CFPB, FHFA release updated mortgage originations survey data

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.