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What happens after the Home Mortgage is obtained?
A nationwide survey of the recent experiences
of homeowners throughout the United States
If you had a mortgage in the last few years
we’d like to hear from you. Learning
directly about your experiences will help
us to help future borrowers like you.
Two Federal agencies, The Federal
Housing Finance Agency and the
Consumer Financial Protection Bureau,
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. The paper
questionnaire can be completed and return in the enclosed business reply envelope, OR, if it
would be easier for you to do the survey online:
1 Go to www.XXXXsurvey.com
2 LOG IN with unique PIN # provided in the letter.
Some people find the online version of the questionnaire faster to complete, because it
automatically skips any questions that don’t apply to you. If you do this, there is no need to also
return the paper questionnaire, and it can be discarded.
In either case thanks so much for your help with this important national effort to improve
people’s experiences in financing home ownership.
Esta encuesta está disponible en español en línea
1 Visite al sitio web www.XXXXsurvey.com
2 Inicie la sesión con su número PIN único de la encuesta que se encuentra en la carta adjunta.
Thank you for sharing your experience with us.
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. XXXX-XXXX
Expires XX/XX/XXXX
1. Looking back to January 1, 2015 did you have
at least one mortgage loan on a residence that
was outstanding at that time (could be your
home or house lived in by others)?
Yes
No
7. In January 2015, what was the interest rate on
this mortgage?
______%
Don’t know
If you had more than one mortgage loan
outstanding on January 1, 2015, please
refer to your experience with a first lien
on a property, NOT a second lien, home
equity loan, or a home equity line of credit
(HELOC). If you had more than one such
mortgage please refer to the one with the
largest balance.
8. Including you, how many people signed/
co-signed for this mortgage?
1
3
4 or more
9. Does/did this mortgage have any of the
following features?
If you did not have a mortgage loan
outstanding please return the blank
questionnaire so we know the survey does
not apply to you. The money enclosed is
yours to keep.
A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes
and/or homeowner insurance
An adjustable rate (one that can
change over the life of the loan)
A balloon payment
Interest-only monthly payments
2. Did we mail this survey to the address of the
house or property that has this mortgage?
Yes
No
Yes
Don’t
No Know
10. When you took out this mortgage, how satisfied
were you with the…
3. What was the primary purpose of the
mortgage you had on January 1, 2015?
Mark one answer.
2
Not
Very Somewhat At All
Lender/broker you used
Application process
Documentation process required
for the loan
Loan closing process
Information in mortgage
disclosure documents
Timeliness of mortgage
disclosure documents
Settlement agent
To purchase the property
To refinance or modify an earlier mortgage
Permanent financing of a construction loan
New loan on a mortgage-free property
Some other purpose (specify) _____________
______________________________________
4. When did you take out this mortgage?
_______/______
month
year
11. Overall, how satisfied were you at the time you
took out this mortgage that it was the one with
the…
5. What was the amount of this loan (the dollar
amount you borrowed)?
Not
Very Somewhat At All
$________________ . 00
Best terms to fit your needs
Lowest interest rate you could
qualify for
Lowest closing cost
Don’t know
6. In January 2015, what was the monthly
payment (including the amount paid to escrow
for taxes and insurance, if any)?
$____________. 00
Don’t know
1
12. What type of house is/was on the property
associated with the mortgage you had on
January 1, 2015? Mark one answer.
The Neighborhood
18. Thinking about the neighborhood where this
property is located, how have the following
changed in the last couple of years?
Single-family detached house
Townhouse, rowhouse, or villa
Mobile home or manufactured home
2-unit, 3-unit, or 4-unit dwelling
Condo, apartment house, or co-op
Unit in a partly commercial structure
Other (specify) ___________________
Significant Little/No Significant
Increase Change Decrease
Number of homes for sale
Number of vacant homes
Number of homes for rent
Number of foreclosures or
short sales
House prices
Overall desirability of
living there
13. When did you buy or acquire this
property? If you refinanced, the date you
originally acquired the property.
_______/______
month
year
Don’t know
15. About how much do you think this property is
worth today; that is, what could it sell for now?
$________________. 00
19. What do you think will happen to the prices of
homes in this neighborhood over the next
couple of years?
14. What was the purchase price of this property,
or if you built it, the construction and land
cost?
$________________. 00
Don’t know
Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot
20. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?
16. How did you use this property on January 1,
2015? Mark one answer.
Become more desirable
Stay about the same
Become less desirable
Primary residence (where you spent the majority of
your time)
Seasonal or second home
Home for other relatives
Rental or investor property
Other (specify)__________________
Paying On This Mortgage
21. At any time did the loan servicer, the company
where you send your monthly payments, of the
loan you had in January 2015, change?
17. How do you use this property today?
Mark one answer.
No Skip to Q23 on page 3
Yes
Primary residence (where you spend the
majority of your time)
Seasonal or second home
Home for other relatives
Rental or investor property
Other (specify) ___________________
________________________________
22. When the servicer changed…
Did the new servicer inform you when
and where to send your payments?
Did the due date or frequency of
payments change?
Were payments applied correctly?
No longer have the property
2
Yes
No
23. Thinking about the current servicer (or last one
if you no longer have this loan) do they or did
they…
Send out monthly statements
Apply payments correctly
Provide clear information on how to
contact them
Yes
No
29. Did you do any of the following when you had
concerns or difficulties paying this mortgage?
Yes
No
Got help from family or friends
Borrowed money (e.g. credit cards,
payday loans)
Reduced monthly expenses
Sold other assets
Loan or cash out of a retirement account
Rented part of the house
Increased work hours
Found a better paying job
Found a second job
Spouse or partner started working
Consolidated debt
File or considered filing for bankruptcy
Put the property on the market, but did not
receive an acceptable offer
Other (specify) _____________________
None of the above
24. Did this servicer ever contact you other than to
provide regular statements?
Yes
No
25. Did you ever contact this servicer to…
Confirm receipt of a payment
Correct errors in your file
Ask about escrow or property taxes
Ask about pre-paying or paying more
than the required regular payment
No
30. When you faced these difficulties, what
happened to the mortgage payments?
26. At any point during the past several years, did
you face any difficulties making payments on
the loan you had in January 2015?
Still made all the payments on time
Made (at least) one late payment but did not miss
any payment
Missed (at least) one payment but did not stop
paying
Stopped paying altogether
No Skip to Q40 on page 4
Yes
27. Were these difficulties serious enough that
you or your lender/servicer had concerns
that you might not be able to afford the
mortgage or continue living in your home?
31. Did you ever speak with the servicer?
Yes Skip to Q34 on page 4
No
Yes
No
32. Did the servicer ever attempt to contact
you?
28. Thinking about the most serious of these
occasions, did any of these factors contribute or
not contribute to your difficulties?
Job loss
Business failure
Separation or divorce
Illness, disability or death of someone
in your household
Disaster affecting this property
A change in mortgage payments
Unexpected expenses
Large credit card debt
Something else (specify)_____________
Yes
Yes
No
Yes
No
33. Did you try to reach the servicer but they
did not respond?
Yes
No
Now skip to Q36 on page 4
None of the above
3
34. When you talked with your mortgage
lender/servicer, did you talk or not talk about
each of the following?
Refinancing
Loan modification
Government programs
Housing/credit counseling
Debt consolidation
Borrowing money
Other (specify) _________________
____________________________
38. How well did you understand the options
presented to you by the lender/servicer?
Yes
No
Yes
No
Very
Mortgage lender/servicer
Family
Friends
Housing/credit counselor
Lawyer
Financial planner
Banker
Other (specify) _____________________
No
No Skip to Q45 on page 5
Yes
Refinanced with a special government program
(e.g. HARP, FHA short refi)
Other refinance
Kept loan and obtained mortgage assistance
with a government program
Kept loan and eliminated second lien loans
with a government program
Modified the existing loan
Returned home to lender to cancel mortgage debt
(deed-in-lieu)
Sold home at reduced price agreed to by lender
(short sale)
Sold home – regular sale
Home was taken in foreclosure
Other (specify) ____________________
No action taken
41. What type of counseling or course did you
participate in?
Before During After Did
taking
loan
taking not
out loan process out loan do
Credit counseling
Home buying
counseling
Credit /financial
management course
Home buying
course
42. If you participated, how was the course or
counseling provided?
37. Were any of the following a challenge to you in
taking steps in response to payment difficulties?
I didn’t know how or where to apply
for programs
I thought the application process for
programs was too much trouble
I didn’t think I could qualify for any program
I was turned down for the programs
I applied to
Other problem (specify) _______________
Yes
40. In the course of taking out or paying the
mortgage you had in January 2015, did you
ever talk to a counselor or take a course about
home buying or managing your finances?
36. What action, if any, was taken to address the
payment difficulties? Mark one answer.
Yes
Not at all
39. Did you seek input or not about possible steps
to address your payment difficulties with any of
the following?
35. Did the lender/servicer offer you…
A program to modify the terms of your
mortgage to make it more affordable
A way to sell the house to satisfy the
mortgage
A way to give the house to the lender
to satisfy the mortgage
Somewhat
One-on-one Group On the
in person session phone Online
Credit counseling
Home buying
counseling
Credit /financial
management course
Home buying
course
No
4
43. In total, how many hours did you spend in
counseling or working through the courses?
50. What was the outcome resulting from your
considering to refinance?
Applied for a loan, but withdrew the
application
Applied for a loan, it was accepted, but I
decided not to refinance
Applied for a loan, but was denied
Did not apply for a refinance
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
44. Overall, how helpful was the counseling or
courses?
Very
Somewhat
51. Was each of the following a reason or not a
reason you did not refinance this loan?
Not at all
New loans available were not better
than what I already had
New loan not worth the cost or hassle
to refinance
Home value/appraisal too low to
qualify for a good refinance
Low credit score or other credit issues
Too much other debt
Insufficient income to qualify
Could not document income
Did not think I would qualify for a
good refinance
Incomplete mortgage application
Other (specify) __________________
45. Do you still have this mortgage today (answer
no if you refinanced, modified or paid off the loan,
sold or otherwise gave up the property)?
No Skip to Q52
Yes
46. Is the amount you owe on this mortgage
today…
Significantly less than your property value
Slightly less than your property value
About the same as your property value
Slightly more than your property value
Significantly more than your property value
Mortgage No Longer Held
Not
Very Somewhat At All
No
Now please skip to Q64
47. 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
Pay off this mortgage and own
property mortgage-free
Lose the property because you
cannot afford the payment
Yes
52. (If you said No to Q45) You indicated you no
longer have this mortgage, when did this
happen?
_______/______
month
year
53. What happened to this mortgage and/or
property?
I paid off the loan and kept the
property
I sold the property
The property was taken as part
of foreclosure (couldn’t make
payments)
I decided to walk away and let
the lender have the property
I refinanced or modified the loan
48. At any time in the last few years, did you
consider refinancing the loan you had in
January 2015?
No Skip to Q64 on page 6
Yes
49. In considering refinancing, did you ask for
a quote from a lender or broker?
Yes
No
Skip to Q56
on page 6
54. Did you refinance or modify this loan…
With the same lender you used for the
mortgage you had on January 1, 2015
With a new lender/broker
5
55. How did the terms of the new loan compare to
the loan you had on Jan 1, 2015?
61. Do you currently own or rent your primary
residence?
Own Skip to Q64
Rent
Live with family and
help with expenses
Live rent free with
family or friends
Higher Same Lower
Interest rate
Principal balance
Monthly payments
56. Were any of the following a reason or not a
reason you no longer have the mortgage you
had in January 2015?
Yes
Needed to reduce my total debt
Needed to reduce monthly expenses
Found a lower interest rate
Divorce or separation
Death of a household member
Illness or disability
Kept property as a rental
Wanted to rent rather than own a home
House maintenance too difficult or costly
Wanted a different house
Moved to be closer to family
Owed more on the loan than the property
was worth or could sell it for
Other (specify)________________________
62. When do you think you might purchase
another primary residence?
No
63. Would any of the following events cause
you to consider or not consider buying
sooner or at all?
Increase in income/more hours at work
Improved credit score
Improved health
Paying off other debts first
Saving more for a down payment
Decrease in interest rate
Decrease in required credit score
Other (specify) ________________
________________________________________
57. Did you get advice or information from any of
the following for this loan transaction?
A credit counselor
A home ownership counselor
Family/friends
Other professionals – attorney,
tax advisor, etc.
The internet
Yes
No
Within 1-2 years
Within 3-5 years
Not for at least 5 years
Never
Yes
No
Nothing, will not buy again
Your Household
64. What is your current marital status?
58. Considering the circumstances around this last
loan transaction, would you say the decision
was…
Your or your family’s decision
Action taken by someone else (lender/servicer)
Married Skip to Q66 on page 7
Separated
Never married
Divorced
Widowed
65. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
59. Did you purchase or co-sign for any other
property around the time of this loan
transaction?
Yes
No Skip to Q61
Yes
60. Do you use this new property as your
primary residence?
Yes Skip to Q64
No
6
No
Please answer the following questions for you and
your spouse or partner, if applicable.
You
72. Have you ever served on active duty in the U.S.
Armed Forces? Active duty includes serving in
the U.S. Armed Forces as well as activation from
the Reserves or National Guard.
Spouse/
Partner
66. Age at last birthday:
____ years ____ years
Yes, now on active duty
Yes, on active duty in the past,
but not now
No, never on active duty except
for initial/basic training
No, never served in the U.S.
Armed Forces
67. Sex:
You
Male
Female
Spouse/
Partner
68. Highest level of education achieved:
You
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
Spouse/
Partner
Yes
No
Spouse/
Partner
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander
Self-employed/work for self
Employed full time
Employed part time
Retired
Temporarily laid-off or on leave
Not working for pay (student,
homemaker, disabled, unemployed)
Spouse/
Partner
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-relatives
74. 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)?
71. Current work status: Mark all that apply.
You
No one else
70. Race: Mark all that apply.
You
73. Besides you (and your spouse/partner), who
else lives in your household? Mark all that apply.
69. Hispanic or Latino:
You
Spouse/
Partner
You
Under $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
75. How does this total annual household income
compare to what it is in a “normal” year?
Higher than normal
Normal
Lower than normal
76. Does your total annual household income
include any of the following sources?
Wages or salary
Business or self-employment
Interest or dividends
Alimony or child support
Social Security benefits
7
Yes
No
77. Which one of the following best describes how
your household’s income changes from month
to month, if at all?
81. Do you agree or disagree with the following
statements?
Agree
Owning a home is a good financial
investment
Most mortgage lenders generally treat
borrowers well
Most mortgage lenders would offer me
roughly the same rates and fees
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
Roughly the same amount each month
Roughly the same most months, but some
unusually high or low months during the year
Often varies quite a bit from one month to the next
78. 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 deposit
Investment real estate
Yes
No
79. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you make investments?
Disagree
Yes
No
82. Do you know anyone who…
Is behind in making their mortgage
payments
Has gone through foreclosure where
the lender took over the property
Stopped making monthly mortgage
payments, even if they could afford it,
because they owed more than the
property was worth
Take substantial risks expecting to earn substantial
returns
Take above-average risks expecting to earn aboveaverage returns
Take average risks expecting to earn average
returns
Not willing to take any financial risks
80. How well could you explain to someone the …
83. Do you currently provide caregiving support to
any family members or friends living within a
few hours’ drive from you?
Not
Very Somewhat At All
Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
a subprime loan
Difference between a mortgage’s
interest rate and its APR
Amortization of a loan
Consequences of not making
required mortgage payments
Difference between lender’s and
owner’s title insurance
Yes
No
84. Do you have any adult children living within a
few hours’ drive from you?
Yes
No
8
85. In the last couple of years, have any of the
following happened to you?
Separated/divorced
Married/remarried/new partner
Death of household member
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)
Disability or serious illness of a
household member
Disaster affecting a property you own
Disaster affecting your (or your
spouse/partner’s) work
Move within the area (less than 50 miles)
Moved to a new area (more than 50 miles)
Yes
No
88. In the next couple of years, how do you expect
the following to change for you (and your
spouse/partner)?
Significant Little/No Significant
Increase
Change Decrease
Household income
Housing expenses
Non-housing expenses
Layoff, unemployment or reduced hours
Retirement
Promotion
Started a new job
Started a second job
Business failure
A personal financial crisis
Borrowed money from family or friend
Borrowed money from bank, credit
union or other financial institution
Significant decrease in the value of
your home
A large number of foreclosures or short
sales in your neighborhood
No
Retirement
Difficulty making your
mortgage payments
A layoff, unemployment, or
forced reduction in hours
Some other personal financial
crisis
90. If your household faced an unexpected personal
financial crisis in the next couple of years, how
likely is it you could…
Not
Very Somewhat At All
Pay your bills for the next 3
months without borrowing
Get significant financial help
from family or friends
Borrow enough money from
a bank or credit union
Significantly increase your
income
Significant Little/No Significant
Increase
Change Decrease
Not
Very Somewhat At All
87. In the last couple of years, how have the
following changed for you (and your
spouse/partner)?
Household income
Housing expenses
Non-housing expenses
89. How likely is it in the next couple of years you
(or your spouse/partner) will face…
86. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Yes
9
The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau appreciates your assistance.
If you wish to add comments or further explain any of your answers, please do that here.
We would appreciate you not putting your name or address on this questionnaire to
help us protect the confidentiality of everyone’s answers.
Please use the enclosed business-reply envelope
to return your completed questionnaire.
FHFA
1600 Research Blvd, RC B16
Rockville, MD 20850
For any questions about the survey or online access you can call toll free 1-XXX-XXX-XXX.
| File Type | application/pdf |
| Author | ted |
| File Modified | 2016-03-22 |
| File Created | 2016-03-22 |