Improving Mortgage Experiences in America
Naonal Survey of Mortgage Originaons
You have been selected to parcipate in an important naonal survey. Learning directly
from borrowers like you about your experiences obtaining a mortgage to purchase or
renance your home will help us improve lending pracces and the mortgage process
for future borrowers.
To Complete the Survey Online
Web Go to: www.NSMOsurvey.com and enter the unique access code
provided in the leer and your 5-digit zip code.
Mobile Text your unique access code to (202) 759-2029 to receive a link to
the survey or scan the QR code in the leer.
Español Vaya a: www.NSMOsurvey.com e ingrese el código de acceso
único que se le envió en la carta y su código postal de 5 dígitos.
Para contestar la encuesta en un aparato móvil/teléfono inteligente
Envie en un mensaje de texto su código de acceso único al
(202) 759-2029 o escanea el código QR en la carta.
While we prefer online responses to help us save costs for processing, it is important
we hear from you. If you prefer paper, you can mail back the completed survey in the
enclosed pre-paid postage envelope.
If you have any quesons or need assistance compleng this due to a disability, please call us toll free
at 1-855-531-0724, TTY #711 or visit our web sites www.fa.gov/nsmo or www.consumernance.gov.
Naonal Survey of Mortgage Originaons
Who is
sponsoring
this survey?
The Federal Housing Finance Agency (FHFA) is an
independent regulatory agency responsible for the
eecve supervision, regulaon, and housing mission
oversight of Fannie Mae, Freddie Mac, the Federal
Home Loan Bank System, and the Oce of Finance, and
ensures a compeve, liquid, ecient, and resilient
housing nance market.
The Consumer Financial Protecon Bureau (CFPB) is
a Federal agency created in 2010 to make mortgages,
credit cards, automobile and other consumer loans
work beer and ensure that these markets are fair,
transparent, and compeve.
How were
you selected
for this
survey?
Survey recipients were selected at random from across
the United States. Your answers will not be connected
to your name or any other idenfying informaon.
How long
will it take?
The me will vary based on your experiences, but you
can expect it to take 15-25 minutes.
Privacy Act Noce: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following noce is provided. The
informaon requested on this Survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering informaon for
the Naonal Mortgage Database. Roune uses which may be made of the collected informaon can be found in the Federal
Housing Finance Agency’s System of Records Noce (SORN) FHFA-21 Naonal Mortgage Database. Providing the requested
informaon is voluntary. Submission of the survey authorizes FHFA to collect the informaon provided and to disclose it as
set forth in the referenced SORN.
Paperwork Reducon Act Statement: Notwithstanding any other provision of the law, no person is required to respond to,
nor shall any person be subject to a penalty for failure to comply with, a collecon of informaon subject to the
requirements of the Paperwork Reducon Act, unless that collecon of informaon displays a currently valid OMB Control
Number.
OMB No. 2590-0012
Expires 6/30/2026
Did you take out or co-sign for a mortgage loan
sometime in the last couple of years including a
purchase or any refinance/modification of an
existing loan?
1.
2. When did you take out this mortgage? If you took
out or co-signed for more than one mortgage, please
refer to your experience with the most recent
refinance, modification, or new mortgage.
/
yearmonth
Who signed or co-signed for this mortgage?
Mark all
that apply.
4.
Yes No
Did we mail this survey to the address of the
property you financed with this mortgage?
3.
When you began the process of getting this
mortgage, how familiar were you (and any
co-signers) with each of the following?
5.
If you co-signed this loan with others, take into
account all co-signers as best you can when
answering the survey. If no co-signers, answer
based on your own situation.
Other (e.g. friend, business partner)
Other relatives
Children
Parents
Spouse/partner including a former spouse/partner
I signed
Very Somewhat Not at all
Firm idea Some idea Little idea
When you began the process of getting this
mortgage, how concerned were you about
qualifying for a mortgage?
6.
How firm an idea did you have about the
mortgage you wanted?
7.
1 2 3 4 5 or more
How many different mortgage lenders/brokers
did you seriously consider before choosing
where to apply for this mortgage?
11.
Which one
of the following best describes how
you applied for this mortgage?
10.
Which one
of the following best describes your
shopping process?
9.
How much did you use each of the following
sources to get information about mortgages or
mortgage lenders?
8.
The money needed at closing
Your credit history or
credit score
The income needed to qualify
for a mortgage
The down payment needed to
qualify for a mortgage
The mortgage process
The different types of
mortgages available
The mortgage interest rates
available at that time
Very Somewhat
Not
At All
I picked the loan type
mortgage lender/broker
I picked the loan type first, and then I picked the
I picked the mortgage lender/broker first, and then
Your mortgage lender/broker
Other mortgage lenders/brokers
Real estate agents or builders
Websites that provide information
on getting a mortgage
Material in the mail
Not
At All
A
Little
A
Lot
Friends/relatives/co-workers
Bankers, credit unions or financial
planners
Housing counselors
Newspaper/TV/Radio
Other (specify)
Directly to a lender, such as a bank or credit union
Through a mortgage broker who works with
Through a builder who arranged financing
Other (specify)
multiple lenders to get you a loan
Yes
No
Skip to 71 on page 7
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12. How many different mortgage lenders/brokers
did you end up applying to?
15.
Who initiated the first contact between you and
the mortgage lender/broker you used for the
mortgage you took out?
16. While you were getting your mortgage, how did
you primarily
interact with your mortgage
lender/broker?
(such as a
Concern over qualifying for a loan
Information learned from the
"Loan Estimate"
Turned down on earlier application
Searching for better loan terms
Yes No
13. Did you apply to more than one mortgage
lender/broker for any of the following
reasons?
I (or one of my co-signers) did
The mortgage lender/broker did
We were put in contact by a third party
real estate agent or home builder)
1 2 3 4 5 or more
Online (web portal, email)
Phone (voice calls, text messages, fax)
Mail
In person
No primary way
How open were you to suggestions from your
mortgage lender/broker about mortgages with
different features or terms?
Very Somewhat Not at all
17.
Have to add another co-signer to qualify
Resolve credit report errors or problems
Yes
No
Answer follow-up requests for more
information about income or assets
Have more than one appraisal
Redo/refile paperwork due to processing
delays
Delay or postpone closing date
Have your "Loan Estimate" revised
to reflect changes in your loan terms
Check other sources to confirm that
terms of this mortgage were reasonable
20. In the process of getting this mortgage from
your mortgage lender/broker, did you…
19. Your lender may have given you a booklet
"Your home loan toolkit: A step-by-step
guide," do you remember receiving a copy?
Yes
No
Don't know
18. How important were each of the following in
determining the mortgage you took out?
Lower interest rate
Lower APR (Annual Percentage Rate)
Not
ImportantImportant
Lower closing fees
Lower down payment
An interest rate fixed for the life
of the loan
Lower monthly payment
A term of 30 years
No mortgage insurance
Did the "Loan Estimate" you received from your
mortgage lender/broker…
Have easy to understand information
Yes No
Contain valuable information
Cause you to take an action, such as seek
a change in your loan or closing
21.
Recommendation from a friend/
relative/co-worker
How important were each of the following in
choosing the mortgage lender/broker you used
for the mortgage you took out?
Having an established banking
relationship
Having a local office or branch nearby
Important
Not
Important
Used previously to get a mortgage
Mortgage lender/broker is a personal
friend or relative
Paperless online mortgage process
Recommendation from a real
estate agent/home builder
Reputation of mortgage lender/broker
Accommodations for people with
disabilities
Spoke my primary language, which is
not English
14.
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26. Overall, how satisfied are you that the
mortgage you got was the one with the...
Best terms to fit your needs
Lowest closing costs
Lowest interest rate for which
you could qualify
Very Somewhat
Not
At All
27. Overall, how satisfied are you with the…
Mortgage lender/broker
you used
Very Somewhat
Not
At All
Application process
Documentation process
required for the loan
Property appraisal
Information in mortgage
disclosure documents
Loan closing process
Timeliness of mortgage
disclosure documents
Settlement agent
Did you take a course about home-buying or
talk to a professional housing counselor?
28.
29. Was your home-buying course or counseling...
30. How many hours was your home-buying
course or counseling?
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
31. Overall, how helpful was your home-buying
course or counseling?
Very Somewhat Not at all
Yes No
In person, one-on-one
Over the phone
In person, in a group
Online
Required
Yes
No
Skip to 32 on page 4
In selecting your settlement/closing agent did you
use someone…
No
23.
24. Do you have title insurance on this mortgage?
Selected/recommended by the mortgage
lender/broker, or real estate agent
You used previously
Yes
Found shopping around
Which one best describes how you picked the
title insurance?
25.
Reissued previous title insurance
Used title insurance recommended by mortgage
Shopped around
lender/broker or settlement agent
Yes
No
Don't know
Skip to 26
Did not have a settlement/closing agent
During the application process were you told
about mortgages with any of the following?
No
22.
Yes
An interest rate that is fixed for the
life of the loan
An interest rate that could change over
the life of the loan
A term of less than 30 years
A higher interest rate in return for lower
closing costs
A lower interest rate in return for paying
higher closing costs (discount points)
Interest-only monthly payments
An escrow account for taxes and/or
homeowner insurance
A prepayment penalty (fee if the mortgage
is paid off early)
Reduced documentation or "easy"
approval
An FHA, VA, USDA or Rural Housing
loan
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32. Which one of these reasons best describes this
most recent mortgage?
Skip to 36
36. How important were the following in your
decision to refinance, modify or obtain a new
mortgage?
34. Did you use any of the following sources of
funds to buy this property?
33. Did you do the following before or after you
made an offer on this house or property?
What percent of the purchase price was the
down payment to buy this property (including
money from a prior home sale, gifts, etc.)?
35.
ThisMortgage
When you took out this most recent mortgage or
refinance, what was the dollar amount you
borrowed?
39.
40. What is the monthly payment, including the
amount paid to escrow for taxes and insurance?
What is the interest rate on this mortgage?41.
Did you use the money you got from this
new mortgage for any of the following?
38.
Pay off other bills or debts
College expenses
Yes No
Auto or other major purchase
Home repairs or new construction
Savings
Closing costs of new mortgage
Business or investment
Buy out co-signer(s)/co-owner(s)
Did not get money from refinancing
Gift or loan from family or friend
Seller contribution
A second lien, home equity loan, or home
equity line of credit (HELOC)
Assistance or loan from a nonprofit or
government agency
Savings, retirement account, inheritance,
or other assets
Proceeds from the sale of another property
Not
UsedUsed
Before
Offer
After
Offer
Did
Not Do
Contacted a lender to explore
mortgage options
Got a pre-approval or pre-
qualification from a lender
Decided on the type of loan
Made a decision on which
lender to use
Submitted an official loan
application
Change to a fixed-rate loan
Get a lower interest rate
Get a lower monthly payment
Consolidate or pay down other debt
Important
Not
Important
Repay the loan more quickly
Take out cash
Remove private mortgage insurance
To buy a property
To refinance or modify an
To add/remove co-signer(s)/co-owner(s)
To finance a construction loan
To take out a new loan on a
Some other purpose (specify)
earlier mortgage
mortgage-free property
Approximately how much was owed, in total, on
the old mortgage(s) and loan(s) you refinanced?
37.
$ .00
(the property was mortgage-free)
Zero
Other (specify)
Don't know
$
.00
Don't know
.00
$
%
Don't know
Skip to 39
%
Don't know
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42. Which one of the following best describes how you
decided on the interest rate of your mortgage?
Paid higher closing costs to get lower interest rate
Paid lower closing costs with a higher interest rate
Got a balance between closing costs and interest rate
44. At any time after you made your final loan
application did any of the following change?
Higher Same
Monthly payment
Interest rate
Other fees
Amount of money needed
to close loan
Lower
Yes No
Mortgage lender/broker
Trusted friend or relative who is not
a co-signer on the mortgage
Settlement/closing agent
Real estate agent
Personal attorney
Title insurance agent
Housing counselor
Other (specify)
Did you seek input about your closing documents
from any of the following people?
49.
Loan documents not ready at closing
Closing did not occur as originally
scheduled
Three-day rule required re-disclosure
Mortgage terms different at closing than
expected, e.g. interest rate, monthly
payment
More cash needed at closing than
expected, e.g. escrow, unexpected fees
Less cash needed at closing than
expected
NoYes
Asked to sign blank documents at closing
Asked to sign pre-dated or post-dated
documents at closing
Did you face any of the following at your loan
closing?
50.
Felt rushed at closing or not given time
to read documents
After closing on this mortgage, how much cash
reserves in checking, savings, and other similar
assets did you have remaining?
48.
Less than one month’s mortgage payment
1-2 months’ worth of mortgage payments
3-6 months’ worth of mortgage payments
7 months’ worth or more of mortgage payments
47. Were the loan costs you paid similar to what you
had expected to pay based on the Loan Estimates
or Closing Disclosures you received?
Yes No
Don't
Know
Does this mortgage have…43.
Yes No
An escrow account for taxes and/or
homeowner insurance
A prepayment penalty (fee if the
mortgage is paid off early)
An adjustable rate (one that can
change over the life of the loan)
A balloon payment
Interest-only payments
Private mortgage insurance
Lender-required flood insurance
45. The "Closing Disclosure" statement you received
at closing shows the loan closing costs and other
closing costs separately. What were the loan
closing costs you paid on this loan?
Don't know
$
.00
Is there any additional problem you encountered
while getting this mortgage that you’d like to tell
us about?
51.
Loan had no closing costs
How were the total closing costs (loan costs and
other costs) for this loan paid?
Yes No
Don't
Know
By me or a co-signer with a check
or wire transfer
Added to the mortgage amount
By mortgage lender/broker
By seller/builder
Other (specify)
46.
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52. At the same time you took out this mortgage,
did you also take out another loan on the
property you financed with this mortgage (a
second lien, home equity loan, or a home equity
line of credit (HELOC))?
54. How well could you explain to someone the…
Not
At All
Difference between a mortgage's
interest rate and its APR
Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
subprime loan
Amortization of a loan
Consequences of not making
required mortgage payments
Difference between lender's and
owner's title insurance
SomewhatVery
Relationship between discount
points and interest rate
Reason payments into an escrow
account can change
What was the amount of this loan?53.
ThisMortgagedProperty
What was the purchase price of this property, or
if you built it, how much did the construction
and land cost?
56.
57. Which one
of the following best describes how
you acquired this property?
Don't know
$
.00
Yes
No
Skip to 54
Don't know
$
.00
Purchased an existing home
Purchased a newly-built home from a builder
Had or purchased land and built a house
Received as a gift or inheritance
Other (specify)
58. Which one of the following best describes
this property?
59. Does this mortgage cover more than one unit?
Yes No
Do you rent out all or any portion of this
property?
61.
62. How much rent do you receive annually?
60. About how much do you think this property is
worth in terms of what you could sell it for now?
Don't know
$
.00
Yes
No
Skip to 63
.00 per year
$
63. Besides you, the mortgage co-signers, and
renters, does anyone else help pay the expenses
for this property?
Yes No
64. Which one of the following best describes how
you use this property?
(where you
spend the majority of your time)
Skip to 67
on page 7
Primary residence
It will be my primary residence soon
Seasonal or second home
Home for other relatives
Rental or investment property
Other (specify)
65. If primary residence, when did you move into
this property?
/
yearmonth
/
yearmonth
When did you first become the owner of this
property?
55.
Single-family detached house
Mobile home or manufactured home
Townhouse, row house, or villa
2-unit, 3-unit, or 4-unit dwelling
Condo, co-op, or apartment in a
Unit in a partly commercial structure
Other (specify)
building with 5 or more units
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66. Which one of the following best describes your
willingness or ability to move from your
primary residence?
Willing and able to move
Willing but unable to move
Unwilling to move
Unsure/Don’t know at this time
YourHousehold
71. What is your current marital status?
72. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
Yes No
Please answer the following questions for you and
your spouse or partner, if applicable.
73. Age at last birthday:
Married
Separated
Never married
Divorced
Widowed
years years
Spouse/
PartnerYou
70. How likely is it that in the next couple of years
you will…
Sell this property
Move but keep this property
Refinance the mortgage on
this property
Somewhat
Not
At AllVery
Pay off this mortgage and own
the property mortgage-free
69. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?
Become more desirable
Stay about the same
Become less desirable
68. What do you think will happen to the prices of
homes in this neighborhood over the next
couple of years?
Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot
77. Race: Mark all that apply.
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Other Pacific
Islander
You
Spouse/
Partner
76. Hispanic or Latino:
No
Yes
You
Spouse/
Partner
75. Highest level of education achieved:
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
You
Spouse/
Partner
Sex:74.
Male
Female
You
Spouse/
Partner
67. In the last couple years, how have the following
changed in the neighborhood where this
property is located?
Number of homes for sale
Number of vacant homes
Number of homes for rent
Number of foreclosures or
short sales
Overall desirability of
living there
House prices
Little/No
Change
Significant
Decrease
Significant
Increase
Number of homes impacted
by natural disasters
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78. Current work status: Mark all that apply.
You
Spouse/
Partner
79. Ever served on active duty in the U.S. Armed
Forces, Reserves or National Guard?
Besides you (and your spouse/partner) who else
lives in your household? Mark all
that apply.
80.
You
Spouse/
Partner
Children/grandchildren under age 18
Children/grandchildren age 18 – 22
Children/grandchildren age 23 or older
Parents of you or your spouse or partner
Other relatives like siblings or cousins
Non-relative
No one else
81. Do you speak a language other than English at
home?
Yes
No
82. Was it important to get your mortgage
documents in this language?
83. Did you get mortgage documents in this
language?
Yes No
Yes No
Skip to 84
Employed full time
Self-employed part time
Unemployed, temporarily laid-off
or on leave
Not working for pay (student,
homemaker, disabled)
Retired
Employed part time
Self-employed full time
Only on active duty for training in
the Reserves or National Guard
Now on active duty
On active duty in the past, but
not now
Never served in the military
Less than $35,000
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $174,999
$175,000 or more
Approximately how much is your total annual
household income from all sources (wages,
salaries, tips, interest, child support, investment
income, retirement, social security, and alimony)?
84.
Higher than normal
Normal
Lower than normal
How does this total annual household income
compare to what it is in a "normal" year?
85.
86. Does your total annual household income
include any of the following sources?
87. Does anyone in your household have any of the
following?
88. Which one
of the following statements best
describes the amount of financial risk you are
willing to take when you save or make
investments?
Take substantial financial risks expecting to earn
Take above-average financial risks expecting to
Take average financial risks expecting to earn
Not willing to take any financial risks
substantial returns
earn above-average returns
average returns
Wages or salary
Business or self-employment
Interest or dividends
Alimony or child support
Yes No
Social Security, pension or other
retirement benefits
401(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposit
Investment real estate
Yes No
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Owning a home is a good financial
investment
Agree Disagree
Most mortgage lenders generally
treat borrowers well
Do you agree or disagree with the following
statements?
89.
Late payments will lower my
credit rating
Lenders shouldn't care about any late
payments, only whether loans are
fully repaid
It is okay to default or stop making
mortgage payments if it is in the
borrower's financial interest
Most mortgage lenders would offer
me roughly the same rates and fees
I would consider counseling or taking a
course about managing my finances if
I faced financial difficulties
92. In the last couple of years, how have the following
changed for you (and your spouse/partner)?
In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
91.
Layoff, unemployment, or reduced
hours of work
Yes No
Promotion
Starting a new job
Starting a second job
A personal financial crisis
Business failure
Retirement
90. In the last couple of years, have any of the
following happened to you?
Separated, divorced or partner left
Married, remarried or new partner
Death of a household member
Addition to your household
(not spouse/partner)
Person leaving your household
(not spouse/partner)
Disaster affecting your (or your
spouse/partner's) work
Moved within the area (less than 50 miles)
Disaster affecting a property you own
Moved to a new area (50 miles or more)
Disability or serious illness of
household member
Yes No
Significant
Increase
Household income
Housing expenses
Non-housing expenses
Little/No
Change
Significant
Decrease
In the next ten years, what do you think could
decrease the value of a property you own?
96.
94. How likely is it that in the next couple of years
you (or your spouse/partner) will face…
Difficulties making your
mortgage payments
Some other personal financial
crisis
A layoff, unemployment, or
forced reduction in hours
Retirement
Somewhat
Not
At AllVery
95. If your household faced an unexpected
personal financial crisis in the next couple of
years, how likely is it you could…
Pay your bills for the next 3
months without borrowing
Get significant financial help
from family or friends
Significantly increase your
income
Borrow a significant amount
from a bank or credit union
Somewhat
Not
At AllVery
93. In the next couple of years, how do you expect
the following to change for you (and your
spouse/partner)?
Household income
Housing expenses
Non-housing expenses
Little/No
Change
Significant
Decrease
Significant
Increase
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