The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO).
The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021.
Since 2014, FHFA and CFPB have sent quarterly surveys to borrowers who recently obtained mortgages. These surveys gather feedback on borrowers’ experiences during the mortgage process, their perceptions of the mortgage market, and their future expectations. Today’s release adds one additional year of new mortgage data through 2021.
“The NSMO provides a unique view of mortgage borrowers, helping illustrate underlying trends that can identify emerging issues in mortgage lending,” says Saty Patrabansh, associate director for the office of data and statistics for the FHFA, in a release. “The data released today will provide insights into consumer behavior and borrowers’ experiences, leading to better analysis of how mortgage processes could be improved for future borrowers.”
“This year’s survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages,” adds Jason Brown, assistant director for research for the CFPB. “With the release of the public use file, we invite researchers to help us understand the challenges facing consumers and help us to find ways to improve the market for consumers.”
Today’s release features data on three new survey questions first asked of mortgage borrowers in 2021.
When asked about appraisal satisfaction, 70% of survey respondents reported being very satisfied with their property appraisal, 23% reported being somewhat satisfied, and 6% were not at all satisfied.
When questioned on their willingness to move from their primary residence, 50% of respondents reported being unwilling to move, 20% were unsure about moving, 25% were willing and able to move, and 5% were willing but unable to move.
When prompted to select from a list of factors important to borrowers choosing a mortgage lender/broker, 8% of respondents selected accommodations for people with disabilities as an important factor in their choice.
The NSMO is a component of the National Mortgage Database (NMDB), a comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends.
Photo: Markus Spiske