Supporting Statement A_Renumb Attach #6--ASMB Q-by-Q Table re Purpose

Supplemental Information of the Purpose of ASMB
The primary purpose of the ASMB is to provide a database to support empirical analyses of two important
questions:
1. What factors explain or predict which borrowers will become delinquent on their mortgages?
2. Once a borrower becomes delinquent, what factors explain or predict whether the borrower will
a. become current on the loan?
b. decide they cannot afford the mortgage and sell the property or modify the mortgage?
c. remain delinquent and enter into foreclosure?
Of particular interest with respect to the latter question is the role that housing counseling and mortgage servicer
interaction play in determining the outcome. Understanding these issues is central to the mission of both the
FHFA and the CFPB and in informing future rulemaking on mortgage servicers.
There is no existing database that provides the kind of information sought in the survey. Further, the survey
design is tailored to precisely identify the appropriate sample by targeting delinquent and non-delinquent
borrowers using administrative information which can accurately identify their status as of December 31,
2014. The gap between this date and the date of the survey is intended to allow for sufficient time to have
elapsed for the borrowers to have determined their ultimate reaction to delinquency.
Each question in the survey is designed to address one or more of five different types of variables about which
information is needed either to analyze the issues described above or to validate the survey responses:
1. Validation variables. Answers to these questions are needed to determine whether the survey reached
the correct borrower and whether they are providing answers about the correct loan. Information
solicited includes the loan and payment amount, the date of the mortgage, the type of loan, the number
of borrowers and their relationship to the respondent, and the age and gender of the
respondent. Administrative data is available on all of these items, which can be compared with the
respondent’s answers to make this determination.
2. Control variables that reflect facts about the mortgage that are imperfectly known in the administrative
data. These questions elicit information about the mortgage that are not available or are imperfectly
available from the administrative files. Information solicited includes items such as the purpose of the
mortgage (home purchase or refinance), type of property, and how the borrower uses the property.
3. Control variables that reflect facts about the consumers' economic circumstances. These questions elicit
information about the borrower’s economic circumstances. They are a particularly important because
the administrative data contains little information about borrowers other than age and
gender. Information solicited includes a fairly standard set of demographic items, military status
(needed because of particular interest in veterans), negative shocks (such as job loss, illness, divorce or
separation), major unexpected expenses, and positive events such as a new job or marriage.
4. Control or predictive variables that reflect consumer attitudes. These questions elicit information about
the borrower’s attitude about his or her mortgage and circumstances. Research in the mortgage finance
area suggests that borrower attitudes can explain a significant amount about outcomes. For example,
borrowers who believe their house is worth more than the mortgage value tend to not become delinquent
even in circumstances where objective data might indicate the borrower is wrong. Information solicited
includes borrowers’ views on the current and future value of their property, whether their current
mortgage was a “good deal” or not, whether they view their neighborhood positively, and how
knowledgeable they feel about the mortgage process.
5. Outcome variable. These questions elicit information necessary to determine the ultimate outcome
arising from the borrower’s delinquency. Little administrative information is available to determine
how delinquent borrowers reacted to their delinquency. Information solicited includes measures
borrowers took on their own (such as selling assets), intervention by the mortgage servicer (such as
offering to modify the loan or provide housing counseling to the borrower), and selling the property or

refinancing the loan. The survey also seeks information on reasons why a good solution might not have
been reached, such as the borrower being turned down for a refinance or not being offered access to a
loan modification program.
The attached table shows how each proposed ASMB question fits into the above taxonomy. The table also
indicates which questions might be viewed as sensitive and which overlap with the FHFA’s quarterly National
Survey of Mortgage Borrowers (control no. 2590-0012; this was renamed the “National Survey of Mortgage
Origination” (NSMO) on May 9, 2016, and is referred to as such on the table below)s. It should be noted that
the only items for which specific dollar amounts are solicited are (1) the value of the mortgage and mortgage
payment, (2) the purchase price of the property, and (3) an estimate of the current property value. Focus group
interactions suggest that these items are not viewed as overly sensitive by borrowers since the information is
readily available from public records. Questions that overlap with the NSMO survey are used to benchmark
borrowers solicited in the ASMB relative to new mortgage borrowers. The current version of the ASMB
questionnaire (to which the question numbers pertain) is provided in a separate document.
American Survey of Mortgage Borrowers
Question
Number

Variable Type

Is Question
Sensitive?

Policy Purpose

1
2
3

N
N
N

None
None
Evaluate whether future
delinquency is predictable
from origination
information

4

Validation variable
Validation variable
Validation Variable,
Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Validation variable

Y

Y

5

Validation variable

Y

6

Y

7

Validation variable, Control
variable that reflect facts
about the mortgage that
are imperfectly known in
administrative data
Validation variable

Evaluate whether future
delinquency is predictable
from origination
information
Evaluate whether future
delinquency is predictable
from origination
information
Evaluate whether future
delinquency is predictable
from origination
information

Y

8

Validation variable

N

Evaluate whether future
delinquency is predictable
from origination
information
Evaluate whether future
delinquency is predictable
from origination
information

N

Is Question also
on National
Survey of
Mortgage
Originations?
N
N
Y

Y

Y

N

9

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Control or predictive
variable that reflects
consumer attitudes

N

Evaluate whether future
delinquency is predictable
from origination
information

Y

N

N

11

Control or predictive
variable that reflects
consumer attitudes

N

12

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Outcome variable

N

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Outcome variable

N

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data

N

Evaluate whether future
delinquency is predictable
from origination
information
Evaluate whether future
delinquency is predictable
from origination
information
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Determine if consumer
has encountered
problems with the sale of
servicing/to inform future
rulemaking on servicers
Evaluate whether future
delinquency is predictable
from origination
information
Evaluate whether future
delinquency is predictable
from origination
information

Y

10

13

14

15

16

17

18

19

N

N

N

N

N

Y

N

N

N

N

N

N

Y

20

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data

Y

21

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data

Y

22

N

28

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data
Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data,
Outcome variable
Validation variable
Control or predictive
variable that reflects
consumer attitudes
Control or predictive
variable that reflects
consumer attitudes
Control or predictive
variable that reflects
consumer attitudes
Outcome variable

29

Outcome variable

Y

30

Outcome variable

Y

31

Control variable that
reflect facts about the
consumers' economic
circumstances
Control variable that
reflect facts about the
consumers' economic
circumstances
Control variable that
reflect facts about the

Y

23

24
25
26
27

32

33

Understand consumer
behavior when they
become delinquent,
differentiate delinquent
and non-delinquent
borrowers
Understand consumer
behavior when they
become delinquent,
differentiate delinquent
and non-delinquent
borrowers
Evaluate whether future
delinquency is predictable
from origination
information

Y

N

None

Y

N
N

None
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent

Y
Y

Y

Understand consumer
behavior when they
become delinquent

N

Y

Understand consumer
behavior when they

N

N
N
Y

Y

Y

Y
Y
N
N
N
N

34

consumers' economic
circumstances
Control variable that
reflect facts about the
consumers' economic
circumstances

become delinquent
N

35

Control variable that
reflect facts about the
consumers' economic
circumstances

N

36

Control variable that
reflect facts about the
consumers' economic
circumstances

N

37

Outcome variable

N

38

Control variable that
reflect facts about the
consumers' economic
circumstances

N

39

Control variable that
reflect facts about the
consumers' economic
circumstances

N

40

Control variable that
reflect facts about the
consumers' economic
circumstances

N

41

Control variable that
reflect facts about the
consumers' economic
circumstances

N

Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of
counseling
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of
counseling
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of
counseling
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of
counseling
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with

Y

Y

Y

Y

N

N

N

N

distressed borrowers

42

Control variable that
reflect facts about the
consumers' economic
circumstances

N

43

Control variable that
reflect facts about the
consumers' economic
circumstances, Outcome
variable

N

44

Control variable that
reflect facts about the
consumers' economic
circumstances, Outcome
variable

Y

45

Control variable that
reflect facts about the
mortgage that are
imperfectly known in
administrative data,
Outcome variable

N

46

Control variable that
reflect facts about the
consumers' economic
circumstances, Outcome
variable

N

47

Control variable that
reflect facts about the
consumers' economic
circumstances

Y

48

Control variable that
reflect facts about the
consumers' economic
circumstances

Y

Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent, To
determine the
effectiveness of servicer
interactions with
distressed borrowers
Understand consumer
behavior when they
become delinquent

N

N

N

N

N

N

N

49

Outcome variable

N

50

Control or predictive
variable that reflects
consumer attitudes

N

51

Control or predictive
variable that reflects
consumer attitudes

N

52

Outcome variable

N

53

Outcome variable

N

54

Outcome variable

N

55

Outcome variable

N

Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent,
differentiate between
delinquent and nondelinquent borrowers, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent,
differentiate between
delinquent and nondelinquent borrowers, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible

N

N

Y

N

N

N

N

for refinancing do not
refinance

56

Control or predictive
variable that reflects
consumer attitudes,
outcome variable

N

57
58

Validation variable
Outcome variable

N
N

59

Outcome variable

N

60

Outcome variable

N

61

Control variable that
reflect facts about the
consumers' economic
circumstances, Control or
predictive variable that
reflects consumer
attitudes
Control variable that
reflect facts about the
consumers' economic
circumstances, Control or
predictive variable that
reflects consumer
attitudes
Outcome variable

Y

62

63

N

N

Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible

N

N
N

N

N

N

N

N

for refinancing do not
refinance, To determine
why consumers exit the
mortgage market
64

Outcome variable

N

65

Outcome variable

N

66

Control or predictive
variable that reflects
consumer attitudes

N

67

Control or predictive
variable that reflects
consumer attitudes

N

68

Outcome variable

Y

69

Outcome variable

Y

70

Outcome variable

Y

71

Outcome variable

Y

Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance, To determine
why consumers exit the
mortgage market
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance, To determine
why consumers exit the
mortgage market
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance, To determine
why consumers exit the
mortgage market
Understand consumer
behavior when they
become delinquent, To
determine why people
who appear to be eligible
for refinancing do not
refinance, To determine
why consumers exit the
mortgage market
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they

N

N

N

N

Y
Y
Y
Y

become delinquent
72

Outcome variable

Y

73

Outcome variable

Y

74

Outcome variable

Y

75

Outcome variable

Y

76

Outcome variable

N

77

Outcome variable

N

78

Outcome variable

Y

79

Outcome variable

N

80

Outcome variable

N

81

Outcome variable

N

82

Outcome variable

Y

83

Outcome variable

N

84

Outcome variable

N

85

Outcome variable

N

86

Outcome variable

N

87

Outcome variable

N

88

Outcome variable

Y

Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they
become delinquent
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Understand consumer
behavior when they
become delinquent
Understand consumer
behavior when they

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

become delinquent
89

Outcome variable

N

90

Outcome variable

Y

91

Outcome variable

Y

92

Outcome variable

Y

Understand consumer
behavior when they
become delinquent
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers
Differentiate between
delinquent and nondelinquent borrowers

Y
Y
Y
Y