Survey examines borrowers’ residential mortgage experiences

A recently released new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) provides insights into borrowers’ experiences in getting a residential mortgage.

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The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) released the assessment for public use. In each quarter since 2014, FHFA and the BCFP sent surveys to borrowers who had recently obtained mortgages to gather feedback on their experiences during the process of getting a mortgage, their perception of the mortgage market and their future expectations.

“The NSMO data should be very helpful to policymakers, the mortgage industry and researchers in understanding consumer behavior and borrowers’ experiences obtaining a mortgage,” Sandra Thompson, FHFA deputy director, said. “The goal of the survey is to obtain information to help improve lending practices and the mortgage process for future borrowers.”

The National Mortgage Database (NMDB) is designed to fulfill the requirements of the Housing and Economic Recovery Act (HERA) and Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). HERA mandated 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 the BCFP monitor the primary mortgage market, in part through the use of the survey data.