The


Consumer
Financial
Protection
Bureau
(CFPB)
and
the


Federal
Housing
Finance
Agency
(FHFA)
this
week
released
updated
loan-level
data
collected
through
the
National
Survey
of
Mortgage
Originations
(NSMO),
according
to
a
joint

announcement.

The
data
provides
“updated

mortgage
performance
and

credit
information
for
a
nationally
representative
sample
of
mortgage
borrowers
from
2013
to
2021,”
the
agencies
explained.

On
a
quarterly
basis
since
2014,
the
FHFA
and
the
CFPB
have
sent
surveys
to
borrowers
who
recently
obtained
mortgage
financing.
The
purpose
is
to
gather
feedback
on
a
series
of
ideas
about
the
market,
including
consumer
experiences
of
the
mortgage
process,
future
expectations
and
perceptions
of
the
wider
market.
The
newest
release
adds
data
through
2021
into
the
available
dataset.

“The
NSMO
provides
a
unique
view
of
mortgage
borrowers,
helping
illustrate
underlying
trends
that
can
identify
emerging
issues
in
mortgage
lending,”
Saty
Patrabansh,
FHFA’s
associate
director
for
the
office
of
data
and
statistics,
said
in
a
statement.
“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.”

The
CFPB
is
focused
on
the
additional
insights
into
the

appraisal
process
along
with
homeowner
openness
to
relocation,
according
to
Jason
Brown,
CFPB’s
assistant
director
for
research.

“This
year’s
survey
provides
new
insights
into
appraisal
satisfaction
and
willingness
to
move
for
borrowers
with
new
mortgages,”
Brown
said
in
a
statement.
“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.”

The
new
dataset
also
includes
insights
from
three
additional
questions
the
survey
first
asked
borrowers
beginning
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,”
the
agencies
stated.
“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.”

Additionally,
8%
of
survey
respondents
said
that
“selected
accommodations
for
people
with
disabilities”
is
an
important
factor
for
their
choice
of
a
mortgage
lender
or
broker.

The
NSMO
public
use
file
is

accessible
online
via
the
FHFA’s
website.

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