Key findings on appraisals, mobility, and disability needs
A federal housing survey has released new mortgage origination data, providing valuable details on borrower experiences.
The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have published updated loan-level data collected through the National Survey of Mortgage Originations (NSMO).
The NSMO, conducted quarterly since 2014, surveys recent mortgage borrowers about their experiences, market perceptions, and future expectations. This latest release added data from 2021, including new insights on appraisals, willingness to move, and disability accommodations.
According to the 2021 survey results, a majority of borrowers expressed satisfaction with their property appraisals. Specifically, 70% of respondents reported being very satisfied, while 23% were somewhat satisfied. Only 6% indicated they were not at all satisfied with their appraisal.
The survey also shed light on borrowers’ willingness to relocate. Half of the respondents reported being unwilling to move from their primary residence, while 20% were unsure about moving. Among those open to relocation, 25% stated they were both willing and able to move, and 5% expressed willingness but cited an inability to do so.
In findings related to accessibility, 8% of respondents identified accommodations for people with disabilities as an important factor in their choice of mortgage broker or lender.
“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.”
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“This year’s survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages," said Jason Brown, CFPB assistant director for research. “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 NSMO is part of the National Mortgage Database (NMDB), a comprehensive repository of mortgage loan information designed to support policymaking and research efforts. The NMDB was created to fulfill requirements set by the Housing and Economic Recovery Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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