visit www.FHFA.gov and follow us on Twitter. translation:YouTube, Facebook, LinkedIn, etc.
Contact: MediaInquiries@FHFA.gov