A joint report from the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have published and updated loan-level data for public use collected through mandatory demographic questions on mortgage applications through the National Survey of Mortgage Originations (NSMO).
The data also provides updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from the years 2013-2021.
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. This new 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,” said Saty Patrabansh, FHFA Associate Director for the Office of Data and Statistics. “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,” said Jason Brown, CFPB Assistant Director for Research. “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 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 percent 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.
According to the report, the NSMO is a component of the National Mortgage Database (NMDB), and is the first 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.
The NMDB is designed to fulfill the requirements of the Housing and Economic Recovery Act (HERA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). HERA mandated that FHFA conduct a monthly mortgage survey of all residential mortgages, including those not eligible for purchase by Fannie Mae and Freddie Mac. The Dodd-Frank Act mandated that CFPB monitor the primary mortgage market, partly through the survey data.
