Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) unveiled fresh insights into the mortgage landscape with updated loan-level data from the National Survey of Mortgage Originations (NSMO). This dataset spans from 2013 to 2021, offering detailed mortgage performance and credit insights from a nationally representative sample of borrowers.
Since 2014, FHFA and CFPB have conducted quarterly surveys to capture borrower feedback on their mortgage experiences, market perceptions, and future expectations. The latest release expands the dataset to include new mortgage data through 2021, aimed at enhancing understanding of consumer behavior and identifying key trends in mortgage lending.
"The NSMO provides a critical lens into mortgage borrower dynamics, highlighting trends that signal evolving issues in the mortgage market," said Saty Patrabansh, FHFA Associate Director for the Office of Data and Statistics. "Today's data release will enable deeper analysis to improve future mortgage processes."
Jason Brown, CFPB Assistant Director for Research, emphasized the significance of the new survey insights, stating, "This year's survey sheds light on appraisal satisfaction and willingness to relocate among borrowers with new mortgages. By making the public use file available, we encourage researchers to collaborate in addressing consumer challenges and enhancing market conditions."
Key highlights from the latest release include:
- Appraisal Satisfaction: 70% of respondents expressed high satisfaction with their property appraisal, while 23% reported moderate satisfaction, and 6% were dissatisfied.
- Willingness to Relocate: Half of respondents indicated reluctance to move from their primary residence, with 20% uncertain, 25% willing and able to relocate, and 5% willing but unable to move.
- Factors in Lender Selection: Notably, 8% of respondents prioritized accommodations for people with disabilities when choosing a mortgage lender or broker.
The NSMO forms part of the National Mortgage Database (NMDB®), a comprehensive repository of detailed mortgage information pivotal for policymaking and research. Mandated by the Housing and Economic Recovery Act (HERA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the NMDB aims to enhance regulatory understanding of emerging trends in mortgage and housing markets.
For further insights and access to the public use file, visit FHFA and CFPB websites.
This release underscores FHFA and CFPB's commitment to fostering a transparent and informed mortgage market, supporting data-driven policymaking and enhancing consumer outcomes nationwide.