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pdfWhat happened after you got your mortgage?
A nationwide survey of the recent experiences
of mortgage borrowers throughout the United States
We’d like to hear from you if you had a
mortgage in the last few years. 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
understand mortgage borrowers’
experiences over time.
We want to make it as easy as possible for you to complete this survey. For many people the
online version is easier and faster to complete, because it automatically skips questions that do not
apply to you. You can follow the instructions below to complete the survey online OR complete
and mail back the paper survey in the enclosed postage-paid return envelope.
To take the survey online
1 Go to www.ASMBsurvey.com
2 LOG IN with the unique PIN # provided in the letter.
Esta encuesta está disponible en español en línea
1 Visite al sitio web www.ASMBsurvey.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. On January 1, 2015 did you have a mortgage
loan? The loan could be on your home or house
where others live.
Yes
No
7. Including you, how many people signed/
co-signed for this mortgage?
1
If you had more than one mortgage loan
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 mortgage please
refer to the one with the largest balance.
3
4 or more
8. Including you, who signed/co-signed for this
mortgage? Mark all that apply
If you did not have a mortgage loan
please mark “no” and return the blank
questionnaire so we know the survey does
not apply to you. The money enclosed is
yours to keep.
You
Spouse/partner including a former spouse/partner
Parents
Children
Other relatives
Other (e.g. friend, business partner)
9. Does/did this mortgage have any of the
following features?
2. When did you take out the mortgage you had
on January 1, 2015? If the loan was a refinance
of an earlier mortgage, the date of the refinance.
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
_______/______
month
year
3. Why did you take out this mortgage?
Mark one answer.
2
To buy a property
To refinance or modify an earlier mortgage
To finance a construction loan
To take out a new loan on a mortgage-free property
Some other purpose (specify) _____________
Yes
Don’t
No Know
10. When you took out this mortgage, how satisfied
were you with the…
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
4. What was the amount of this loan? The dollar
amount borrowed.
$________________ . 00
Don’t know
5. In January 2015, what was the monthly
payment? If you pay into an escrow for taxes and
insurance as part of your monthly payment, please
include this amount.
11. At the time you took out this mortgage, how
satisfied were you that it was the one with the…
$____________. 00
Not
Very Somewhat At All
Don’t know
Best terms to fit your needs
Lowest interest rate you could
qualify for
Lowest closing cost
6. In January 2015, what was the interest rate on
this mortgage?
______%
Don’t know
1
12. Thinking about the loan you had in January
2015, did the loan servicer ever change? The
loan servicer is the company you send your
monthly payments to. It may not be the company
you got your mortgage from.
The Property
18. When did you buy or get the property
associated with the mortgage you had on
January 1, 2015? If you refinanced, the date you
originally bought or got the property.
No – Skip to Q16
Yes
_______/______
month
year
19. What type of house or property is/was
associated with the mortgage you had on
January 1, 2015? Mark one answer.
13. When did the loan servicer change? If more
than once, the first time the servicer changed.
At or shortly after closing
Within the first year after closing
Sometime later
14. How many times did the loan servicer
change for this loan?
1 2 3 or more times
15. When the servicer last changed…
Did the new servicer tell you when
and where to send your payments?
Did the due date or frequency of
payments change?
Were payments applied correctly?
Yes
No
20. What was the purchase price of this property,
or if you built it, the construction and land
cost?
$________________. 00
Yes
No
$________________. 00
Yes
No
Don’t know
22. How did you use this property on January 1,
2015? Mark one answer.
Primary residence (where you spent the majority of
your time)
Seasonal or second home
Home for other relatives
Rental or investment property
Other (specify)_____________________
17. 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
Don’t know
21. About how much do you think this property is
worth today, that is, what could it sell for now?
16. Thinking about the current servicer on the loan
you had in January 2015 (or last one if you no
longer have this loan), do/did they…
Send out monthly statements
Apply payments correctly
Provide clear information on how to
contact them
Single-family detached house
Townhouse, rowhouse, or villa
Mobile home or manufactured home
2-unit, 3-unit, or 4-unit dwelling
Apartment or co-op
Unit in a partly commercial structure
Other (specify) _____________________
23. How do you use this property today?
Mark one answer.
Primary residence (where you spend the
majority of your time)
Seasonal or second home
Home for other relatives
Rental or investment property
Other (specify) ___________________
________________________________
No longer have the property
2
24. Did we mail this survey to the address of the
property that has this mortgage?
30. Were these difficulties serious enough that you
or your loan servicer had concerns that you
might not be able to afford the mortgage or
continue living in your home?
Yes
No
Yes
No
25. Thinking about the neighborhood where this
property is located, how have the following
changed in the last couple of years?
31. Thinking about the time you had the most
serious difficulties making the payments in the
last few years, did any of these factors
contribute to your difficulties?
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
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 debts other than this mortgage
26. 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
No
None of the above
32. What actions, if any, did you (or your
spouse/partner) take to address the difficulties
paying this mortgage?
27. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?
Borrowed money from family or friend
Borrowed money from a financial institution
Borrowed from or cashed out a retirement
account
Sold other assets
Rented part of the house or added
roommates
Increased work hours
Found a better paying job
Started a second job
Started a new job
Reduced monthly expenses
Consolidated debt
Filed or considered filing for bankruptcy
Tried to sell the property but could not
Sold the property
Become more desirable
Stay about the same
Become less desirable
Paying On This Mortgage
28. At any time during the past several years, did
you have any concerns or face any difficulties
making payments on the loan you had in
January 2015?
No – Skip to Q49 on page 5
Yes
29. When did you start having these difficulties
making the loan payments?
Yes
None of the above
2013 or earlier
Early 2014
Later in 2014
2015 or later
3
Yes
No
33. When you faced these difficulties, what
happened to the mortgage payments?
41. When you talked with the loan servicer about
the most recent difficulties making payments,
did you talk about any of the following?
Able to make all the payments on time
Made one or more late payments but did not miss
any payment
Missed one or more payments
Refinancing
Loan modification
Government programs
Counseling
Debt consolidation
A way to get caught up on missed
payments
Selling or giving up the property
Other (specify) _________________
34. When you were having difficulties, did you get
counseling about resolving your payment
difficulties or managing your finances?
No – Skip to Q38
Yes
35. How was the counseling provided?
In person, one-on one
In person, in a group
Over the phone
Online
Yes
No
Not at all
Don’t
No Know
Yes
No
Yes – Skip to Q41
No
44. Which one of the following actions, if any, was
taken to address your most recent payment
difficulties?
39. Did the servicer ever try to contact you by
phone, mail or other means?
Modified the existing loan
Refinanced with a special government program
(e.g. HARP, FHA short refi)
Other refinance
Sold home at reduced price agreed to by lender
(short sale)
Sold home – regular sale
Returned home to lender to cancel mortgage debt
(deed-in-lieu) sometimes called “cash for keys”
Home was taken in foreclosure
Other (specify) _________________________
Yes
No
40. Did you try to reach the servicer but they
did not respond?
No
43. Did you apply for a loan modification?
38. When you were having difficulties making the
mortgage payment, did you ever speak with the
loan servicer or their representative?
Yes
A pre-approved plan to modify your
mortgage payment permanently
A way for you to apply to modify your
mortgage payment permanently
A temporary suspension or reduction
of your mortgage payment
A repayment plan to make up
missed payments
A way to sell the property to satisfy
the mortgage
A way to give the property to the
lender to satisfy the mortgage
37. Overall, how helpful was the counseling?
Somewhat
Yes
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
Very
Don’t
No Know
42. Did the loan servicer offer you any of the
following?
36. How many hours was the counseling?
Yes
Skip to Q43
None of the above
4
45. Overall, how satisfied were you with the loan
servicer during the most recent difficulties
making payments?
Very
Somewhat
The Mortgage Today
49. Do you still have this mortgage today? Answer
no if you modified, refinanced, paid off the loan,
sold or no longer have the property.
Not at all
No – Skip to Q57 on page 6
Yes
46. Were any of the following a challenge to you in
in getting help to address your most recent
payment difficulties?
Understanding all the options available
to me
Not knowing how or where to apply
for programs
The application process for programs
was too much trouble
Did not think I qualified for any program
Did not feel comfortable talking with the
loan servicer
Told I did not qualify for a program
Turned down for the programs I applied to
Difficulty getting the correct documents
submitted in a timely fashion
Loan servicer was unable or unwilling to
help me
Loan servicer and I had difficulty working
together
Other problem (specify) _______________
___________________________________
Yes
No
50. Is the amount you owe on this mortgage
today…
51. How likely is it that in the next couple of years
you will…
Not
Very Somewhat At All
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
47. Did you seek input about possible steps to
address your most recent payment difficulties
with any of the following?
A real estate agent
Family or friends
Counselor
Lawyer
Financial planner
Bank or credit union
Other (specify) _____________________ __
___________________________________
Yes
No
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
52. At any time in the last few years, did you
consider refinancing the loan you had in
January 2015?
No – Skip to Q56 on page 6
Yes
53. In considering refinancing, did you ask for
a quote from a lender or broker?
Yes
No
54. Did you apply for a refinance?
48. Did you pay someone who promised to resolve
your difficulties, but then did not?
No – Skip to Q56 on page 6
Yes
Yes
55. What was the outcome of this
application?
No
Application was denied
Application was accepted but decided not to
refinance
Withdrew the application before the loan was
processed
5
56. Were any of the following a reason you did not
refinance this loan?
Yes
New loans available were not better
than what I already had
Possible savings 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) ______________________
60. How did the terms of the new loan compare to
the loan you had on January 1, 2015?
No
Higher Same Lower
Interest rate
Principal balance
Monthly payments
61. Were any of the following a reason you no
longer have the mortgage you had in January
2015?
Yes
Could not afford to make the payments
Found a lower interest rate
Divorce or separation
Death of a household member
Illness or disability
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)________________________
No Longer Have The Mortgage
If you still have this mortgage, skip to Q68
on page 7
57. You indicated you no longer have the mortgage
you had in January 2015. When did you pay
off, refinance, or otherwise end that mortgage?
No
________________________________________
62. Considering the decision to end the mortgage,
would you say the decision was…
_______/______
month
year
Your or your family’s decision
An action taken by someone else (lender or
servicer)
58. What happened to this mortgage and/or
property?
Paid off the loan and kept the
property
Sold the property
Property was taken as part of
foreclosure (couldn’t make
payments)
Decided to walk away and let
the lender have the property
Modified the loan
Refinanced the loan
63. Did you purchase or co-sign for any other
property around the time of this loan
transaction?
Skip to Q61
No – Skip to Q65 on page 7
Yes
64. Do you use this new property as your
primary residence?
Yes – Skip to Q68 on page 7
No
59. Did you modify or refinance this loan…
With the same lender you used for
the mortgage you had on January 1, 2015
With a new lender
6
65. Do you currently own or rent your primary
residence?
71. Sex:
You
Own – Skip to Q68
Rent
Live with family and
help with expenses
Live rent free with
family or friends
You
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
1 – 2 years
3 – 5 years
Over 5 years
Never
Spouse/
Partner
73. Hispanic or Latino:
You
67. 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) ________________
Yes
No
Yes
No
You
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander
Spouse/
Partner
75. Current work status: Mark all that apply.
You
Your Household
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)
68. What is your current marital status?
Married – Skip to Q70
Separated
Never married
Divorced
Widowed
Spouse/
Partner
76. 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.
69. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
You
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
No
Please answer the following questions for you
and your spouse or partner, if applicable.
You
Spouse/
Partner
74. Race: Mark all that apply.
Nothing, will not buy again
Yes
72. Highest level of education achieved:
66. When do you think you might purchase
another primary residence?
Male
Female
Spouse/
Partner
Spouse/
Partner
70. Age at last birthday:
____ years ____ years
7
Spouse/
Partner
77. Besides you (and your spouse/partner), who
else lives in your household? Mark all that apply.
82. Does anyone in your household have any of the
following?
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
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
78. 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.
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
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
84. How well could you explain to someone the …
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
79. How does this total annual household income
compare to what it is in a “normal” year?
Higher than normal
Normal
Lower than normal
80. 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, pension or other
retirement benefits
No
83. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you make investments?
No one else
Yes
Yes
No
85. 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
81. Which one of the following best describes how
your household’s income changes from month
to month, if at all?
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
8
Disagree
86. Do you know anyone who…
Yes
No
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
90. 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
Yes
No
Not
Very Somewhat At All
Retirement
Difficulty making your
mortgage payments
A layoff, unemployment, or
forced reduction in hours
Some other personal financial
crisis
Layoff, unemployment or reduced hours
Retirement
Promotion
Started a new job
Started a second job
Business failure
A personal financial crisis
No
Pay your bills for three 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
89. In the last couple of years, how have the
following changed for you (and your
spouse/partner)?
Household income
Housing expenses
Non-housing expenses
92. If your household faced an unexpected personal
financial crisis in the next couple of years, how
likely is it you could…
88. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Yes
91. How likely is it in the next couple of years you
(or your spouse/partner) will face…
87. 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 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
Moved within the area (less than 50 miles)
Moved to a new area (more than 50 miles)
9
The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau appreciate your assistance.
If you wish to add comments or further explain any of your answers, please do that here.
Please do not put your name or address on the questionnaire.
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 1-855-531-0724.
| File Type | application/pdf |
| Author | ted |
| File Modified | 2016-06-23 |
| File Created | 2016-06-23 |