this Consumer Financial Protection Bureau (CFPB) and federal housing finance agency The Federal Housing Finance Agency (FHFA) this week released its latest loan level data collected through the National Survey of Mortgage Origins (NSMO), according to a joint statement.
The agencies explain that the data provide “updated mortgage performance and credit information on a nationally representative sample of mortgage borrowers from 2013 to 2021.”
Since 2014, FHFA and CFPB have conducted quarterly surveys of borrowers who recently obtained mortgage financing. The aim is to gather feedback on a range of ideas about the market, including consumers’ experiences of the mortgage process, future expectations and perceptions of the wider market. The latest version adds data before 2021 to the available data set.
“NSMOs provide a unique perspective on mortgage borrowers and help illuminate underlying trends to identify emerging issues in mortgage lending,” Saty Patrabansh, deputy director of FHFA’s Office of Data and Statistics, said in a statement. “The data released today will provide insights into consumer behavior and borrower experience, allowing for better analysis of how to improve the mortgage process for future borrowers. “
Jason Brown, CFPB assistant director for research, said the CFPB is focused on gaining more insights into the evaluation process and homeowners’ openness to relocation.
“This year’s survey provides new insights into borrowers’ appraisal satisfaction and willingness to move,” Brown said in a statement. “With the release of public use documents, we invite researchers to help us understand the challenges consumers face , and help us find ways to improve the consumer market.”
The new set also includes insights from the survey of three additional questions being asked of borrowers for the first time in 2021.
The agencies said: “When asked about assessment satisfaction, 70 per cent of respondents said they were very satisfied with their property’s assessment, 23 per cent said they were somewhat satisfied and 6 per cent were not satisfied at all. “When asked if they were willing to move from their primary residence, 50% of respondents said they were unwilling to move, 20% were unsure whether to move, 25% were willing and able to move, and 5% Respondents were willing but unable to move.
Additionally, 8% of respondents said “accommodations for people with disabilities” were an important factor in choosing a mortgage lender or broker.
NSMO public use documents are available online through the FHFA website.
