CFPB and FHFA Release New Data on Mortgage Trends

Charting data trendsPhoto by Anna Nekrashevich on

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have published updated data from the National Survey of Mortgage Originations (NSMO). This latest release offers a comprehensive look at mortgage performance and credit information from 2013 to 2021.

What the Data Reveals

Since 2014, the FHFA and CFPB have conducted quarterly surveys with recent mortgage borrowers. These surveys gather valuable insights into their experiences, perceptions of the mortgage market, and future expectations. The newly released data includes responses from borrowers through 2021, offering one additional year of insights.

Saty Patrabansh, FHFA Associate Director for the Office of Data and Statistics, emphasized the importance of this survey. “The NSMO provides a unique view of mortgage borrowers, helping illustrate underlying trends that can identify emerging issues in mortgage lending,” he said.

Key Findings from 2021

The 2021 survey introduced three new questions that yielded significant insights:

  • Appraisal Satisfaction: When asked about their satisfaction with property appraisals, 70% of respondents reported being very satisfied, 23% were somewhat satisfied, and 6% were not at all satisfied.
  • Willingness to Move: When questioned about their willingness to move from their primary residence, 50% of respondents were unwilling to move, 20% were unsure, 25% were willing and able, and 5% were willing but unable to move.
  • Choosing a Mortgage Lender/Broker: When selecting a mortgage lender or broker, only 8% of respondents cited accommodations for people with disabilities as an important factor.
NSMO Data Shaping the Future of Mortgages

Understanding borrower experiences and behaviors is crucial for policymakers and industry stakeholders. The detailed loan-level data from the NSMO helps illuminate trends and potential issues in the mortgage market. This information can guide efforts to improve the mortgage process and address consumer challenges.

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Jason Brown, CFPB Assistant Director for Research, noted the value of these insights. “This year’s survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages,” he said. “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.”

Enhancing the Borrower Experience

The NSMO is part of the larger National Mortgage Database (NMDB®), which serves as a vital tool for policymakers and researchers. It helps regulators better understand the housing market and identify trends that could impact mortgage lending. The database supports informed decision-making that can lead to more effective regulations and policies.

For consumers, this means that their feedback directly contributes to improving the mortgage experience. By addressing areas of dissatisfaction, such as appraisal processes or lender accommodations, the industry can enhance its services and better meet borrower needs.

Future Prospects

The ongoing collection and analysis of mortgage data will continue to shape the future of housing finance. As more data becomes available, it will provide deeper insights into consumer behavior and emerging trends. This proactive approach ensures that the mortgage market remains responsive to the needs of borrowers.

The updated data from the NSMO offers a valuable snapshot of the mortgage landscape from 2013 to 2021. By understanding borrower experiences and identifying areas for improvement, the CFPB and FHFA aim to create a more efficient and consumer-friendly mortgage market. As researchers delve into this rich dataset, their findings will help shape policies that benefit both lenders and borrowers, fostering a healthier housing market for all.

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