In a recent federal housing survey, fresh insights into mortgage borrower experiences have been unveiled. The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have released the latest loan-level data through the National Survey of Mortgage Originations (NSMO). This survey, conducted quarterly since 2014, offers a detailed look at borrowers’ market perceptions, experiences, and future expectations.
Satisfaction with Property Appraisals
The 2021 survey data highlights that the majority of mortgage borrowers are pleased with their property appraisals. Specifically, 70% of respondents reported being very satisfied with their appraisals, 23% were somewhat satisfied, and only 6% expressed dissatisfaction.
Willingness to Relocate
The survey also explored borrowers’ readiness to move from their primary residence. It was found that 50% of respondents were unwilling to relocate, 20% were uncertain, 25% were both willing and able to move, and 5% were willing but unable to move.
Disability Accommodations
An important aspect of the survey focused on accessibility. About 8% of respondents identified the need for accommodations for people with disabilities as a significant factor in their choice of mortgage broker or lender.
Expert Insights
“The NSMO provides a unique view of mortgage borrowers, helping illustrate underlying trends that can identify emerging issues in mortgage lending,” said Saty Patrabansh, associate director for FHFA’s 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.”
Jason Brown, CFPB assistant director for research, added, “This year’s survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages. 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.”
About the National Mortgage Database
The NSMO is part of the National Mortgage Database (NMDB), a comprehensive repository of mortgage loan information supporting policymaking and research efforts. The NMDB was established to meet the requirements of the Housing and Economic Recovery Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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