A naonwide survey of mortgage borrowers
throughout the United States
Learning directly from borrowers, like you, about
your experiences will help us improve lending
pracces and the mortgage process for future
borrowers.
The Federal Housing Finance Agency and the
Bureau of Consumer Financial Protection are
working together on your behalf to improve the
safety of the U.S. housing finance system and
ensure all consumers have access to financial
products and services.
We want to make it as easy as possible for you to complete this survey. You can mail back the paper
survey in the enclosed business reply envelope OR complete the survey online. The online version of
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you. Online responses are also processed more quickly making it less likely that you will receive
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encuentraenlacartaadjunta.
You can find more information on our websites - www.fhfa.gov/nsmo and www.consumerfinance.gov
Tell us about your recent mortgage experience
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
We are interested in learning about your experience
purchasing or refinancing either a personal home or a
home for someone else, including rental property.
We look forward to hearing from you.
Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The
information requested on this Survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering information for
the National Mortgage Database. Routine uses which may be made of the collected information can be found in the Federal
Housing Finance Agency’s System of Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested
information is voluntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose it as
set forth in the referenced SORN.
Paperwork Reduction 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 collection of information subject to the
requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control
Number.
OMB No. 2590-0012
Expires 4/30/2020
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
1
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)
Very Somewhat Not at all
Firm idea Some idea Little idea
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
1
Not
At All
A
Little
A
Lot
Did you, in the last couple of years, take out or
co-sign for a mortgage loan including a purchase
or any refinance/modification of an existing
mortgage?
1.
Yes
No
Skip to 72 on page 7
Friends/relatives/co-workers
Bankers, credit unions or financial
planners
Housing counselors
N
ewspaper/TV/Radio
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.
Other (specify)
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.
multiple lenders to get you a loan
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.
I picked the loan type first, and then I picked the
I picked the mortgage lender/broker first, and then
mortgage lender/broker
I picked the loan type
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
I signed
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.
The money needed at closing
Your credit history o
r
credit score
The income needed to qualif
y
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
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.
Spouse/partner including a former spouse/partner
Parents
Children
Other relatives
Other (e.g. friend, business partner)
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
2
Recommendation from a friend/
relative/co-worker
12. How many different mortgage lenders/brokers
did you end up applying to?
1 2 3 4 5 or more
14. How important were each of the following in
choosing the mortgage lender/broker you used
for the mortgage you took out?
Concern over qualifying for a loan
Information learned from the
"Loan Estimate"
Turned down on earlier application
Searching for better loan terms
Yes No
Having an established banking
relationship
Having a local office or branch nearb
y
Important
Not
Important
13. Did you apply to more than one mortgage
lender/broker for any of the following
reasons?
Used previously to get a mortgage
Mortgage lender/broker is a personal
friend or relative
Paperless online mortgage process
17. 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 paymen
t
An interest rate fixed for the life
of the loan
Lower monthly payment
A term of 30 years
o mortgage insurance
Recommendation from a real
estate agent/home builder
Reputation of mortgage lender/broker
Spoke my primary language, which is
not English
Could provide documents in my primary
language, which is not English
15. Who initiated the first contact between you and
the mortgage lender/broker you used for the
mortgage you took out?
I (or one of my co-signers) did
The mortgage lender/broker did
We were put in contact by a third party
16. How open were you to suggestions from your
mortgage lender/broker about mortgages with
different features or terms?
Very Somewhat Not at all
real estate agent or home builder)
(such as a
Did the "Your home loan toolkit" booklet lead
you to ask additional questions about your
mortgage terms?
19.
Yes No
Yes
No
Don't know
Your lender may have given you a booklet
“Your home loan toolkit: A step-by-step
guide,” do you remember receiving a copy?
18.
Skip to 20
Have to add another co-signer to qualif
y
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 tha
t
terms of this mortgage were reasonable
20. In the process of getting this mortgage from
your mortgage lender/broker, did you…
Get documents in your primary
language, which is not English
Have the lender/broker translate in your
primary language, which is not English
21. Was the "Loan Estimate" you received from your
mortgage lender/broker…
Easy to understand
Valuable information
Yes No
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
3
In selecting your settlement/closing agent did you
use someone…
During the application process were you told
about mortgages with any of the following?
27. 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 qualif
y
Very Somewhat
Not
At All
28. Overall, how satisfied are you with the…
Mortgage lender/broker
you used
Very Somewhat
Not
At All
No
No
Application process
Information in mortgage
disclosure documents
Loan closing process
Timeliness of mortgage
disclosure documents
Documentation process
required for the loan
Did you take a course about home-buying or
talk to a professional housing counselor?
29.
Yes
No
Skip to 33 on page 4
Did the "Loan Estimate" lead you to…22.
Ask questions of your mortgage lender/
broker
Yes No
Apply to a different mortgage
lender/broker
Seek a change in your loan or closing
23.
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
24.
25. Do you have title insurance on this mortgage?
Selected/recommended by the mortgage
lender/broker, or real estate agen
t
You used previously
Yes
Found shopping around
Did not have a settlement/closing agent
Yes
No
Don't know
Which one best describes how you picked the
title insurance?
26.
Reissued previous title insurance
Used title insurance recommended by
Shopped around
mortgage lender/broker or settlement agent
Skip to 27
30. Was your home-buying course or counseling...
31. How many hours was your home-buying
course or counseling?
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
32. 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
Settlement agen
t
Required
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
4
To buy a property
To refinance or modify an
To add/remove a co-borrower
To finance a construction loan
To take out a new loan on a
Some other purpose (specify)
4
33. Which one of these reasons best describes this
most recent mortgage?
Skip to 37
37. How important were the following in your
decision to refinance, modify or obtain a new
mortgage?
Change to a fixed-rate loan
Get a lower interest rate
Get a lower monthly paymen
t
Consolidate or pay down other deb
t
Important
Not
Important
Repay the loan more quickl
y
Take out cash
Approximately how much was owed, in total, on
the old mortgage(s) and loan(s) you refinanced?
How did the total amount of your new
mortgage(s) compare to the total of the old
mortgage(s) and loan(s) you paid off?
$ .00
(the property was mortgage-free)
38.
Zero
39.
earlier mortgage
mortgage-free propert
y
35. What percent down payment did you make on
this property?
0%
Less than 3%
3% to less than 5%
5% to less than 10%
10% to less than 20%
20% to less than 30%
30% or more
34. Did you do the following before or after you made
an offer on this house or property?
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
Skip to 41
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 agenc
y
Savings, retirement account, inheritance,
or other assets
Proceeds from the sale of another property
Not
UsedUsed
Did you use any of the following sources of
funds to purchase this property?
36.
New amount is lower
New amount is about the same
New amount is higher
Property was mortgage-free
ThisMortgage
When you took out this most recent mortgage or
refinance, what was the dollar amount you
borrowed?
Don't know
$
.00
41.
Pay off other bills or debts
Did you use the money you got from this
new mortgage for any of the following?
College expenses
Yes No
Auto or other major purchase
40.
Home repairs or new construction
Savings
Closing costs of new mortgage
Business or investment
Other (specify)
Bu
y
out co-borrower, e.
g
. ex-s
p
ouse
Did not get money from refinancing
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
5
42. What is the monthly payment, including the
amount paid to escrow for taxes and insurance?
Don't know
.00
$
What is the interest rate on this mortgage?43.
%
Don't know
44. Is this an adjustable-rate mortgage (one that
allows the interest rate to change over the life of
the loan)?
Yes
No
Don't know
45. 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
48. 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
Does this mortgage have…46.
Yes No
A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes and/or
homeowner insurance
A balloon paymen
t
Interest-only payments
Private mortgage insurance
49. 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
Other (specify)
Loan had no closing costs
50. 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
Did you seek input about your closing
documents from any of the following people?
Yes No
Mortgage lender/broker
Trusted friend or relative who is not
a co-signer on the mortgage
Settlement/closing agent
Real estate agen
t
Personal attorne
y
Title insurance agent
Housing counselor
Other (specify)
51.
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
47.
Don't know
$
.00
Added to the mortgage amoun
t
By mortgage lender/broker
By seller/builder
52. Did you face any of the following at your loan
closing?
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
Felt rushed at closing or not given time
to read documents
NoYes
Asked to sign blank documents at
closing
Asked to sign pre-dated or post-dated
documents at closing
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
6
ThisMortgagedProperty
57. When did you first become the owner of this
property?
54. 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))?
Yes
No
Skip to 56
56. 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?55.
$ .00
Don't know
What was the purchase price of this property, or
if you built it, the construction and land cost?
58.
$ .00
Don't know
59. Which one of the following best describes how
you acquired this property?
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)
Yes
No
Skip to 65 on page 7
Single-family detached house
Mobile home or manufactured home
Townhouse, row house, or villa
2-unit, 3-unit, or 4-unit dwelling
Apartment (or condo/co-op) in apartment
Unit in a partly commercial structure
Other (specify)
60. Which one of the following best describes
this property?
61. Does this mortgage cover more than one
unit?
Yes No
62. About how much do you think this property is
worth in terms of what you could sell it for now?
$ .00
Don't know
Do you rent out all or any portion of this
property?
63.
building
/
yea
r
month
.00 per year$
64. How much rent do you receive annually?
Is there any additional problem you encountered
while getting this mortgage that you’d like to tell
us about?
53.
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National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
7
65. Besides you, the mortgage co-signers, and
renters, does anyone else help pay the
expenses for this property?
Yes No
YourHousehold
72. What is your current marital status?
Married
Separated
Never married
Divorced
Widowed
73. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
66. Which of the following best describes how you
use this property?
(where you
s
pend the majority of your time)
Skip to 68
Yes No
Please answer the following questions for you and
your spouse or partner, if applicable.
years
years
Spouse/
Partner
You
Sex:
74. Age at last birthday:
75.
68. In the last couple years, how have the following
changed in the neighborhood where this
property is located?
N
umber of homes for sale
N
umber of vacant homes
N
umber of homes for ren
t
N
umber of foreclosures or
short sales
Overall desirability of
living there
House prices
Little/No
Change
Significant
Decrease
Significant
Increase
69. 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
Become more desirable
Stay about the same
Become less desirable
In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?
70.
71. How likely is it that in the next couple of years
you will…
Sell this propert
y
Move but keep this propert
y
Refinance the mortgage on
this propert
y
Somewhat
Not
At AllVery
Pay off this mortgage and own
the property mortgage-free
76. Highest level of education achieved:
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
You
Spouse/
Partner
Spouse/
Partner
You
Female
Male
67. If primary residence, when did you move
into this property?
/
yearmonth
Primary residence
It will be my primary residence soon
Seasonal or second home
Home for other relatives
Rental or investment property
Other (specify)
6501
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
8
82. Do you speak a language other than English at
home?
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)?
83.
Higher than normal
Normal
Lower than normal
How does this total annual household income
compare to what it is in a "normal" year?
84.
85. Does your total annual household income
include any of the following sources?
Wages or salar
y
Business or self-employmen
t
Interest or dividends
Alimony or child suppor
t
Yes No
Social Security, pension or other
retirement benefits
86. Does anyone in your household have any of the
following?
401(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposi
t
Investment real estate
Yes No
87. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you save or make
in
ves
tm
e
nt
s?
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
Yes No
77. Hispanic or Latino:
N
o
Yes
You
Spouse/
Partner
78. Race: Mark all that apply.
White
Black or African American
American Indian or Alaska Native
Asian
N
ative Hawaiian or Pacific Islande
r
79. Current work status: Mark all that apply.
Self-employed full time
You
Spouse/
Partner
You
Spouse/
Partner
Employed full time
Self-employed part time
Unemployed, temporarily laid-off
or on leave
80. Ever served on active duty in the U.S. Armed
Forces, Reserves or National Guard?
N
ot working for pay (student,
homemaker, disabled)
Retired
Employed part time
Besides you (and your spouse/partner) who else
lives in your household? Mark all
that apply.
81.
Children/grandchildren under age 18
Only on active duty for training in
the Reserves or National Guard
N
ow on active duty
On active duty in the past, but
not now
You
Spouse/
Partner
N
ever served in the military
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
6501
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
9
Significant
Increase
Owning a home is a good financial
investment
Agree Disagree
Most mortgage lenders generall
y
treat borrowers well
Do you agree or disagree with the following
statements?
88.
Late payments will lower m
y
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 interes
t
Most mortgage lenders would offer
me roughly the same rates and fees
91. In the last couple years, how have the following
changed for you (and your spouse/partner)?
Household income
Housing expenses
N
on-housing expenses
92.
In the next couple of years, how do you expect
the following to change for you (and your
spouse/partner)?
Household income
Housing expenses
N
on-housing expenses
Little/No
Change
Significant
Decrease
Significant
Increase
93.
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
Retiremen
t
If your household faced an unexpected
personal financial crisis in the next couple of
years, how likely is it you could…
94.
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
Little/No
Change
Significant
Decrease
89. 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 membe
r
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)
Disaster affecting your (or you
r
spouse/partner's) wor
k
Moved within the area (less than 50 miles)
Yes No
Disaster affecting a property you own
Moved to a new area (50 miles or more)
Disability or serious illness of
household membe
r
90. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Layoff, unemployment, or reduced
hours of wor
k
Yes No
Promotion
Starting a new job
Starting a second job
A personal financial crisis
Business failure
Retiremen
t
I would consider counseling or taking a
course about managing my finances if
I faced financial difficulties
Somewhat
Not
At AllVery
6501
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)
10
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FHFA
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6501
National Survey of Mortgage Originations (NSMO) Questionnaire, Waves 19 to 22 (2018 Q3 to 2019 Q2)