National Survey of Mortgage Originations (NSMO)

Tell us about your recent mortgage experience
A nationwide survey of mortgage borrowers
throughout the United States
Learning directly from borrowers, like you, about your
experiences will help us improve lending practices and
the mortgage process for future borrowers.
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. You can mail back the paper
survey in the enclosed business reply envelope OR complete the survey online.
The online version of the questionnaire may be easier, and faster, to complete, because it
automatically skips any questions that don’t apply to you.
1

GO TO www.NSMOsurvey.com

2

LOG IN with your unique survey PIN # found in the accompanying letter
Esta encuesta está disponible en español en línea

1

Visite al sitio web www.NSMOsurvey.com

2

Inicie la sesión con su número PIN único de la encuesta que se
encuentra en la carta adjunta.

Thanks so much for your help with this important national effort to improve people’s
experiences in financing home ownership.

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 12/31/2016

Thank you for helping us to learn more about your
experience in getting or refinancing a mortgage.
1. Within the past 18 months or so, did you take
out or co-sign for a mortgage loan including any
refinance of an existing mortgage?
Yes  If you took out or co-signed for more than
one mortgage during this time, please
refer to your experience with the most
recent refinance or new mortgage.
No

 Please return the blank questionnaire so

we know the survey does not apply to you.
The money enclosed is yours to keep.

5. When you began the process of getting this
mortgage, how concerned were you about
qualifying for a mortgage?
Very

Firm idea

Not
At All

Other (specify)

8. Which of the following best describes your
shopping process?
I picked the loan type first, and then I picked the
lender/mortgage broker

4. When you began the process of getting this
mortgage, how familiar were you (and any
co-signers) with each of the following?

Your credit history or
credit score
The money needed at closing

A
Little

Your lender or mortgage broker
Other lenders or brokers
Real estate agents or builders
Material in the mail
Websites that provide information
on getting a mortgage
Newspaper/TV/Radio
Friends/relatives/co-workers
Bankers or financial planners
Housing counselors

I signed
Spouse/partner including a former spouse/partner
Parents
Children
Other relatives
Other (e.g. friend, business partner)

The mortgage interest rates
available at that time
The different types of
mortgages available
The mortgage process
The down payment needed to
qualify for a mortgage
The income needed to qualify
for a mortgage

Little idea

A
Lot

3. Including you, who signed or co-signed for
this mortgage? Mark all that apply.

Not
Very Somewhat At All

Some idea

7. How much did you use each of the following
sources to get information about mortgages or
mortgage lenders?

No

If this loan was co-signed by others, take into account
all co-signers as best you can when answering the rest
of the survey. Otherwise, it is your own situation that
we want to know about.

Not at all

6. How firm an idea did you (and any co-signers)
have about the mortgage you wanted?

2. Did we mail this survey to the address of the
house or property you financed with this
mortgage?
Yes

Somewhat

I picked the lender/mortgage broker first, and then
I picked the loan type

9. How did you apply for this mortgage? Mark one
answer.
Directly to a lender, such as a bank or credit union
Through a mortgage broker (someone who works
with multiple lenders to get a loan)
Other (specify)

10. How many different lenders/mortgage brokers
did you seriously consider before choosing
where to apply for this mortgage?
1

2

3

4

5 or more

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11. How many different lenders/mortgage brokers
did you end up applying to?
1

2

3

4

16. How important were each of the following in
determining the mortgage you took out?
Not
Important Important

5 or more

Lower interest rate
Lower APR (Annual Percentage Rate)
Lower closing fees
Lower down payment
Lower monthly payment
An interest rate fixed for the life
of the loan
A term of 30 years
No mortgage insurance

12. Did you apply to more than one lender/
mortgage broker for any of the following
reasons?
Yes

No

Searching for better loan terms
Concern over qualifying for a loan
Information learned from the
"Loan Estimate"
Turned down on earlier application

13. How important were each of the following in
choosing the lender/mortgage broker you used
for the mortgage you took out?

17. Was the "Loan Estimate" you received from your
lender/mortgage broker…
Yes

Not
Important Important

Having an established banking
relationship
Having a local office or branch nearby
Used previously to get a mortgage
Lender/mortgage broker is a personal
friend or relative
Lender/mortgage broker operates
online
Recommendation from a friend/
relative/co-worker
Recommendation from a real
estate agent/home builder
Reputation of the lender/mortgage broker
Spoke my primary language, which is
not English

18. Did the "Loan Estimate" lead you to…
Yes

19. In the process of getting this mortgage from
your lender/mortgage broker, did you…
No

Yes

Have to add another co-signer to qualify
Resolve credit report errors or problems
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 that
terms of this mortgage were reasonable

I (or one of my co-signers) did
The lender/mortgage broker did
We were put in contact by a third party (such as a
real estate agent or home builder)

20. Your lender may have given you a booklet
"Your home loan toolkit: A step-by-step
guide", do you remember receiving a copy?

15. How open were you to suggestions from your
lender/mortgage broker about mortgages with
different features or terms?
Somewhat

No

Ask questions of your lender/mortgage
broker
Seek a change in your loan or closing
Apply to a different lender/mortgage
broker

14. Who initiated the first contact between you and
the lender/mortgage broker you used for the
mortgage you took out?

Very

No

Easy to understand
Valuable information

Yes – Continue with Q21
No – Skip to Q22
Don't know – Skip to Q22

Not at all

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21. Did the "Your home loan toolkit" booklet
lead you to ask additional questions about
your mortgage terms?
Yes

26. Overall, how satisfied are you that the
mortgage you got was the one with the...
Very

No

Not
Somewhat At All

Best terms to fit your needs
Lowest interest rate for which
you could qualify
Lowest closing costs

22. During the application process were you told
about mortgages with any of the following?
Yes

No

An interest rate that is fixed for the
life of the loan
An interest rate that could change over
the life of the loan

27. Overall, how satisfied are you with the…
Very

Not
Somewhat At All

Lender/mortgage 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

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

28. Did you take a course about home-buying or
talk to a housing counselor?

An FHA, VA, USDA or Rural Housing
loan

No – Skip to Q32
Yes

23. In selecting your settlement/closing agent did
you…
Yes



29. How was the home-buying course or
counseling provided?

No

Use an agent selected/recommended by the
lender/mortgage broker
Use an agent you had used previously
Shop around

Yes

No

In person, one-on-one
In person, in a group
Over the phone
Online

Did not have a settlement/closing agent

30. How many hours was the home-buying
course or counseling?

24. Do you have title insurance on this mortgage?
Yes – Continue with Q25
No – Skip to Q26
Don't know – Skip to Q26

Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours

25. Which best describes how you picked the
title insurance?

31. Overall, how helpful was the home-buying
course or counseling?

Reissued previous title insurance

Very

Used title insurance recommended by
lender/mortgage broker or settlement agent
Shopped around

Somewhat

Not at all

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32. What was the primary purpose for this most
recent mortgage? If you refinanced an existing
mortgage for any reason, please select
refinance below. Mark one answer.

36. How important were the following in your
 decision to refinance, modify or obtain a new
mortgage?
Important

Purchase of a property ‒ Continue with Q33
Permanent financing on a
construction loan
Refinance or modification of an
existing mortgage
New loan on a mortgage-free property
Some other purpose (specify)

Not
Important

Change to a fixed-rate loan
Get a lower interest rate
Get a lower monthly payment
Consolidate or pay down other debt
Repay the loan more quickly
Take out cash

Skip to Q36

37. Approximately how much was owed, in total, on
the old mortgage(s) and loan(s) you refinanced?
33. Did you do the following before or after you made
an offer on this house or property?
Before
Offer

After
Offer

$

Zero (the property was mortgage-free)

Did
Not Do

Contacted a lender to explore
mortgage options
Got a pre-approval or prequalification from a lender
Decided on the type of loan
Made a decision on which
lender to use
Submitted an official loan
application

38. How does the total amount of your new
mortgage(s) compare to the total amount of the
old mortgage(s) and loan(s) you paid off
(include any new second liens, home equity loans,
or a home equity line of credit (HELOC))?
New amount is lower ‒ Skip to Q40
New amount is about the same ‒ Skip to Q40

New amount is higher
Property was mortgage-free

34. What percent down payment did you make on
this property?



39. Did you use the money you got from this
new mortgage for any of the following?

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

Yes

Used

No

College expenses
Auto or other major purchase
Buy out co-borrower e.g. ex-spouse
Pay off other bills or debts
Home repairs or new construction
Savings
Closing costs of new mortgage
Business or investment
Other (specify)

35. Did you use any of the following sources of
funds to purchase this property?
Proceeds from the sale of another property
Savings, retirement account, inheritance,
or other assets
Assistance or loan from a nonprofit or
government agency
A second lien, home equity loan, or home
equity line of credit (HELOC)
Gift or loan from family or friend
Seller contribution

.00

Not
Used

This Mortgage
40. When you took out this most recent mortgage or
 refinance, what was the loan amount (the dollar
amount you borrowed)?
$

.00

Don't know

Skip to Q40
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41. What is the monthly payment, including the
amount paid to escrow for taxes and insurance?
.00

$

Don't know

47. 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?

%

.00

$

42. What is the interest rate on this mortgage?

Don't know

48. How were the total closing costs (loan costs and
other costs) for this loan paid?

Don't know

43. Is this an adjustable-rate mortgage (one that
allows the interest rate to change over the life of
the loan)?

Yes

Don't
Know

No

By me or a co-signer (check or
wire transfer)
By lender/mortgage broker
By seller/builder
Added to the mortgage amount

Yes
No

Other (specify)

Don't know

44. At the time of application, did the lender give
you the option to set/lock the interest rate so
that it would not change before closing?

Loan had no closing costs

49. 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

Yes
No

Don't know

50. Did you seek input about your closing
documents from any of the following people?

45. When was the interest rate set/locked on this
loan?

Yes

At application
Between application and closing
Around closing

46. Does this mortgage have any of the following
features?
Yes

No

No

Lender/mortgage broker
Settlement agent
Real estate agent
Personal attorney
Title agent
Trusted friend or relative who is not
a co-signer on the mortgage
Housing counselor

Don't
Know

A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes and/or
homeowner insurance
A balloon payment
Interest-only payments
Private mortgage insurance

Other (specify)

51. At any time after you made your final loan
application did any of the following change?
Higher

Same

Lower

Monthly payment
Interest rate
Other fees
Amount of money needed
to close loan

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This Mortgaged Property

52. Did you face any unpleasant "surprises" at
your loan closing?
No ‒ Skip to Q54
Yes



53. What unpleasant surprises did you face?
Yes

57. When did you buy or get this property? If you
refinanced, the date you originally bought or got
the property?

No

Loan documents not ready
Closing did not occur as originally
scheduled
Three day rule required re-disclosure
Mortgage terms different at closing
e.g. interest rate, monthly payment
More cash needed at closing
e.g. escrow, unexpected fees
Asked to sign blank documents
Rushed at closing or not given time
to read documents

month

$

Don't know

.00

59. How did you acquire this property?
Mark one answer.
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)

60. Which of the following best describes this
property? Mark one answer.
Single-family detached house ‒ Skip to Q62
Mobile home or manufactured home ‒ Skip to Q62
Townhouse, row house, or villa
2-unit, 3-unit, or 4-unit dwelling
Apartment (or condo/co-op) in apartment
building
Unit in a partly commercial structure
Other (specify)

No ‒ Skip to Q56
Yes



55. What was the amount of this loan?
$

year

58. What was the purchase price of this property, or
if you built it, the construction and land cost?

Other (specify)

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))?

/

.00
Don't know

56. How well could you explain to someone the…



Not
Very Somewhat At All

61. Does this mortgage cover more than one
unit?

Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
subprime loan

Yes

No

62. About how much do you think this property is
worth in terms of what you could sell it for now?

Difference between a mortgage's
interest rate and its APR

$

.00

Don't know

Amortization of a loan
Consequences of not making
required mortgage payments

63. Do you rent out all or any portion of this
property?

Difference between lender's and
owner's title insurance

No ‒ Skip to Q65
Yes



Relationship between discount
points and interest rate

64. How much rent do you receive annually?

Reason payments into an escrow
account can change

$

.00 per year
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65. Besides you, the mortgage co-signers, and
renters, does anyone else help pay the
expenses for this property?
Yes

71. How likely is it that in the next couple of years
you will…
Not
Very Somewhat At All

No

Sell this property
Move but keep this property
Refinance the mortgage on
this property
Pay off this mortgage and own
the property mortgage-free

66. Which of the following best describes how you
use this property?
Primary residence (where you
spend the majority of your time)
It will be my primary residence soon
Seasonal or second home
Home for other relatives
Rental or investment property
Other (specify)

Your Household

Skip to Q68

72. What is your current marital status?
Married ‒ Skip to Q74
Separated
Never married
Divorced
Widowed

67. If primary residence, when did you move
into this property?

month

/



year

73. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?

68. In the last couple years, how has the following
changed in the neighborhood where this property
is located?
Significant Little/No
Increase
Change

Significant
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

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

Yes

No

Please answer the following questions for you and
your spouse or partner, if applicable.
74. Age at last birthday:
Spouse/
Partner

You

years

years

75. Sex:
Male

You

Spouse/
Partner

Female

76. Highest level of education achieved:
Some schooling

70. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?

You

Spouse/
Partner

High school graduate
Technical school
Some college

Become more desirable
Stay about the same
Become less desirable

College graduate
Postgraduate studies
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77. Hispanic or Latino:
Yes

You

Spouse/
Partner

No

82. 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)?
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

78. Race: Mark all that apply.
White

You

Spouse/
Partner

Black or African American
American Indian or Alaska Native
Asian

83. How does this total annual household income
compare to what it is in a "normal" year?

Native Hawaiian or Pacific Islander

Higher than normal
Normal
Lower than normal

79. Current work status: Mark all that apply.
Self-employed full time

You

Spouse/
Partner

84. Does your total annual household income
include any of the following sources?

Self-employed part time
Employed full time

Yes

Employed part time
Retired
Unemployed, temporarily laid-off
or on leave
Not working for pay (student,
homemaker, disabled)

80. 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).
Yes, now on active duty

No

Wages or salary
Business or self-employment
Interest or dividends
Alimony or child support
Social Security, pension or other
retirement benefits

You

85. Does anyone in your household have any of the
following?
Yes

Spouse/
Partner

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

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

86. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you save or make
investments?

81. Besides you (and your spouse/partner) who else
lives in your household? Mark all that apply.

Take substantial financial risks expecting to earn
substantial returns
Take above-average financial risks expecting to
earn above-average returns
Take average financial risks expecting to earn
average returns
Not willing to take any financial risks

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
No one else

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87. Do you agree or disagree with the following
statements?

90. In the last couple years, how have the following
changed for you (and your spouse/partner)?
Significant Little/No
Increase
Change

Agree Disagree

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

Significant
Decrease

Household income
Housing expenses
Non-housing expenses

91. In the next couple of years, how do you expect
the following to change for you (and your
spouse/partner)?
Significant Little/No
Increase
Change

Significant
Decrease

Household income
Housing expenses
Non-housing expenses

It is okay to default or stop making
mortgage payments if it is in the
borrower's financial interest
I would consider counseling or taking a
course about managing my finances if
I faced financial difficulties

92. How likely is it that in the next couple of years
you (or your spouse/partner) will face…
Not
Very Somewhat At All

88. In the last couple of years, have any of the
following happened to you?
Yes

Retirement
Difficulties making your
mortgage payments
A layoff, unemployment, or
forced reduction in hours
Some other personal financial
crisis

No

Separated, divorced or partner left
Married, remarried or new partner
Death of a household member
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)

93. If your household faced an unexpected
personal financial crisis in the next couple of
years, how likely is it you could…

Disability or serious illness of
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 (50 miles or more)

Not
Very Somewhat At All

Pay your bills for the next 3
months without borrowing
Get significant financial help
from family or friends
Borrow a significant amount
from a bank or credit union
Significantly increase your
income

89. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Yes

No

Layoff, unemployment, or reduced
hours of work
Retirement
Promotion
Starting a new job
Starting a second job
Business failure
A personal financial crisis
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The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau thank you for completing this survey.
We have provided the space below if you wish to share additional comments or further explain any
of your answers. 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 1‐855‐339‐7877.

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