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CFPB and FHFA release data from the National Survey of Mortgage Originations
On July 1, the CFPB and FHFA released updated loan-level data from 2013-2021 through the National Survey of Mortgage Originations (NSMO). NSMO, established in 2014, gathers quarterly data from borrowers who recently obtained mortgages. The survey supports policymaking and research efforts, aiding regulators in understanding emerging mortgage and housing market trends. The survey, a component of the National Mortgage Database (NMDB), tracks mortgage performance, credit information, borrower experiences, and market perceptions, providing insights into consumer behavior and potential areas for improvement in lending processes. The NMDB was designed to fulfill the requirements of the Housing and Economic Recovery Act and Dodd-Frank.
NMDB helps regulators, policymakers, and researchers understand consumer experiences, market trends, and potential areas for reform in the mortgage industry. This year’s release included new data points on appraisal satisfaction, willingness to move, and accommodations for people with disabilities. Among the key findings, 70 percent of respondents reported high satisfaction with their appraisals, while 50 percent indicated unwillingness to move from their primary residences. Of note, 8 percent of borrowers cited accommodations for individuals with disabilities as an important factor when choosing a lender.
Click here to access the NSMO Public Use File.