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pdfTechnical
Report Series
National Survey of Mortgage Originations
Technical Report 2.1
November 14, 2016
This document was prepared by Robert B. Avery, Mary F. Bilinski, Brian K. Bucks, Tim
Critchfield, Ian H. Keith, Ismail E. Mohamed, Forrest W. Pafenberg, Saty Patrabansh, Jay D.
Schultz, and Claudia E. Wood. It updates and replaces Technical Report 2.0.
Table of Contents
1.0
Introduction .................................................................................................................... 1
2.0
Development of the Survey ........................................................................................... 3
3.0
Detailed Survey Sample Frame and Timeline ................................................................ 4
4.0
Survey Logistics.............................................................................................................. 5
5.0
Survey Response Analysis .............................................................................................. 7
6.0
Usable Survey Responses ............................................................................................... 9
7.0
Cleaning, Editing, and Imputing Responses ................................................................ 10
8.0
Sample Non-Response Weights .................................................................................... 12
9.0
Sampling Error .............................................................................................................. 15
Appendix A ................................................................................................................... 17
Appendix B ................................................................................................................... 38
1.0
Introduction
The National Mortgage Database project is a multi-year project jointly undertaken by the Federal
Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB). The
project is designed to provide comprehensive information about the U.S. mortgage market based
on a five percent sample of residential mortgages. The project has three primary components: (1)
the National Mortgage Database (NMDB); (2) the quarterly National Survey of Mortgage
Originations (NSMO); and (3) the annual American Survey of Mortgage Borrowers (ASMB).
The NMDB project will enable FHFA to meet the statutory requirements of section 1324(c) of the
Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the
Housing and Economic Recovery Act of 2008, to conduct a monthly mortgage market survey.
Specifically, FHFA must, through a survey of the mortgage market, collect data on the
characteristics of individual mortgages—both loans that are eligible for purchase by Fannie Mae
and Freddie Mac as well as loans that are not (including subprime and nontraditional mortgages).
The survey must also collect data on the creditworthiness of borrowers, including a determination
of whether subprime and nontraditional borrowers would have qualified for prime lending. 1
For CFPB, the NMDB project will support policymaking and research efforts and help identify
and understand emerging mortgage and housing market trends. CFPB expects to use the NMDB,
among other purposes, for retrospective rule review required by the Dodd-Frank Wall Street
Reform and Consumer Protection Act and in support of the market monitoring required by the
statute, including understanding how mortgage debt affects consumers.
FHFA and CFPB considered existing databases but determined that none sufficiently support the
above objectives. 2 The NMDB, when fully complete, will be a de-identified loan-level database
of closed-end first-lien residential mortgages. It will: (1) be representative of the market as a
whole; (2) contain detailed, loan-level information on the terms and performance of mortgages, as
well as characteristics of the associated borrowers and properties; (3) be continually updated; (4)
have an historical component dating back before the financial crisis of 2008; and (5) provide a
sampling frame for the NSMO.
The core data in the NMDB are drawn from a random 1-in-20 sample of all closed-end first-lien
mortgage files outstanding at any time between January 1998 and June 2016 (at present writing)
in the files of Experian, one of the three nationwide credit reporting agencies. 3 The use of a
sample, rather than the universe of all mortgages, substantially reduces the privacy risk associated
with any data collection. By contrast, a universal registry presents challenges for privacy since it
1
FHFA interprets the NMDB project as a whole, including the NSMO, as the “survey” required by the Safety and
Soundness Act. The statutory requirement is for a monthly survey. Other core inputs to the NMDB, such as a
regular refresh of credit-bureau data, occur monthly, but not the NSMO.
2
For a fuller description of the NMDB, including a discussion of existing sources and their limitations, see NMDB
Technical Report 1.1 at
http://www.fhfa.gov/PolicyProgramsResearch/Programs/Documents/NMDB_Technical_Report_15-01_082715.pdf.
3
Experian was chosen through an open, competitive procurement process to assist in creating the NMDB.
1
is known that a particular loan must be in the dataset. However, for a 1-in-20 sample like the
NMDB, the odds are 95 out of 100 that a particular loan is not in in the database. In addition, the
sample used is large enough to support almost all types of statistically valid analyses but small
enough to manage logistically, thus dramatically reducing both contract and personnel costs.
A random 1-in-20 sample of mortgages newly reported to Experian is added to the NMDB each
quarter. Mortgages are followed in the NMDB database until they terminate through prepayment
(including refinancing), foreclosure, or maturity. Information from credit reporting agency files
on each borrower associated with the mortgages in the NMDB sample are collected from at least
one year prior to origination to one year after termination of the mortgage. The information on
borrowers and loans available to the FHFA, CFPB, or any other authorized user of the NMDB
data is de-identified and does not include any direct identifying information such as borrower
name, address, or Social Security number.
The NSMO survey is designed to complement the NMDB by providing information, particularly
related to mortgage shopping, that is not available in the database. The survey is voluntary, and
its target universe is newly originated closed-end first-lien residential mortgages and their
associated borrowers. To achieve this objective, the NSMO draws its sample from mortgages that
are part of the NMDB which draws its sample from the same target universe of new loans.
Beginning with loans originated in 2013, a simple random sample of about 6,000 loans per
quarter is drawn from loans newly added to the NMDB for the NSMO. At present, this represents
a sampling rate of 1-in-15 from the NMDB (or 1-in-300 from all originations since the NMDB
itself is a 1-in-20 sample of loans). 4
This technical report provides background details on development of the NSMO. The second
section discusses the development of the survey questionnaire, including the approval granted by
the Office of Management and Budget (OMB) as required by the Paperwork Reduction Act. The
third section discusses the survey sampling frame and timeline, and the fourth section discusses
the logistics of conducting the survey.
The fifth section presents an analysis of survey responses for the first seven waves of survey
mailout. The sixth section explains how the usable population for analysis is derived. The
seventh section describes the data cleaning, editing, and imputation processes used to refine the
usable survey dataset. The eighth section discusses the construction of nonresponse-adjusted
sample weights. The ninth section of the document discusses sampling error of the survey. 5
4
As of this writing, the NSMO is currently in the field with Wave 11. Data in this document represent Waves 1
through 7.
5
There are two Appendices to this document. Appendix A presents the survey cover letters and the NSMO
questionnaire including changes in the questions that have occurred over time. Appendix B presents un-weighted
frequency responses for all questions for the first seven waves of the survey.
2
2.0
Development of the Survey
In reaction to the financial crisis of 2008, Freddie Mac developed a pilot version of what has
become the NSMO. The pilot was administered as a mail survey to about 1,500 individuals
drawn from data maintained by Experian, one of the three national credit repositories. The pilot
used a sample frame similar to that currently used by the NSMO. The pilot survey response rate
of 12 percent was much lower than hoped.
To improve the response rate, Freddie Mac retained the services of Don A. Dillman, of
Washington State University, a leading expert in mail survey methods. Dr. Dillman focused on
improving the survey response rate by changing: (1) the contacting strategy; (2) the participation
incentives; (3) the communication strategy; and (4) the questionnaire format. His changes were
incorporated into a second pilot survey in February 2011 that sampled new Freddie Mac purchase
and refinance loans, and this second pilot survey had a vastly improved response rate of 60
percent.
In the fall of 2012, Freddie Mac conducted a third pilot survey targeting a representative national
sample of new 2011 mortgage borrowers drawn from Experian files. The response rate for this
survey was about 45 percent.
The improvements instituted in the later pilot surveys confirmed the effectiveness of using credit
reporting agency records as the survey sampling frame as well as the effectiveness of the
questionnaire and methodology.
The questionnaire for the NSMO draws heavily on the questionnaires piloted by Freddie Mac and
leverages the input of an advisory group of industry experts from government, non-profits,
advocates, trade groups, and academia that Freddie Mac convened when creating their
questionnaires. This group played a significant role in ensuring that the NSMO provided
information of interest to policy-makers, researchers, and data analysts.
The NSMO focuses on topics such as mortgage shopping behavior, mortgage closing experiences,
and other information that cannot be obtained from other sources, such as borrowers’ expectations
regarding house price appreciation and experiences of critical household financial events (for
example, unemployment spells, large medical expenses, or divorce). In general, borrowers are
not asked to provide mortgage terms in the questionnaire, since these fields are available in the
Experian data. However, the survey collects selected details about the mortgage to compare
borrower’s views with those of credit and administrative records and to verify that the credit
repository records and survey responses pertain to the same mortgage.
By interagency agreement between FHFA and CFPB, FHFA led the production of the NSMO. 6
This included seeking public comments concerning information collection as required by the
Paperwork Reduction Act. On April 25, 2013, FHFA published in the Federal Register a 60-day
6
An interagency agreement between FHFA and CFPB was signed on September 12, 2012 where the costs of the
survey and the development of the NMDB are to be shared equally between the two agencies.
3
Notice of Submission of Information Collection for Approval from the OMB. No comments were
received for this notice. Subsequently, on July 1, 2013, FHFA published a 30-day Notice of
Submission of Information Collection for Approval from OMB indicating that FHFA had
received no comments during the 60-day comment period.
Following these Federal Register notices, OMB reviewed the FHFA application and approved the
request in December 2013, assigning the NSMO a control number of 2590-0012 with an
expiration date of December 31, 2016. In April 2014 FHFA published a revised System of
Records notification in the Federal Register extending the system of records entitled “National
Mortgage Database Project” to cover the NSMO. A second revision of the System of Records
notification was published in the Federal Register in August 2015.
After obtaining OMB approval, FHFA modified an existing contract with Experian, which
subcontracted the survey administration through a competitive process to Westat, a nationallyrecognized survey vendor. Fair Credit Reporting Act (FCRA) rules dictate that the survey
process, because it utilizes borrower names and addresses drawn from credit reporting agency
records, must be administered through Experian in order to maintain consumer privacy. 7
The NMDB development staff consulted with Experian, Westat, and the Freddie Mac advisory
group between December 2013 and February 2014 to finalize the survey questionnaire and
supporting materials. The initial survey wave was mailed out in April 2014, and a new wave of
the survey has been conducted each quarter since.
Initial analysis of data from the first three waves of the survey in the spring of 2015 resulted in the
addition and removal of some questions. In addition, the wording of several questions was
modified. These revisions were incorporated into the seventh wave of the survey, which was
conducted in the summer of 2015.
3.0
Detailed Survey Sample Frame and Timeline
Following the update of the NMDB at the end of each quarter, FHFA randomly selects 6,000 of
the closed-end first-lien mortgage loans newly added to the NMDB for the NSMO. 8 At present
this represents about a 1-in-300 sampling rate from the population of such loans as a whole.
Loans are selected at random from mortgages newly reported to Experian with the additional
conditions that the mortgage be reported to Experian within a year of origination and that the
borrowers have not been selected for an earlier NSMO survey.
7
The Fair Credit Reporting Act (FCRA), Public Law No. 91-508, was enacted in 1970, and substantially amended
since, to promote accuracy, fairness, and the privacy of personal information assembled by credit reporting agencies
(CRAs). The Act's primary protection requires that CRAs follow “reasonable procedures” to protect the
confidentiality, accuracy, and relevance of credit information. To do so, the FCRA establishes a framework of
requirements for credit report information that include rights of data quality (right to access and correct), data
security, use limitations, requirements for data destruction, notice, user participation (consent), and accountability.
8
For a fuller description of how loans are selected for the NMDB, see NMDB Technical Report 15-01.
4
After the sample is selected, Experian eliminates any potential respondents who have opted out of
previous surveys or are deemed to not have legitimate addresses or names. Industry guidance
(Metro 2® Industry Standards for Credit Reporting) requires that servicers must supply a billing
address for each borrower on a trade line (including mortgages). Experian generally uses these
borrower billing addresses as the survey mailing address. Sometimes, though, there are multiple
addresses and borrowers associated with a survey sample loan. In these cases, Table 1 presents
the rules for selecting the borrower(s) and address to which to mail the survey. The survey is sent
to at most two borrowers who must share a common address.
Table 1
Rule for Best Address
Resulting survey recipient
Number of
borrowers
Same or different
address
1
n/a
One borrower with Experian’s associated best address
2
Same
Two borrower names with one common best address
2
Different
The one borrower and associated best address with the
lowest number of open mortgages.
>2
Same
Two borrowers with one common best address that has
the highest number of trade lines reported
>2
Different
The one borrower and associated best address with the
lowest number of open mortgages
FHFA and CFPB never receive the names or addresses that are chosen for the survey. Only
Experian, and Westat as Experian’s subcontractor, have access to this information.
4.0
Survey Logistics
Respondents are contacted up to four times over a seven-week period: 9
Week 1
Printed questionnaire, cover letter, and cash incentive (entire survey sample
population)
Week 2
1st reminder letter (entire survey sample population)
Week 5
2nd reminder letter, printed questionnaire, and additional cash incentive (sampled
borrowers who have not responded by Week 4)
9
Copies of the survey questionnaire and contact materials are provided in Appendix A.
5
Week 7
3rd reminder letter, which includes the due date for returning the questionnaire, to
close the communication loop (sampled borrowers who have not responded by
Week 6)
Participation in the survey is voluntary, and respondents are assured of confidentiality of their
responses. The first and the third contacts include a printed survey questionnaire and a five dollar
cash incentive, which the respondent is free to keep whether they return the questionnaire or not.
The mailings and printed questionnaires detail how respondents can also complete the survey
online in either English or Spanish (there is no printed Spanish questionnaire) using instructions
and a unique “survey PIN number” provided in the questionnaire packet. About one quarter of
survey responses are completed online.
Mail surveys are processed for five weeks after the third reminder letter, so the field period
comprises 12 weeks in total. It takes between five and six weeks to draw the new NMDB sample,
identify and combine duplicative records, draw the NSMO sample, process it at Experian, and
print the survey materials. Thus, the survey cycle typically begins six weeks after the end of a
quarter and extends about five weeks into the next quarter.
All returned questionnaires and any non-delivered mail are sent directly to Westat, not to FHFA,
CFPB, or Experian. All survey responses received by Westat are purged of any information
related to the name of the borrower, address of the borrower, or name of any financial institution.
This is done to maintain the de-identified nature of the data and confidentiality of the survey
responses.
During the first eight weeks of each cycle, Experian maintains a NSMO call center to address any
questions by respondents. This call center also allows respondents to opt out of the survey and
future surveys. Both FHFA and CFPB describe the survey on their websites so that respondents
can independently validate the legitimacy of the survey. 10 The agency officials signing the cover
letter (Sandra Thompson at FHFA and David Silberman at CFPB) are identifiable on the websites
as senior employees of the agencies.
Once the active phase of a survey cycle ends, it takes about 25 days for Westat to scan and edit
returned questionnaires, combine them with on-line responses and create an electronic data file.
This file is delivered to the NMDB development staff, through Experian. It takes a further eight
weeks to complete additional cleaning and editing of survey responses, to create preliminary
sample weights, and to assemble a preliminary user data file.
Because it takes between 90 and 150 days for the typical mortgage loan to be reported by the
servicer to the credit repositories after origination, the first preliminary user data file will
generally reflect mortgage originations of approximately one year earlier. Consider the fourth
wave of 2014 as an example. The survey sample was drawn from the September 2014 archive
and captured loans reported to Experian between June and September 2014, with most originated
10
www.fhfa.gov/Homeownersbuyer/Pages/National-Survey-of-Mortgage-Borrowers.aspx and
www.consumerfinance.gov/National-Survey-of-Mortgage-Borrowers.
6
between March and June 2014. The fourth wave was put into the field in early November 2014
and closed at the beginning of February 2015. The electronic data file was delivered to the
NMDB development staff in late February, and it took until the end of April 2015 to create a
preliminary version of the survey data base.
This timeline applies to each quarterly wave data release. Because some loans can take longer
than six months to be reported to the repositories, a usable data file fully representative of a
calendar year will not generally be available until December of the following year.
5.0
Survey Response Analysis
As described in the previous section the NSMO typically samples 6,000 new originations each
quarter. However, in 2014, the first year of the survey, FHFA conducted modified versions of the
first three waves in April, June, and September. Wave 1 (April) included a sample of 15,000
mortgages. This was a catch up period to cover cases originated in 2013 and newly reported to
Experian in the archives for June, September and December 2013. For this first wave, 1.5 percent
or 218 survey invitations were not delivered, resulting in a net delivered population of 14,782 (see
Table 2). The survey was in the field for 11 weeks and yielded 5,793 completed surveys, with
173 borrowers opting out of the survey and the remaining 8,816 not returning a questionnaire. If
the undelivered survey invitations are treated as ineligible, this represented a 39.2 percent
response rate (5,793/14,782).
Wave 2 (June) included 3,000 surveys and was for mortgages that were originated in 2013 and
newly-reported to Experian between January and March 2014. The postal non-delivery rate for
this wave was somewhat lower than for the first wave at 1.2 percent. The questionnaire for this
survey was the same as that used for the first wave except that, as described in the next section, a
critical clarification was added to the initial survey filter question. The overall response rate for
Wave 2 was 36.3 percent, resulting in 1,076 completed questionnaires. There were 31 borrowers
who opted out of the survey.
For Wave 3 (September),Westat mailed out 6,000 surveys representing mortgages that were
originated in 2013 and reported to Experian between March and June 2014 within a year of
origination as well as any mortgages originated in 2014 and reported to Experian between January
and June 2014. The postal non-delivery rate for this third wave was somewhat higher than Waves
1 and 2 at 1.8 percent, or 110 sample cases. The overall response rate for the third wave was 35.2
percent, resulting in 2,073 completed questionnaires, and 42 borrowers opted out of the survey.
The fourth wave, mailed in November 2014, and the sample was the first that is comparable to
subsequent surveys. It was comprised of any mortgage newly reported to Experian in the quarter
just ended (July to September 2014) that was reported within a year of origination. It also
represented the initial wave where Experian eliminated potential sample cases deemed to not have
legitimate addresses or names prior to mailing. This resulted in a sample of 5,795 cases. Other
than slight changes to two questions, the questionnaire was unchanged from prior waves. The
response rate for this wave was similar to that of Waves 2 and 3. There was a fairly constant low
7
percentage of the sample that was non-deliverable or elected to opt out of the survey. This
confirms that Experian’s methodology for choosing the best mailing address has been working
well.
The fifth wave, mailed in February 2015, followed the same process as the fourth wave and the
questionnaire was unchanged between waves four and five. A total of 5,925 questionnaires were
mailed out to borrowers associated with mortgages first reported to Experian between October
and December 2014.
The sixth wave, mailed on May 2015 to mortgagees newly reported to Experian between January
and March 2015, used the same questionnaire as the third and fourth waves. Because major
revisions were anticipated for the questionnaire used with the seventh and later waves, however,
all respondents selected for the sixth wave whose mortgages were originated in 2015 were held
back, and surveys for these cases were mailed concurrently with the seventh wave in August
2015. As a result, all respondents reporting on mortgages originated in 2015 received the same
questionnaire.
The seventh wave, mailed in August 2015, was the first to use the revised questionnaire.
Question changes reflected issues highlighted in the initial cleaning and editing process for waves
1–4. Details of the questionnaire changes are given in Appendix A.
Wave 7 consisted of three samples drawn independently. The first were 1,236 respondents
selected for Wave 6 with loans originated in 2015. The second were 4,981 respondents with
mortgages newly reported to Experian between April and June 2015 (the normal quarterly sample
frame). Finally a special sample of 1,142 borrowers residing in “remote rural” counties as
defined using a USDA criteria with 2014 loan originations reporting to Experian within a year of
origination was selected. 11 Each subsample was assigned a different sample weight.
Table 2
Survey Return Analysis
Wave 1
Wave 2
Wave 3
Wave 4
Wave 5
Estimated
Newly
Reported
Sample Weight
Unadjusted for
Sample
Nonresponse
Postal
Nondelivery
Mail
Delivered
Total
Completed
Completed
Online in
English
Completed
Online in
Spanish
Total
Optout
6,963,150
888,420
1,685,760
1,527,736
1,465,371
464.21
296.14
280.96
263.63
247.32
218
37
110
86
126
14,782
2,963
5,882
5,709
5,799
5,793
1,076
2,073
2,020
2,089
1,360
214
524
514
520
23
4
15
10
2
173
31
42
54
39
11
See http://www.ers.usda.gov/data-products/rural-urban-continuum-codes/documentation.aspx for a USDA
county-based definition of rural.
8
Wave 6
Wave 7
Total
1,057,938
2,182,968
15,771,343
238.92
296.64
332.04
38
147
762
1.6
4,390
7,212
46,737
98.4
1,489
2,494
17,034
35.9
353
744
4,229
8.9
3
6
63
0.1
31
39
409
0.9
Percent
6.0
Usable Survey Responses
Returned questionnaires and on-line responses were evaluated to determine the usable responses.
Table 3 below summarizes the results of this analysis and illustrates the four criteria for rejecting
a completed questionnaire.
The first criterion is a “no” response to the first question (Q1). Q1 is used as a screener question
to confirm that the survey respondent took out a mortgage during the reporting period (which
Experian records suggest that they did). In the first wave, a surprisingly high number of 764
respondents said that they had not taken out a mortgage. An analysis of these responses suggests
that some respondents who had refinanced their mortgage did not consider the loan a new
mortgage. Consequently in Wave 2, the wording of Q1 was changed to add the phrase “including
any mortgage refinances.” With this change, the share of “no” responses to Q1 decreased from 13
percent to 8 percent.
The next exclusion criterion eliminates breakoffs, defined as those for which the respondent did
not answer almost all questions from question Q50 through the end or answered less than 50
percent of the questions). The third criterion for exclusion was for respondents who provided
information on the wrong loan. The sampling frame was tied to a particular loan associated with
the borrower. However, the questionnaire did not refer explicitly to that loan. Instead,
respondents who had taken out multiple loans during the reference period were asked to report on
the “most recent.” In some instances this was not the sample loan. This was a particular problem
in Wave 1 which, as a “catch up” survey, had a relatively long reference period. Also, some
respondents who had refinanced their mortgage reported on the original home purchase mortgage
rather than the refinance. Finally, in a few instances it appears that the survey went to the wrong
person, with answers bearing no resemblance to the sample loan features as characterized by
Experian records. In each of these circumstances the survey response was removed from the data
set used for analysis.
The last category of unusable surveys comes from respondents whose sample loans were
ultimately removed from the NMDB after the survey had been executed either because they were
deemed to have duplicate trade lines and to not meet the criteria for remaining in the NMDB or
where the sample loan was determined to be a second and not a first mortgage lien. In some
instances the survey response itself led to the removal, as margin notes or comments indicated
that the loan was a second lien. This was a particular problem in Wave 4 where a significant
number of respondents were removed from the NMDB for reasons unrelated to the survey.
9
Given this, the rate of usable responses in each wave is lower than the survey response rates
reported earlier. Overall, 14,287 usable responses were obtained from 47,499 sample cases (for a
rate of 30.1%).
Table 3
NSMO Usable Population
Wave
Mailed
Returned
Answered
“No
Mortgage”
in Q1
Did Not
Finish
Survey
Wrong
Loan
Duplicate
or
HELOC
Usable
2013
Loan
Normal
2014
Loan
Remote
Rural
2014
Loan
2015
Loan
1
15,000
5,793
748
129
218
57
4,641
4,641
0
0
0
2
3,000
1,076
86
16
40
10
924
924
0
0
0
3
5,992
2,073
114
36
65
18
1,840
497
1,343
0
0
4
5,795
2,020
88
46
67
153
1,666
11
1,655
0
0
5
5,925
2,089
86
46
64
26
1,867
5
1,862
0
0
6
4,428
1,489
78
29
53
102
1,227
0
1,227
0
0
7
7,359
2,494
156
75
112
29
2,122
0
176
301
1,645
Total
47,499
17,034
1,356
377
619
395
14,287
6,078
6,263
301
1,645
%
100.0
35.9
2.9
0.8
1.3
0.8
30.1
42.5
43.8
2.1
11.5
7.0
Cleaning, Editing, and Imputing Responses
The survey responses, once delivered to the NMDB development staff, are subjected to thorough
editing and review. The initial phase consists of standard editing—correcting numbers reported
in the wrong units, changing answers in responses based on margin notes and comments,
assigning responses for questions with open-ended “other” responses, dealing with multiple
responses to a question that calls for only one response, and deciding how to handle situations
where respondents followed the wrong skip pattern.
During the initial process of cleaning responses from waves 1–4, examination of responses
suggested questions that respondents may have frequently misunderstood or misinterpreted.
Three questions were judged to be particularly problematic:
1. Question Q64 (how many separate units does your mortgage cover?): Inconsistencies
between the self-reported loan amount and the amount reported in the credit reporting
agency data suggested that the number of units that a mortgage covered in a property was
sometimes answered incorrectly.
2. Q75 (owned other residential properties besides this one?): In many instances, credit
reporting agency data indicated that the borrower had previous mortgages contrary to the
response to this question.
3. Q16 (a term of less than 30 years?): The term of the loan reported by the lender in many
cases did not match responses to Q16.
10
During the process of cleaning waves 5-7, question 24 (did lender require title insurance?) was
also judged to be frequently misunderstood or misinterpreted. Many more respondents than was
reasonable reported that they were not required to get title insurance.
It also seems that some respondents with sample loans on investment properties may have
provided information on their primary residence property and neighborhood rather than that of
their investment property.
These problems were addressed in changes made to the questionnaire for Wave 7 based on the
June 2015 archive. However, users should be aware of these interpretation inconsistencies when
using data from the earlier waves.
One advantage that the NSMO has over other surveys is the availability of credit and
administrative data, much of which appears to be quite reliable. These data can be used to assist
in the editing and imputation process. Four primary sources of such data are available in
processing the NSMO: (1) credit data from Experian on sample loans; (2) data collected by
Experian from other data sources on the survey respondents, including loan servicers and data
companies; (3) information from matches to administrative loan and property files (only matches
to Fannie Mae and Freddie Mac administrative files for 2013 are available at this writing); and
(4) information for loans that could be matched to Home Mortgage Disclosure Act (HMDA) files
(only HMDA data through calendar year 2014 are available as of this writing). 12 In the future,
additional information from further HMDA administrative and property file matches will be
available for this purpose.
The credit and administrative data are used to determine which borrower in the Experian data
corresponded to the respondent (and spouse/partner of the respondent) in the survey and to infer
the loan the respondent had in mind when answering the survey. These data are also useful in
determining if respondents correctly identified their loan as a home purchase loan or a refinance.
Tabulations of the raw un-weighted—but edited—responses to all the questions in the survey are
presented in Appendix B. Data are presented for usable observations in Waves 1 through 7.
After editing and cleaning the survey response data, NMDB staff impute missing responses using
statistical models estimated based on credit and administrative data and answers to other
questions in the survey. In order to preserve the original responses, the raw responses are
retained (“Q” variables) with missing responses coded as such. A parallel set of variables (“X”
variables) are constructed where all missing responses are imputed. Each instance in which an X
12
Merges between the NMDB, or NSMO, and HMDA rely on variables common to both datasets, including the
original loan balance, the opening date of the mortgage and the general location of the property (census tract or
state/county). Unfortunately, mortgage servicers report the billing address of the mortgage borrowers to Experian,
but this is not necessarily the property address, particularly for mortgages on non-owner occupied properties.
Additional address information maintained within Experian’s databases is useful in supplementing the repository
addresses, as is historical information on borrower location. Nevertheless, HMDA merges are less accurate than
those employing directly identifying information such as name and Social Security number because the latter are
less reliant on address.
11
variable differs from its comparable Q variable is recorded by a shadow variable (“J” variables)
that indicate the method and reason whereby the change was made. Missing responses typically
total about 3 to 5 percent for most questions and only in a few instances were more than 10
percent. The X variables are not created when a directly comparable credit or administrative
variable is available for all respondents (e.g., loan amount, loan payment, number of co-signers)
as comparable credit or administrative variables can be used in lieu of survey responses in
analysis. In such instances, Z variables are created instead of X variables to report respondent
responses.
Key demographic variables (age, gender, education, ethnicity, and income) are imputed first.
For these variables, high quality administrative data are generally available and can be used
directly to impute a value for the X variable. For example, lender-reported information provides
high quality data on age. Administrative data, which are available for Fannie Mae and Freddie
Mac loans originated in 2013 and early 2014, provide reliable information on race, income, and
interest rate. HMDA data, which are available for loans originated in 2013 and 2014, provide
reliable information on race, income, and gender.
Comparable credit or administrative information is not available, however, for most survey
variables. For these variables, missing values are imputed statistically using an iterative process.
More specifically, individual statistical models were developed for each question that used the
key demographic variables as well as credit or administrative data such as loan amount and
credit score as regressors in linear probability, logistic, or cell-based models (since almost all
variables in the survey are categorical). Each imputed value incorporates both a predicted value
from the model as well as a random component that reflects the accuracy of the imputation
model. Variables are imputed in order, with higher-order variables that dictate a skip-pattern
imputed first, before the variables conditioned on the pattern are imputed. Once the first round
of imputations is completed, the process is repeated with expanded models that incorporate some
of the newly imputed variables as regressors for other variables. Iterating in this way ensures
that correlations among the imputed values will better reflect correlations among observations
where responses were available.
8.0
Sample Non-Response Weights
There are several ways calculations based on the NSMO raw survey responses may not be
representative of the population as a whole. First, as shown in the Table 2, the seven survey
waves did not have the same sampling rates. Second, only about one-third of the sampled
borrowers completed the survey. Commonly, in survey sampling, some individuals chosen for
the sample are unwilling or unable to participate in the survey. Non-response bias is the bias that
results when respondents differ systematically from non-respondents. A common method for
mitigating possible non-response bias is to use weights to align the characteristics of respondents
and the population more closely. This is known as “non-response weighting.” Such weights are
generally calculated from statistical models.
12
Often, little is known about survey non-responders, thus the statistical models used to construct
non-response weights are quite simplistic. Compared with many other surveys, however, the
NSMO has extensive credit and administrative data on both responding and non-responding
borrowers that can be used to estimate non-response weights.
Sample non-response weights are estimated with logistic models separately for each sample
wave and within a wave for loans with a single borrower versus those with multiple borrowers
and loans with a HMDA match versus those without a HMDA match. The models estimate the
probability of getting a usable response for each wave of the survey. The predictive equations
have had pseudo-R-square values ranging from 0.0530 to 0.5103. The largest pseudo-R-square
values were for models estimated on data from wave 7, which had a smaller number of 2014
observations than other waves, and this value was notably higher than the pseudo-R-square
values for earlier waves. Through wave 6 the largest pseudo-R-square was 0.2219. Key
predictive variables included are: loan amount, borrower age, the median income of borrowers
census tract of the sample loan as captured in the HMDA data, an indicator of investor status,
and if matched to HMDA, whether it was a home purchase or refinance loan, whether a borrower
kept a loan at the same time the sample loan was taken out (an indicator of multiple loans), and a
measure of the number of days from loan origination to sending out the survey. The models also
control for credit score, for geography using Census Divisions, and for demographic
characteristics using Experian’s marketing-type variables on family composition, race, ethnicity,
gender, and educational attainment.
The model’s predicted probabilities of response were grouped into quintiles. The average of the
response rates from each of these five groups was used to calculate a response weight as the
inverse of these five average rates. Once within-wave sample non-response weights are
estimated, they are multiplied by the wave sample weight to provide an overall weight.
Table 4 demonstrates the effect of differential sampling weights for the first seven waves.
Column one shows the distribution among various demographic and loan categories of the raw
survey responses. Column two provides the distribution using estimated overall weights.
Finally, column three shows the average overall weight for each category.
Table 4
Survey Sample Weights
Waves 1 through 7 for 2013 and 2014 Originations
(Excludes Remote Rural)
Loan Category
Purchase, First-Time Homeowner
Purchase, Repeat Homeowner
Purchase, Seasonal Home
13
Unweighted
Percentage
Weighted
Percentage
Average
Weight
9.0
33.6
1.7
10.0
32.1
1.3
1210
1035
833
Table 4
Survey Sample Weights
Waves 1 through 7 for 2013 and 2014 Originations
(Excludes Remote Rural)
Purchase, Relative Home
Purchase, Investment Home
Refinance, Homeowner Cashout
Refinance, Homeowner Regular
Refinance, Seasonal Home
Refinance, Relative Home
Refinance, Investor Home
Loan Size
$50,000 or Less
$50,001 to $150,000
$150,001 to $300,000
More than $300,000
Mortgage Term to Maturity
Less than 15 Years
15 Years
15 to 30 Years
30 Years or More
Respondent Credit Score
Lower than 620
620 to 639
640 to 659
660 to 679
680 to 699
700 to 719
720 to 739
740 or Higher
14
Unweighted
Percentage
0.8
2.4
16.0
32.4
0.8
0.5
2.9
100%
Weighted
Percentage
0.6
2.3
15.8
33.8
0.7
0.4
3.0
100%
Average
Weight
882
1033
1072
1130
947
996
1127
3.7
38.8
38.7
18.8
100%
3.5
39.3
38.4
18.8
100%
1036
1096
1077
1083
5.4
18.0
6.0
70.7
100%
4.9
17.2
6.2
71.7
100%
994
1038
1130
1099
3.6
3.0
4.7
5.3
6.3
7.5
9.3
60.4
100%
4.8
3.7
5.8
6.1
7.0
8.2
9.9
54.5
100%
1440
1345
1343
1252
1202
1183
1156
980
9.0
Sampling Error
Errors in survey values can stem from several sources. Sampling error—the variability expected
in estimates based on a sample instead of a census—is often an important source of error. For
the NSMO, estimates of statistics that apply to most any mortgage may be measured with
reasonable precision, but sampling variability will generally be greater for estimates for lesscommon types of loans or mortgage features.
Other errors occur because borrowers who respond to the survey or to a particular question are
not random. Imputation and sample non-response weights correct for some of this error but not
all. Other errors occur when respondents interpret a question differently than intended by the
survey or other respondents. As noted above, for some questions this problem was serious
enough to call into question the use of the variable.
Analysis of these data with software that assumes the data are from a simple random sample will
under-estimate the standard errors (statistical precision) of the estimates. Users are encouraged
to use analytic procedures (so-called “survey” procedures in most major statistical analysis
packages) that take into account the effect of the differential sampling and non-response
adjustment weights on the estimates.
15
16
NATIONAL SURVEY OF MORTGAGE BORROWERS
QUESTIONNAIRE
&
CODEBOOK
INFORMATION
MERGE
THROUGH
QUARTER 1 2016
UPDATED
FEBRUARY 12 2015
17
Thank you for helping us to learn more about your
experience in getting or refinancing a mortgage.
5. When you began the process of getting this
mortgage, how concerned were you about
qualifying for 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
No
Very
Firm idea
A
Lot
Your lender or 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
Other (specify)______________
___________________________
No
2
3
4 or more
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.
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
Your credit history or
credit score
The money needed at closing
A
Not
Little At All
I picked the loan type first, and then I picked the
lender/broker
I picked the lender/broker first, and then I picked
the loan type
`
Not
At All
Little idea
8. Which of the following best describes your
shopping process?
4. When you began the process of getting this
mortgage, how familiar were you (and any cosigners) with each of the following?
Very Somewhat
Some idea
7. How much did you use each of the following
sources to get information about mortgages or
mortgage lenders?
Please return the blank questionnaire so we
know the survey does not apply to you. The
money enclosed is yours to keep.
3. Including you, how many people signed or cosigned for this mortgage?
1
Not at all
6. How firm an idea did you (and any co-signers)
have about the mortgage you wanted?
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.
2. Did we mail this survey to the address of the house
or property you financed with this mortgage?
Yes
Somewhat
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
two or more lenders to get a loan)
Other (specify) __________________________
10. How many different lenders/brokers did you
seriously consider before choosing where to apply
for this mortgage?
1
18
2
3
4
5 or more
Q# Variable Description and Codes
1
Q# Variable Description and Codes
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?
Wave 7 wording change
7
How much did you use each of the following sources
to get information about mortgages or mortgage
lenders?
[A] Your lender or broker
Wave 3, 4, 5, 6
Within the past 15 months, or so, did you take out or cosign mortgage loan documents (including any mortgage
refinances)?
Wave 1 & 2
At any time in 2013, did you take out or co-sign mortgage
loan documents?
2
Did we mail this survey to the address of the house or
property you financed with this mortgage?
Wave 7 changed “your” to “this”
3
Including you, how many people signed or co-signed
for this mortgage?
4
When you began the process of getting this mortgage,
how familiar were you (and any co-signers) with each
of the following?
Wave 7 changed “your” to “this”
[A] The mortgage interest rates available at that time
4
4
7
[B] Other lenders or broker
7
[C] Real estate agents or builders
7
[D] Material in the mail
7
[E] Websites that provide information on getting a
mortgage
7
[F] Newspaper/TV/Radio
Wave 7 renumber Q7F
Wave 4 NEW Q7J
7
[G] Friends/relatives/co-workers
Wave 7 renumbered was Q7F
7
[H] Bankers or financial planners
Wave 7 renumbered was Q7G
7
[I] Housing counselors
Wave 7 renumbered was Q7H
7
[J] Other
Wave 7 renumbered was Q7I
7
Other (specify)
8
Which of the following best describes your shopping
process?
9
How did you apply for this mortgage? Mark one
answer.
Wave 7 changed “your” to “this”
9
Other (specify)
10
How many different lenders/brokers did you seriously
consider before choosing where to apply for this
mortgage?
Wave 7 changed “your” to “this”, removed “Mark one
answer.”
[B] The different types of mortgages available
[C] The mortgage process
Wave 7 new wording
Prior to Wave 7: The process of taking out a mortgage
4
[D] The down payment needed to qualify for a mortgage
4
[E] The income needed to qualify for a mortgage
4
[F] Your credit history or credit score
4
[G] The money needed at closing
5
When you began the process of getting this mortgage,
how concerned were you about qualifying for a
mortgage?
Wave 7 changed “your” to “this”
6
How firm an idea did you (and any co-signers) have
about the mortgage you wanted?
19
11. How many different lenders/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/
broker for any of the following reasons?
Searching for better loan terms
Concern over qualifying for a loan
Information learned from the
“Good Faith Estimate”
Turned down on earlier application
Yes
No
13. How important were each of the following in
choosing the lender/broker you used for the
mortgage you took out?
Ask questions of your lender/broker
Seek a change in your loan or closing
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 “Good Faith Estimate” revised
to reflect changes in your loan terms
End up with better mortgage terms than
you were originally offered
Check other sources to confirm that
terms of this mortgage were reasonable
I (or one of my co-signers) did
The lender/broker did
We were put in contact by a third party (such as a
real estate agent or home builder)
15. How open were you to suggestions from your
lender/broker about mortgages with different
features or terms?
Somewhat
Yes
No
Yes
No
19. In the process of getting this mortgage from your
lender/broker, did you…
14. Who initiated the first contact between you and the
lender/broker you used for the mortgage you took
out?
Very
18. Did the “Good Faith Estimate” lead you to…
Easy to understand
Valuable information
17. Was the “Good Faith Estimate” you received from
your lender/broker…
Not
Important Important
Having an established banking
relationship
Having a local office or branch nearby
Used previously to get a mortgage
Lender/broker is a personal friend
or relative
Lender/broker operates online
Recommendation from a friend/
relative/co-worker
Recommendation from a real estate
agent/home builder
Reputation of lender/broker
Spoke my primary language, which is
not English
Yes
No
20. Your lender may have given you a “Shopping for
your home loan: Settlement cost booklet”, did you
receive a copy?
Not at all
No Skip to Q22
Yes
Don’t know
20
16
Q# Variable Description and Codes
11
How many different lenders/brokers did you end up
applying to?
Wave 7 removed “Mark one answer.”
12
Did you apply to more than one lender/broker for any of
the following reasons?
[A] Searching for better loan terms
12
[B] Concern over qualifying for a loan
12
[C] Information learned from the “Good Faith Estimate”
12
[D] Turned down on earlier application
13
How important were each of the following in choosing
the lender/broker you used for the mortgage you took
out?
Wave 7 changed from 3-point to 2-point scale
1 = Important
2 = Not Important
Prior to Wave 7 (Important)
1 = Very
2 = Somewhat
3 = Not At All
Q# Variable Description and Codes
[A] Having an established banking relationship
Pre-Wave 7 Data remapped to Q113A
13
[B] Having a local office or branch nearby
Pre-Wave 7 Data remapped to Q113B
13
[C] Used previously to get a mortgage
Pre-Wave 7 Data remapped to Q113C
13
[D] Lender/broker is a personal friend or relative
Pre-Wave 7 Data remapped to Q113D
13
[E] Lender/broker operates online
Pre-Wave 7 Data remapped to Q113E
13
[F] Recommendation from a friend/relative/co-worker
Wave 7 renumbered was Q13G
Pre-Wave 7 Data remapped to Q113G
13
[H] Reputation of the lender/broker
Wave 7 renumbered was Q13J
Pre-Wave 7 Data remapped to Q113J
13
[I] Spoke my primary language, which is not English
Wave 7 renumbered was Q13K
Pre-Wave 7 Data remapped to Q113K
14
Who initiated the first contact between you and the
lender/broker you used for the mortgage you took out?
15
How open were you to suggestions from your
lender/broker about mortgages with different features or
terms?
16
How important were each of the following in determining
the mortgage you took out?
Wave 7 changed from 3-point to 2-point scale
1 = Important
2 = Not Important
Prior to Wave 7 (Important)
1 = Very
2 = Somewhat
3 = Not At All
16
[C] Lower closing fees
Pre-Wave 7 Data remapped to Q116C
16
[D] Lower down payment
Pre-Wave 7 Data remapped to Q116D
16
[E] Lower monthly payment
Pre-Wave 7 Data remapped to Q116E
16
[F] An interest rate fixed for the life of the loan
Pre-Wave 7 Data remapped to Q116F
16
[G] A term of 30 years
Wave 7 wording change removed “less than”
Prior to Wave 7: A term of less than 30 years
Pre-Wave 7 Data remapped to Q116G
16
[H] No mortgage insurance
Pre-Wave 7 Data remapped to Q116H
17
Was the “Good Faith Estimate” you received from your
lender/broker…
[A] Easy to understand
17
[B] Valuable information
18
Did the “Good Faith Estimate” lead you to…
[A] Ask questions of your lender/broker
18
[B] Seek a change in your loan or closing
19
In the process of getting this mortgage from your
lender/broker, did you…
Wave 7 changed “your” to “this”
[A] Have to add another co-signer to qualify
Wave 7 wording change
Prior to Wave 7: Add a cosigner
[G] Recommendation from a real estate agent/home builder
Wave 7 renumbered was Q13H
Pre-Wave 7 Data remapped to Q113H
13
[B] Lower APR (Annual Percentage Rate)
Pre-Wave 7 Data remapped to Q116B
[A] Lower interest rate
Pre-Wave 7 Data remapped to Q116A
21
19
[B] Resolve credit report errors or problems
19
[C] Answer follow-up requests for more information about
income or assets
19
[D] Have more than one appraisal
Wave 7 wording change
Prior to Wave 7: Have multiple appraisals
19
[E] Redo/refile paperwork due to processing delays
19
[F] Delay or postpone closing date
19
[G] Have your “Good Faith Estimate” revised to reflect
changes in your loan terms
Wave 5 NEW
19
[H] End up with better mortgage terms than you were
originally offered
Wave 7 NEW
19
[I] Check other sources to confirm that terms of this
mortgage were reasonable
Wave 7 NEW
20
Your lender may have given you a “Shopping for your
home loan: Settlement cost booklet”, did you receive a
copy?
Wave 7 NEW
26. Overall, how satisfied are you that the mortgage
you got was the one with the…
21. If you received a copy of the Settlement cost
booklet, did the booklet lead you to ask
additional questions about your mortgage
terms?
Yes
Not
Very Somewhat At All
Best terms to fit your needs
Lowest interest rate for which
you could qualify
Lowest closing costs
No
22. During the application process were you told about
mortgages with any of the following?
Yes
An interest rate that is fixed for the
life of the loan
An interest rate that could change over
the life of the loan
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
An FHA, VA, USDA or Rural Housing
loan
27. Overall, how satisfied are you with the…
No
Very
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
Use an agent recommended by the
lender/broker
Use an agent you had used previously
Shop around
No
Not
At all
28. Did you take a course about home-buying or talk to
a housing counselor?
No Skip to Q32
Yes
29. How was the home-buying course or
counseling provided?
23. In selecting your settlement agent did you…
Yes
Somewhat
In person, one-on-one
In person, in a group
Over the phone
Online
Yes
No
30. How many hours was the home-buying
course or counseling?
24. Did your lender require you to get title insurance
on this mortgage?
No Skip to Q26
Yes
25. Which best describes how you picked the title
insurance?
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
31. Overall, how helpful was the home-buying
course or counseling?
Reissued previous title insurance
Used title insurance recommended by
lender/broker or settlement agent
Shopped around
Very
22
Somewhat
Not at all
Q# Variable Description and Codes
Q# Variable Description and Codes
21 If you received a copy of the Settlement cost booklet,
did the booklet lead you to ask additional questions
about your mortgage terms?
Wave 7 NEW
26
[B] Lowest interest rate for which you could qualify
Wave 7 renumbered was Q24B
26
[C] Lowest closing costs
Wave 7 renumbered was Q24C
22 During the application process were you told about
mortgages with any of the following?
27 Overall, how satisfied are you with the…
[A] An interest rate that is fixed for the life of the loan
Wave 7 renumbered was Q20A
[A] Lender/broker you used
Wave 7 renumbered was Q25A
27 [B] Application process
Wave 7 renumbered was Q25B
22 [B] An interest rate that could change over the life of the
loan
Wave 7 renumbered was Q20B
27 [C] Documentation process required for the loan
Wave 7 NEW
22 [C] A term of less than 30 years
Wave 7 renumbered was Q20C
27 [D] Loan closing process
Wave 7 renumbered was Q25C
22 [D] A higher interest rate in return for lower closing costs
Wave 7 renumbered was Q20D
27 [E] Information in mortgage disclosure documents
Wave 7 wording change, removed “the”
Wave 7 renumbered was Q25D
22 [E] A lower interest rate in return for paying higher closing
costs (discount points)
Wave 7 renumbered was Q20E
27 [F] Timeliness of mortgage disclosure documents
Wave 7 wording change, removed “the”
Wave 7 renumbered was Q25E
22 [F] Interest-only monthly payments
Wave 7 renumbered was Q20F
27 [G] Settlement agent
Wave 7 renumbered was Q25F
22 [G] An escrow account for taxes and/or homeowner
insurance
Wave 7 renumbered was Q20G
28 Did you take a course about home-buying or talk to a
housing counselor?
Wave 3 wording change
Wave 7 renumbered was Q26
22 [H] A prepayment penalty (fee if the mortgage is paid off
early)
Wave 7 renumbered was Q20H
22 [I] Reduced documentation or “easy” approval
Wave 7 renumbered was Q20I
Wave 1 & 2: Did you take a course about home-buying or
talk to a credit counselor?
22 [J] An FHA, VA, USDA or Rural Housing loan
Wave 7 renumbered was Q20J
29
23 In selecting your settlement agent did you…
Wave 3 wording change
Wave 1 & 2: How was the counseling or home-buying
course provided?
[A] Use an agent recommended by the lender/broker
Wave 7 renumbered was Q21A
[A] In person, one-on-one
Wave 7 renumbered was Q27A
23 [B] Use an agent you had used previously
Wave 7 renumbered was Q21B
23
[C] Shop around
Wave 7 renumbered was Q21C
24 Did your lender require you to get title insurance on
this mortgage?
Wave 7 renumbered was Q22
25 Which best describes how you picked the title
insurance?
Wave 7 renumbered was Q23
26
How was the home-buying course or counseling
provided?
Overall, how satisfied are you that the mortgage you
got was the one with the…
[A] Best terms to fit your needs
Wave 7 renumbered was Q24A
23
29
[B] In person, in a group
Wave 7 renumbered was Q27B
29
[C] Over the phone
Wave 7 renumbered was Q27C
29
[D] Online
Wave 7 renumbered was Q27D
30
How many hours was the home-buying course or
counseling?
Wave 7 renumbered was Q28
31
Overall, how helpful was the home-buying course or
counseling?
Wave 7 renumbered was Q29
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. If a refinance, construction loan, or new loan on a
mortgage free property, how important were the
following in your decision to refinance, modify or
obtain a new mortgage?
Purchase of a property Continue with Q33
Permanent financing on a
construction loan
Refinance or modification of an
existing mortgage
Skip to Q36
New loan on a mortgage-free property
Some other purpose (specify) _____
Not
Important 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
____________________________________
After
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
$________________________. 00
Zero (the property was mortgage-free)
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))?
34. What percent down payment did you make on this
property?
0%
Less than 5%
5% to less than 10%
10% to less than 20%
20% or more
New amount is lower Skip to Q40
New amount is about the same Skip to Q40
New amount is higher
Property was mortgage-free
39. Did you use the money you got from this new
mortgage for any of the following?
College expenses
Auto or other major purchase
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?
Used
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
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
Not
Used
Yes
No
This Mortgage
40. When you took out this most recent mortgage or
refinance, what was the loan amount, (the dollar
amount you borrowed)?
Skip to Q40
$__________________ . 00
24
Don’t know
Q#
32
32
33
Variable Description and Codes
Q#
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.
Wave 7 wording change
Wave 7 renumbered was Q50
36
[B] Get a lower interest rate
Pre-Wave 7 Data remapped to Q156B
36
[C] Get a lower monthly payment
Pre-Wave 7 Data remapped to Q156C
Prior to Wave 7: What was the primary purpose of your mortgage at the
time you took it out?
36
[D] Consolidate or pay down other debt
Pre-Wave 7 Data remapped to Q156D
Wave 7
Skip pattern of response “Permanent financing on a construction loan” was
changed from that of “purchase of a property” (continuer with q33) to
“refinance…” (skip to Q36)
36
[E] Repay the loan more quickly
Pre-Wave 7 Data remapped to Q156E
36
[F] Take out cash
Pre-Wave 7 Data remapped to Q156F
37
Approximately how much was owed, in total, on the old mortgage(s)
and loan(s) you refinanced?
Wave 7 renumbered was Q57
Did you do the following, before or after you made an offer on this
house or property?
Wave 9 wording change, dropped first word “When”
[A] Contacted a lender to explore mortgage options
Wave 7 NEW
33
[B] Got a pre-approval or pre-qualification from a lender
Wave 7 NEW
33
[C] Decided on the type of loan
Wave 7 NEW
33
[D] Made a decision on which lender to use
Wave 7 NEW
33
[E] Submitted an official loan application
Wave 7 NEW
34
What percent down payment did you make on this property?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q54
DROP CELL
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))?
Wave 7 changed “when they were paid off” to “you paid off” Added the
expression in parenthesis
Wave 7 renumbered was Q58
39
1 = 0% 2 = Less than 5% 3 = 5% to less than 10%
4 = 10% to less than 20% 5 = 20% or more
Did you use the money you got from this new mortgage for any of the
following?
[A] College expenses
Wave 7 renumbered was Q59A
Wave 1 & 2 response options were:
1 = 0% 2 = Less than 5% 3 = 5-9.99%
4 = 10-19.99%
5 = 20% or more
35
Variable Description and Codes
Did you use any of the following sources of funds to purchase this
property?
Wave 7 changed “your” to “this”
39
[B] Auto or other major purchase
Wave 7 renumbered was Q59B
39
[C] Pay off other bills or debts
Wave 7 renumbered was Q59C
39
D] Home repairs or new construction
Wave 7 wording change
Wave 7 renumbered was Q59D
[A]Proceeds from the sale of another property
Wave 7 renumbered was Q52
Prior to Wave 7 response was “Home repairs”
Wave 7 Question “How much money from the sale of this other
property was used to purchase this property?” with a dollar and
“don’t know” response was dropped. Pre-Wave 7 data remapped to
Q153
39
[E] Savings
Wave 7 renumbered was Q59E
39
[F] Closing costs of new mortgage
Wave 7 renumbered was Q59F
35
B] Savings, retirement account, inheritance, or other assets
Wave 7 renumbered was Q55A
35
[C] Assistance or loan from a nonprofit or government agency
Wave 7 renumbered was Q55B
39
[G] Business or investment
Wave 7 renumbered was Q59G
35
[D] A second lien, home equity loan, or home equity line of credit (HELOC)
Wave 7 NEW
39
[H] Other
Wave 7 renumbered was Q59H
39
35
[E] Gift or loan from family or friend
Wave 7 renumbered was Q55C
Other (specify)
Wave 7 renumbered was Q59_OS
40
35
[F] Seller contribution
Wave 7 renumbered was Q55D
When you took out this most recent mortgage or refinance, what was
the loan amount (the dollar amount you borrowed)?
Wave 7 wording change
Wave 7 renumbered was Q30
36
How important were the following in your decision to refinance,
modify or obtain a new mortgage?
Wave 9 dropped introductory phrase “If a refinance, construction loan, or
new loan on a mortgage free property,
Wave 7 introductory phrase added.
Prior to Wave 7: When you took out this mortgage, what was the loan
amount?
DROP CELL
Wave 7 changed from 3-point to 2-point scale
1 = Important 2 = Not Important
Prior to Wave 7 (Important)
1 = Very 2 = Somewhat 3 = Not At All
[A] Change to a fixed-rate loan
Pre-Wave 7 Data remapped to Q156A
25
41. What is the monthly payment, including the
amount paid to escrow for taxes and insurance?
$________________. 00
48. How were the total closing costs (loan costs and
other costs) for this loan paid?
Don’t know
By me or a co-signer (check or
wire transfer)
By lender/broker
By seller/builder
Added to the mortgage amount
Other (specify) _________________
______________________________
42. What is the interest rate on this mortgage?
__________%
Don’t know
43. Is this an adjustable-rate mortgage; one that
allows the interest rate to change over the life of the
loan?
No
Don’t
Know
49. Did you compare the final loan costs to the final
Good Faith Estimate you received from your
lender?
Yes
No
Don’t know
No Skip to Q51
Yes
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?
50. Did you find any significant differences
between the two?
Yes
No
Yes
No
Don’t know
51. 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?
At application
Between application and closing
Around closing
Lender/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
Other (specify)__________________
______________________________
46. Does this mortgage have any of the following
features?
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
Yes
No
Don’t
Know
47. The closing disclosure statement you received at
closing shows the loan costs and other closing costs
separately. What were the loan closing costs you
paid on this loan?
$________________. 00
Yes
Don’t know
26
Yes
No
Q# Variable Description and Codes
41
Q# Variable Description and Codes
What is the monthly payment, including the amount
paid to escrow for taxes and insurance?
Wave 7 wording change
Wave 7 renumbered was Q31
48
Prior to Wave 7: What is the monthly payment?
[A] By me or a co-signer (check or wire transfer)
Wave 7 renumbered was Q41A
DROP CELL
42
What is the interest rate on this mortgage?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q32
48
[B] By lender/broker
Wave 7 renumbered was Q41B
48
[C] By seller/builder
Wave 7 renumbered was Q41C
48
[D] Added to the mortgage amount
Wave 7 renumbered was Q41D
48
[E] Other
Wave 7 renumbered was Q41E
DROP CELL
43
How were the total closing costs (loan costs and other
costs) for this loan paid?
Wave 7 wording change
Prior to Wave 7: Were the costs to close your loan paid in
any of the following ways?
Is this an adjustable-rate mortgage (one that allows
the interest rate to change over the life of the loan)?
Wave 7 wording change
Wave 7 renumbered was Q33
DROP CELL
Prior to Wave 7: Is this an adjustable-rate mortgage?
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?
Wave 7 renumbered was Q34
45
When was the interest rate set/locked on this loan?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q35
46
49
Wave 7 renumbered was Q42
Does this mortgage have any of the following
features?
Wave 7 changed “your” to “this”
50
Did you find any significant differences between the
two?
Wave 7 renumbered was Q43
51
Did you seek input about your closing documents
from any of the following people?
[A] A prepayment penalty (fee if the mortgage is paid off
early)
Wave 7 renumbered was Q40A
46
[B] An escrow account for taxes and/or homeowner
insurance
Wave 7 renumbered was Q40B
46
[C] A balloon payment
Wave 7 renumbered was Q40C
46
[D] Interest-only payments
Wave 7 renumbered was Q40D
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?
Wave 9 added “closing”
Wave 7 NEW
Did you compare the final loan costs to the final Good
Faith Estimate you received from your lender?
Wave 7 new wording
Prior to Wave 7: At or before closing did you compare the
final loan costs to the Good Faith Estimate you received
earlier from your lender?
[A] Lender/broker
Wave 7 renumbered was Q44A
51
[B] Settlement agent
Wave 7 renumbered was Q44D
51
[C] Real estate agent
Wave 7 renumbered was Q44C
51
[D] Personal attorney
Wave 7 added “Personal”
Wave 7 renumbered was Q44B
51
[E] Title agent
Wave 7 renumbered was Q44E
51
[F] Trusted friend or relative who is not a co-signer on the
mortgage
Wave 7 renumbered was Q44F
51
[G] Housing counselor
Wave 7 renumbered was Q44G
51
[H] Other
Wave 7 renumbered was Q44H
DROP BOX
27
This Mortgaged Property
52. Did you face any unpleasant “surprises” at your
loan closing?
57. When did you buy or acquire this property? If
you refinanced, the date you originally acquired
the property?
No Skip to Q54
Yes
53. What unpleasant surprises did you face?
Different loan terms
Higher monthly payment
Higher interest rate
Unexpected fees
Higher amount of money needed
at closing
Asked to sign blank documents
Rushed at closing or not given time
to read documents
Other (specify) _________________
____________________________
_______/______
month
year
Yes
No
58. What was the purchase price of this property, or
if you built it, the construction and land cost?
59. How did you acquire this property?
Mark one answer.
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))?
55. What was the amount of this loan?
$______________________. 00
Don’t know
Yes
Not
Very Somewhat At All
Single-family detached house Skip to Q62
Townhouse, row house, or villa Skip to Q62
Mobile home or manufactured home Skip to Q62
2-unit, 3-unit, or 4-unit dwelling
Condo, apartment house, or co-op
Unit in a partly commercial structure
Other (specify) ________________
61. Does this mortgage cover more than one unit?
56. How well could you explain to someone the…
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. What type of house is on this property?
Mark one answer.
No Skip to Q56
Yes
Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
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
Don’t know
$______________________. 00
No
62. About how much do you think this property is
worth in terms of what you could sell it for now?
$__________________. 00
Don’t know
63. Do you rent out all or any portion of this property?
No Skip to Q65
Yes
64. How much rent do you receive annually?
$______________. 00 per year
28
Q# Variable Description and Codes
Q# Variable Description and Codes
52
Did you face any unpleasant “surprises” at your loan
closing?
Wave 7 renumbered was Q45
57
53
What unpleasant surprises did you face?
When did you buy or acquire this property? If you
refinanced, the date you originally acquired the property?
Wave 7 words added
Prior to Wave 7: When did you buy or acquire your property?
Wave 7 renumbered was Q60A
57
Wave 7 renumbered was Q60B
58
What was the purchase price of this property, or if you
built it, the construction and land cost?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q61
58
Wave 7 renumbered was Q61_DK
59
How did you acquire this property? Mark one answer.
Wave 7 changed “the” to “this”
[A] Different loan terms
Wave 7 renumbered was Q46A
53
[B] Higher monthly payment
Wave 7 renumbered was Q46B
53
[C] Higher interest rate
Wave 7 renumbered was Q46C
53
[D] Unexpected fees
Wave 7 renumbered was Q46D
53
[E] Higher amount of money needed at closing
Wave 7 renumbered was Q46E
53
[F] Asked to sign blank documents
Wave 7 renumbered was Q46F
53
[G] Rushed at closing or not given time to read documents
Wave 7 renumbered was Q46G
53
[H] Other
Wave 7 renumbered was Q46H
Wave 7 response changes:
1 = Purchased an existing home (deleted in a standard
sale from the previous owner)
2 = Purchased a newly-built home from a builder
3 = Had or purchased land and built a house
Wave 7 renumbered was 5
4 = Received as a gift or inheritance
Wave 7 renumbered was 6
5 = Other (specify)
Wave 7 renumbered was 7
Wave 7 deleted responses:
Purchased a foreclosed property… (was Q62-3)
Purchased a “short sale” property … (was Q62-4)
Pre- wave 7 data renumber to responses “13” and “14”
DROP BOX
54
55
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))?
Wave 7 changed “your” to “this” and added “you financed
with this mortgage”
Wave 7 renumbered was Q47
Wave 7 renumbered was Q62
DROP BOX
60
What was the amount of this loan?
Wave 7 renumbered was Q48
What type of house is on this property? Mark one answer.
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q63
DROP BOX
DROP BOX
61
56
How well could you explain to someone the…
Does this mortgage cover more than one unit?
Wave 7 NEW
Pre-wave 7: (If multiple units in Q60) How many separate
living units does your mortgage cover?
0 – 999 = Amount
Blank = No Answer or Appropriately
skipped
Pre-wave 7 data remapped to Q164
[A] Process of taking out a mortgage
Wave 7 renumbered was Q49A
56
[B] Difference between a fixed- and an adjustable-rate
mortgage
Wave 7 renumbered was Q49B
56
[C] Difference between a prime and subprime loan
Wave 7 renumbered was Q49C
About how much do you think this property is worth in
terms of what you could sell it for now?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q65
56
[D] Difference between a mortgage’s interest rate and its APR
Wave 7 renumbered was Q49D
DROP BOX
56
[E] Amortization of a loan
Wave 7 renumbered was Q49E
56
[F] Consequences of not making required mortgage payments
Wave 7 renumbered was Q49F
56
62
[G] Difference between lender’s and owner’s title insurance
Wave 7 NEW
29
63
Do you rent out all or any portion of this property?
Wave 7 added wording “all or” and “this”
Wave 7 renumbered was Q66
64
How much rent do you receive annually?
Wave 7 added “annually”
Wave 7 response changed from “ ____.00 per month” to
“____00 per year”
Wave 7 renumbered was Q67
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…
Very
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 investor property
Other (specify) _________________
72. What is your current marital status?
_______/______
month
year
68. In the last couple years, how has the following
changed in the neighborhood where this property
is located?
Married Skip to Q74
Separated
Never married
Divorced
Widowed
73. Do you have a partner who shares the decisionmaking and responsibilities of running your
household but is not your legal spouse?
Significant Little/No Significant
Increase Change
Decrease
Yes
No
Please answer the following questions for you and your
spouse or partner, if applicable.
74. Age at last birthday:
You
____ years
Spouse/
Partner
____ years
75. Sex:
69. What do you think will happen to the prices of
homes in this neighborhood over the next couple of
years?
Not
At All
Your Household
Skip to Q68
67. If primary residence, when did you move into
this property?
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
Somewhat
Male
Female
Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot
You
Spouse/
Partner
76. Highest level of education achieved:
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
70. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?
Become more desirable
Stay about the same
Become less desirable
30
You
Spouse/
Partner
Q# Variable Description and Codes
65
Q# Variable Description and Codes
Besides you, the mortgage co-signers, and renters,
does anyone else help pay the expenses for this
property?
Wave 7 wording change
70
Pre-wave 7: “Do any of the other household members help
pay of household expenses” Only asked if they answered
“yes” to “Besides you (and your spouse/partner), does
anyone else live in your household or use your house as a
permanent address?”
Q3/14 scale change
1 = Become more desirable
2 = Stay about the same
3 = Become less desirable
Q1/14 and Q2/14 scale:
1 = Significant increase
2 = Stay about the same
3 = Significant decrease
Wave 7 renumbered was Q84
66
Which of the following best describes how you use
this property?
Wave 7 renumbered was Q68
71
DROP BOX
67
Wave 7 renumbered was Q98A
71
Month
Wave 7 renumbered was Q69A
Year
Wave 7 renumbered was Q69B
68
In the last couple years, how has the following
changed in the neighborhood where this property is
located?
Wave 7 wording change
Prior to Wave 7: In the last couple years, how have the
following changed in your neighborhood?
68
How likely is it that in the next couple of years you
will…
[A] Sell this property
Wave 7 word change
Prior to Wave 7: Move and sell property
If primary residence, when did you move into this
property?
Wave 7 wording change
Prior to Wave 7: When did you move into the property?
67
In the next couple of years, how do you expect the
overall desirability of living in this neighborhood to
change?
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q96
[B] Move but keep this property
Wave 7 changed “your” to “this”
Wave 7 renumbered was Q98B
71
[C] Refinance the mortgage on this property
Wave 7 word change
Prior to Wave 7: Refinance
Wave 7 renumbered was Q98C
71
[D] Pay off this mortgage and own the property mortgagefree
Wave 7 changed “your” to “this” and “the”
Wave 7 renumbered was Q98D
[A] Number of homes for sale
Wave 7 renumbered was Q94A
72
[B] Number of vacant homes
Wave 7 renumbered was Q94B
What is your current marital status?
Wave 7 renumbered was Q71
73
Do you have a partner who shares the decisionmaking and responsibilities of running your
household but is not your legal spouse?
Wave 7 renumbered was Q72
74
Age at last birthday:
Wave 7 renumbered was Q73A or Q73B
68
[C] Number of homes for rent
Wave 7 renumbered was Q94BC
68
[D] Number of foreclosures or short sales
Wave 7 renumbered was Q94D
68
[E] House prices
Wave 7 renumbered was Q94E
68
[F] Overall desirability of living there
Wave 7 renumbered was Q94F
69
What do you think will happen to the prices of homes
in this neighborhood over the next couple of years?
Wave 7 wording change
Prior to Wave 7: What do you think will happen to the
prices of homes like yours in your neighborhood over the
next couple of years?”
DROP BOX
75
Sex:
Wave 7 renumbered was Q74A or Q74B
DROP BOX
76
Highest level of education achieved:
DROP BOX
Wave 7 renumbered was Q95
31
77. Hispanic or Latino:
Yes
No
You
Spouse/
Partner
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)?
78. Race: Mark all that apply.
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander
You
Spouse/
Partner
83. How does this total annual household income
compare to what it is in a “normal” year?
Higher than normal
Normal
Lower than normal
79. Current work status: Mark all that apply.
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)
You
Spouse/
Partner
84. 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
80. 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).
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
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
No
Yes
No
86. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you make investments?
81. Besides you (and your spouse/partner) who else
lives in your household? Mark all that apply.
Yes
85. Does anyone in your household have any of the
following?
Spouse/
Partner
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
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-relative
No one else
32
Q# Variable Description and Codes
77
Q# Variable Description and Codes
Hispanic or Latino:
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)?
Wave 7 renumbered was Q85
83
How does this total annual household income
compare to what it is in a “normal” year?
Wave 7 renumbered was Q86
84
DROP BOX
Does your total annual household income include any
of the following sources?
Current work status:
[A] Wages or salary
Wave 7 renumbered was Q87A
DROP BOX
78
79
Race:
[A1] White
[A2] Black or African American
[A3] American Indian or Alaska Native
[A4] Asian
[A5] Native Hawaiian or Pacific Islander
[A1] Self-employed/work for self
[A2] Employed full time
[A3] Employed part time
[A4] Retired
[A5] Temporarily laid-off or on leave
[A6] Not working for pay (student, homemaker, disabled,
unemployed)
DROP BOX
80
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).
84
[B] Business or self-employment
Wave 7 renumbered was Q87B
84
[C] Interest or dividends
Wave 7 renumbered was Q87C
84
[D] Alimony or child support
Wave 7 renumbered was Q87D
84
[E] Social Security benefits
Wave 7 renumbered was Q87E
85
Does anyone in your household have any of the
following?
[A] 401(k), 403(b), IRA, or pension plan
Wave 7 renumbered was Q88A
DROP BOX
81
Besides you (and your spouse/partner) who else lives
in your household? Mark all that apply.
Wave 7 NEW
[A] Children/grandchildren under age 18
[B] Children/grandchildren age 18-22
[C] Children/grandchildren age 23 or older
[D] Parents of you or your spouse or partner
[E] Other relatives like siblings or cousins
[F] Non-relatives
Wave 8 ADDED
[G] No one else
33
85
[B] Stocks, bonds, or mutual funds (not in retirement
accounts or pension plans)
Wave 7 renumbered was Q88B
85
[C] Certificates of deposit
Wave 7 renumbered was Q88C
85
[D] Investment real estate
Wave 7 renumbered was Q88D
86
Which one of the following statements best describes
the amount of financial risk you are willing to take
when you make investments?
Wave 7 renumbered was Q89
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)?
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
It is okay to default or stop making
mortgage payments if it is in the
borrower’s financial interest
Significant Little/No Significant
Increase Change Decrease
Household income
Housing expenses
Non-housing expenses
92. How likely is it that in the next couple of years
you (or your spouse/partner) will face…
Yes
No
Retirement
Difficulties making your
mortgage payments
A layoff, unemployment, or
forced reduction in hours
Some other personal financial
crisis
Yes
No
Very
Somewhat
Not
At All
93. If your household faced an unexpected
personal financial crisis in the next couple of
years, how likely is it you could…
Very
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
89. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Layoff, unemployment, or reduced
hours of work
Retirement
Promotion
Starting a new job
Starting a second job
Business failure
A personal financial crisis
Significant Little/No Significant
Increase Change Decrease
88. In the last couple of years, have any of the
following happened to you?
Separated or divorced
Married/remarried/new partner
Death of a household member
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)
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)
91. In the next couple of years, how do you expect the
following to change for you (and your
spouse/partner)?
Household income
Housing expenses
Non-housing expenses
34
Not
Somewhat At All
Q# Variable Description and Codes
Q# Variable Description and Codes
Do you agree or disagree with the following
statements?
89
[C] Promotion
Wave 7 renumbered was Q92B
[A] Owning a home is a good financial investment
Wave 7 renumbered was Q90A
89
[D] Starting a new job
Wave 7 renumbered was Q92C
87
[B] Most mortgage lenders generally treat borrowers well
Wave 9 added “Most”
Wave 7 renumbered was Q90B
89
[E] Starting a second job
Wave 7 renumbered was Q92D
89
87
[C] Most mortgage lenders would offer me roughly the
same rates and fees
Wave 9 added “Most”
Wave 7 NEW RESPONSE
[F] Business failure
Wave 7 renumbered was Q92E
89
[G] A personal financial crisis
Wave 7 renumbered was Q92F
90
In the last couple years, how have the following
changed for you (and your spouse/partner)?
87
87
[D] Late payments will lower my credit rating
Wave 7 renumbered was Q90C
87
[E] Lenders shouldn’t care about any late payments, only
whether loans are fully repaid
Wave 7 renumbered was Q90D
90
87
[F] It is okay to default or stop making mortgage payments
if it is in the borrower’s financial interest
Wave 7 renumbered was Q90E
[B] Housing expenses
Wave 7 renumbered was Q93B
90
[C] Non-housing expenses
Wave 7 renumbered was Q93C
In the last couple of years, have any of the following
happened to you?
91
In the next couple of years, how do you expect the
following to change for you (and your
spouse/partner)?
88
Household income
Wave 7 renumbered was Q93A
[A] Separated or divorced
Wave 7 renumbered was Q91A
Prior to Wave 7: Separate/divorced
[A] Household income
Wave 7 renumbered was Q97A
88
[B] Married/remarried/new partner
Wave 7 renumbered was Q91B
91
[B] Housing expenses
Wave 7 renumbered was Q97B
88
[C] Death of a household member
Wave 7 renumbered was Q91C
91
[C] Non-housing expenses
Wave 7 renumbered was Q97C
88
[D] Addition to your household (not including
spouse/partner)
Wave 7 renumbered was Q91D
92
How likely is it that in the next couple of years you (or
your spouse/partner) will face…
88
[E] Person leaving your household (not including
spouse/partner)
Wave 7 renumbered was Q91E
88
[F] Disability or serious illness of household member
Wave 7 renumbered was Q91F
88
[G] Disaster affecting a property you own
Wave 7 renumbered was Q91G
Prior to Wave 7: Disaster affecting your house
88
[H] Disaster affecting your (or your spouse/partner’s) work
Wave 7 renumbered was Q91H
88
[I] Moved within the area (less than 50 miles)
Wave 7 renumbered was Q91I
88
[J] Moved to a new area (50 miles or more)
3/15 renumbered was Q91J
89
In the last couple of years, have any of the following
happened to you (or your spouse/partner)?
[A] Retirement
Wave 7 renumbered was Q99A
[B] Difficulties making your mortgage payments
Wave 7 renumbered was Q99B
92
[C] A layoff, unemployment, or forced reduction in hours
Wave 7 renumbered was Q99C
92
[D] Some other personal financial crisis
3/15 renumbered was Q99D
93
If your household faced an unexpected personal
financial crisis in the next couple of years, how likely
is it you could…
[A] Pay your bills for the next 3 months without borrowing
Wave 7 renumbered was Q100A
[A] Layoff, unemployment, or reduced hours of work
Wave 7 renumbered was Q92A
89
92
[B] Retirement
Wave 7 renumbered was Q92G
Q4/14 NEW RESPONSE
35
93
[B] Get significant financial help from family or friends
Wave 7 renumbered was Q100B
93
[C] Borrow enough money from a bank or credit union
Wave 7 renumbered was Q100C
93
[D] Significantly increase your income
Wave 7 renumbered was Q100D
RETIRED SURVEY QUESTIONS – DATA MAP
When
deleted
Old Q #
New Q #
Comments
Q13A-K
Q113A-K Wave 7 Scale changed from
3-point to 2-point
Question
How important were each of the following in choosing the
lender/broker you used for the mortgage you took out?
1 = Important
2 = Not Important
Prior to Wave 7 (Important)
1 = Very
2 = Somewhat
3 = Not At All
Having an established banking relationship
Having a local office or branch nearby
Used previously to get a mortgage
Lender/broker is a personal friend or relative
Lender/broker operates online
Recommendation from a friend/relative/co-worker
Recommendation from a real estate agent/home builder
Reputation of lender/broker
Spoke my primary language, which is not English
Deleted in Wave 7
[F] Recommendation from a lending website
[I] Lender is a community bank or credit union
Q16A-H
Q116A-H Wave 7 Scale changed from
3-point to 2-point
How important were each of the following in determining the
mortgage you took out?
1 = Important
2 = Not Important
Prior to Wave 7 (Important)
1 = Very
2 = Somewhat
3 = Not At All
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 year
No mortgage insurance
Q36,
Q37,
Q38,
Q39
Q136
Q137
Q138
Q139
Wave 7 Replaced with new
Q47
36. Many mortgages have discount points paid to the lender to
get a lower interest rate. Did you pay any discount points?
No
Yes
37. (If Yes) How many discount points did you pay?
_____ points
Don’t know
38. Some lenders charge origination points to cover the cost of
preparing a mortgage for closing. These are often expressed
as a percentage of the loan amount. Did you pay any
origination points?
No
Yes
39. (If Yes) How many origination points did you pay?
_____ points
Don’t know
Q40E
Q140E
Wave 7
Owner’s title insurance
Q40F
Q140F
Wave 7
Credit life/debt suspension/debt cancellation insurance
36
RETIRED SURVEY QUESTIONS – DATA MAP
When
deleted
Old Q #
New Q #
Comments
Question
Q51
Q151
Wave 7 Replaced with new
Q33
Which statement best describes the approach you took to purchase
your house or property?
Had a pre-approval or pre-qualification from a lender before I made
the purchase
Shopped for a mortgage after making the purchase offer
Shopped for house and mortgage at the same time
Q53
Q153
Wave 7
How much money from the sale of this other property was used to
purchase your property?
$________. 00
Don’t know
Q56A-F
Q156A-F
Wave 7 Scale changed from
3-point to 2-point
If a refinance, construction loan, or new loan on a mortgage free
property, how important were the following in your decision to
refinance, modify or obtain a new mortgage?
1 = Important 2 = Not Important
Prior to Wave 7 (Important)
1 = Very 2 = Somewhat 3 = Not At All
Q64
Q164
Wave 7
(If multiple units) How many separate living units does your mortgage
cover?
0 – 999 = Amount
Q70
Q170
Wave 7
Is anyone who currently lives in the property a co-signer on your
mortgage?
Yes
No
Q75
A&B
Q175
A&B
Wave 7
Ever owned other residential properties besides this one?
You [A] Spouse/Partner [B]
Yes
No
Q81,
Q82,
Q83
Q181
Q182
Q183
Wave 7 Replaced with new
Q84
Q81. Besides you (and your spouse/partner), does anyone else live in
your household or use your house as a permanent address?
No
Yes
Q82. (If Yes to Q81) How many of the other household
members are 18 years of age or younger?
_______ household members
None
Q83. (If Yes to Q81) How many of the other household
members are older than 18?
_______ household members
None
37
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Missing
265
1 Signer
5989
2 Co-signers
7916
3 Co-signers
90
Very
Somewhat
Not at all
Total
9126
4511
650
14287
Very
Somewhat
Not at all
Total
7022
5825
1440
14287
Very
Somewhat
Not at all
Total
8346
4661
1280
14287
Very
Somewhat
Not at all
Total
8724
4312
1251
14287
Very
Somewhat
Not at all
Total
4719
1148
14287
Somewhat
Not at all
Total
2896
401
14287
Somewhat
Not at all
Total
5035
1565
14287
Very
Somewhat
Not at all
Total
Q5: When you began the process of getting this mortgage, how concerned were you about qualifying for a mortgage?
2111
4174
8002
14287
Q6: How firm an idea did you (and any co-signers) have about the mortgage you wanted?
Firm idea
9002
Some idea
4606
Little idea
679
Total
14287
A little
Not at all
Total
2904
1373
14287
A lot
A little
Not at all
Total
1350
4574
8363
14287
A lot
A little
Not at all
Total
2486
3043
8758
14287
A lot
A little
Not at all
Total
547
1904
11836
14287
A lot
A little
Not at all
Total
2753
4436
7098
14287
Not asked in
Wave/Quarter
A lot
A little
Not at all
Total
7405
142
742
5998
14287
A lot
A little
Not at all
Total
1872
4153
8262
14287
A lot
A little
Not at all
Total
2114
3079
9094
14287
Q3: Including you, how many people signed or co-signed for this mortgage?
Q4A: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the
mortgage interest rates available at that time?
Q4B: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the
different types of mortgages available?
Q4C: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the
mortgage process?
Q4D: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the down
payment needed to qualify for a mortgage?
Q4E: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the income
needed to qualify for a mortgage?
8420
Very
Q4F: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with your credit
history or credit score?
10990
Very
Q4G: When you began the process of getting this mortgage, how familiar were you (and any co-signers) with the money
needed at closing?
7687
A lot
Q7A: How much did you use the following source to get information about mortgages or mortgage lenders? 'Your lender
or broker'
10010
Q7B: How much did you use the following source to get information about mortgages or mortgage lenders? 'Other
lenders or brokers'
Q7C: How much did you use the following source to get information about mortgages or mortgage lenders? 'Real estate
agents or builders (title agents added)'
Q7D: How much did you use the following source to get information about mortgages or mortgage lenders? 'Material in
the mail'
Q7E: How much did you use the following source to get information about mortgages or mortgage lenders? 'Websites
that provide information on getting a mortgage (books and active researc
Q7F: How much did you use the following source to get information about mortgages or mortgage lenders?
'Newspaper/TV/Radio (passive media added)'
Q7G: How much did you use the following source to get information about mortgages or mortgage lenders?
'Friends/relatives/co-workers (employer and employer services added)'
Q7H: How much did you use the following source to get information about mortgages or mortgage lenders? 'Bankers or
financial planners (financial and law professionals added)'
4 or more co-signers
27
Total
14287
A lot
A little
Not at all
Total
Q7I: How much did you use the following source to get information about mortgages or mortgage lenders? 'Housing
counselors (classes and workshops added)'
184
471
13632
14287
Q8: Which of the following best describes your shopping process?
I picked the
I picked the loan type lender/broker first, and
first, and then I picked then I picked the loan
the lender/broker
type
Total
4409
9878
14287
Q9: How did you apply for this mortgage?
Directly to a lender,
such as a bank or
credit union
9515
Through a mortgage
broker (someone who
works with two or
more lenders to get a
loan)
4701
Builder
71
Total
14287
1
2
3
4
5 or more
Q10: How many different lenders/brokers did you seriously consider before choosing where to apply for this mortgage?
7142
4973
1770
251
151
14287
Q11: How many different lenders/brokers did you end up applying to?
1
11401
2
2351
3
428
4
81
5 or more
26
Total
14287
Not Applicable
Yes
No
Total
11401
2318
568
14287
Q12A: Did you apply to more than one lender/broker for the following reason? 'Searching for better loan terms'
38
Total
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Q12B: Did you apply to more than one lender/broker for the following reason? 'Concern over qualifying for a loan'
Q12C: Did you apply to more than one lender/broker for the following reason? 'Information learned from the 'Good Faith
Estimate''
Q12D: Did you apply to more than one lender/broker for the following reason? 'Turned down on earlier application'
Q13A: How important was the following in choosing the lender/broker you used for the mortgage you took out? 'Having
an established banking relationship'
Not Applicable
Yes
No
11401
842
2044
14287
Not Applicable
Yes
No
Total
11401
839
2047
14287
Not Applicable
Yes
No
Total
11401
593
2293
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
1260
862
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
1121
1001
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
927
1195
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
268
1854
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
765
1357
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
695
1427
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
595
1527
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
12165
1488
634
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
235
1887
14287
The lender/broker did
We were put in
contact by a third party
(such as a real estate
agent or home builder) Total
Q13B: How important was the following in choosing the lender/broker you used for the mortgage you took out? 'Having a
local office or branch nearby'
12165
Q13C: How important was the following in choosing the lender/broker you used for the mortgage you took out? 'Used
previously to get a mortgage'
Q13D: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Lender/broker is a personal friend or relative'
Q13E: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Lender/broker operates online'
Q13F: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Recommendation from a friend/relative/co-worker'
Q13G: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Recommendation from a real estate agent/home builder'
Q13H: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Reputation of the lender/broker'
Q13I: How important was the following in choosing the lender/broker you used for the mortgage you took out? 'Spoke my
primary language, which is not English'
12165
I (or one of my cosigners) did
Q14: Who initiated the first contact between you and the lender/broker you used for the mortgage you took out?
Total
9812
2182
2293
14287
Very
Somewhat
Not at all
Total
Q15: How open were you to suggestions from your lender/broker about mortgages with different features or terms?
6930
5863
1494
14287
Q16A: How important was the following in determining the mortgage you took out? 'Low interest rate'
Not asked in
Wave/Quarter
12165
Important
2072
Not Important
50
Total
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
1854
268
14287
Q16C: How important was the following in determining the mortgage you took out? 'Low closing fees'
Not asked in
Wave/Quarter
12165
Important
1769
Not Important
353
Total
14287
Q16D: How important was the following in determining the mortgage you took out? 'Low down payment'
Not asked in
Wave/Quarter
12165
Important
1237
Not Important
885
Total
14287
Q16E: How important was the following in determining the mortgage you took out? 'Low monthly payment'
Not asked in
Wave/Quarter
12165
Important
1671
Not Important
451
Total
14287
Not asked in
Wave/Quarter
Important
Not Important
Total
Q16F: How important was the following in determining the mortgage you took out? 'An interest rate fixed for the life of
the loan'
12165
1885
237
14287
Q16G: How important was the following in determining the mortgage you took out? 'A term of 30 years'
Not asked in
Wave/Quarter
12165
Important
1200
Not Important
922
Total
14287
Q16B: How important was the following in determining the mortgage you took out? 'Low APR (Annual Percentage Rate)' 12165
39
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Not asked in
Wave/Quarter
Important
Not Important
Total
Q16H: How important was the following in determining the mortgage you took out? 'No mortgage insurance'
12165
1208
914
14287
Q17A: Was the 'Good Faith Estimate' you received from your lender/broker easy to understand?
Yes
12833
No
1454
Total
14287
Q17B: Was the 'Good Faith Estimate' you received from your lender/broker valuable information?
Yes
12103
No
2184
Total
14287
Q18A: Did the 'Good Faith Estimate' lead you to ask questions of your lender/broker?
Yes
9197
No
5090
Total
14287
Q18B: Did the 'Good Faith Estimate' lead you to seek a change in your loan or closing?
Yes
2124
No
12163
Total
14287
Yes
No
Total
2384
11903
14287
Yes
No
Total
Q19A: In the process of getting this mortgage from your lender/broker did you have to add another co-signer to qualify?
Q19B: In the process of getting this mortgage from your lender/broker did you resolve credit report errors or problems?
Q19C: In the process of getting this mortgage from your lender/broker did you answer follow-up requests for more
information about income or assets?
Q19D: In the process of getting this mortgage from your lender/broker did you have more than one appraisal?
Q19E: In the process of getting this mortgage from your lender/broker did you redo/refile paperwork due to processing
delays?
Q19F: In the process of getting this mortgage from your lender/broker did you delay or postpone the closing date?
2558
11729
14287
Yes
No
Total
8682
5605
14287
Yes
No
Total
986
13301
14287
Yes
No
Total
2702
11585
14287
Yes
No
Total
2963
11324
14287
Not asked in
Wave/Quarter
Yes
No
Total
428
1694
14287
Not asked in
Wave/Quarter
Yes
No
Total
12165
529
1593
14287
Not asked in
Wave/Quarter
Yes
No
Total
12165
724
1398
14287
Don't Know
Not asked in
Wave/Quarter
Yes
No
Total
12165
527
960
14287
Not asked in
Wave/Quarter
Not Applicable
Yes
No
Total
1595
12165
70
457
14287
Yes
No
Total
13484
803
14287
Yes
No
Total
7189
14287
Yes
10584
No
3703
Total
14287
Yes
No
Total
5332
8955
14287
Yes
No
Total
7722
14287
Yes
3053
No
11234
Total
14287
Yes
No
Total
11924
2363
14287
Yes
No
Total
5295
8992
14287
Yes
No
Total
3737
10550
14287
Q19G: In the process of getting this mortgage from your lender/broker did you have your 'Good Faith Estimate' revised to
reflect changes in your loan terms?
12165
Q19H: In the process of getting this mortgage from your lender/broker did you end up with better mortgage terms than
you were originally offered?
Q19I: In the process of getting this mortgage from your lender/broker did you check other sources to confirm that terms
of this mortgage were reasonable?
Q20: Your lender may have given you a 'Shopping for your home loan: Settlement cost booklet'. Did you receive a copy? 635
Q21: If you received a copy of the Settlement cost booklet, did the booklet lead you to ask additional questions about
your mortgage terms?
Q22A: During the application process were you told about mortgages with an interest rate that is fixed for the life of the
loan?
Q22B: During the application process were you told about mortgages with an interest rate that could change over the life
of the loan?
7098
Q22C: During the application process were you told about mortgages with a term of less than 30 years?
Q22D: During the application process were you told about mortgages with a higher interest rate in return for lower
closing costs?
Q22E: During the application process were you told about mortgages with a lower interest rate in return for paying higher
closing costs (discount points)?
6565
Q22F: During the application process were you told about mortgages with interest-only monthly payments?
Q22G: During the application process were you told about mortgages with an escrow account for taxes and/or
homeowner insurance?
Q22H: During the application process were you told about mortgages with a prepayment penalty (fee if the mortgage is
paid off early)?
Q22I: During the application process were you told about mortgages with reduced documentation or 'easy' approval?
40
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Yes
No
Q22J: During the application process were you told about mortgages with an FHA, VA, USDA or Rural Housing loan?
6026
8261
14287
Q23A: In selecting your settlement agent did you use an agent recommended by the lender/broker?
Yes
9235
No
5052
Total
14287
Q23B: In selecting your settlement agent did you use an agent you had used previously?
Yes
3100
No
11187
Total
14287
Q23C: In selecting your settlement agent did you shop around?
Yes
1790
No
12497
Total
14287
Q24: Did your lender require you to get title insurance on this mortgage?
Yes
7601
No
6686
Total
14287
Not Applicable
6686
Used title insurance
recommended by
Reissued previous title lender/broker or
settlement agent
insurance
1387
5824
Shopped around
390
Very
Somewhat
Not at all
Total
11376
2644
267
14287
Very
Somewhat
Not at all
Total
Q26B: Overall, how satisfied are you that the mortgage you got was the one with the lowest interest rate for which you
could qualify?
10428
3188
671
14287
Q26C: Overall, how satisfied are you that the mortgage you got was the one with the lowest closing costs?
Very
8334
Somewhat
4825
Not at all
1128
Total
14287
Q27A: Overall, how satisfied are you with the lender/broker you used?
Very
10906
Somewhat
2825
Not at all
556
Total
14287
Q27B: Overall, how satisfied are you with the application process?
Very
9017
Somewhat
4186
Not at all
1084
Total
14287
Q27C: Overall, how satisfied are you with the documentation process required for the loan?
Not asked in
Wave/Quarter
12165
Very
1205
Somewhat
698
Total
14068
Q27D: Overall, how satisfied are you with the loan closing process?
Very
9541
Somewhat
3716
Not at all
1030
Total
14287
Q27E: Overall, how satisfied are you with information in mortgage disclosure documents?
Very
9282
Somewhat
4338
Not at all
667
Total
14287
Q27F: Overall, how satisfied are you with timeliness of mortgage disclosure documents?
Very
9235
Somewhat
4045
Not at all
1007
Total
14287
Q27G: Overall, how satisfied are you with the settlement agent?
Very
10083
Somewhat
3480
Not at all
724
Total
14287
Q28: Did you take a course about home buying or talk to a housing counselor?
Yes
611
No
13676
Total
14287
Q29A: (If Yes to Q28) Was the home-buying course or counseling provided in person, one-on-one?
Not Applicable
13676
Yes
164
No
447
Total
14287
Q29B: (If Yes to Q28) Was the home-buying course or counseling provided in person, in a group?
Not Applicable
13676
Yes
287
No
324
Total
14287
Q29C: (If Yes to Q28) Was the home-buying course or counseling provided over the phone?
Not Applicable
13676
Yes
98
No
513
Total
14287
Q29D: (If Yes to Q28) Was the home-buying course or counseling provided online?
Not Applicable
13676
Yes
205
No
406
Total
14287
Q30: (If Yes to Q28) How many hours was the home-buying course or counseling?
Not Applicable
13676
Less than 3 hours
282
3-6 hours
163
7-12 hours
119
More than 12 hours
47
Q31: (If Yes to Q28) Overall, how helpful was the home-buying course or counseling?
Not Applicable
13676
Very
322
Somewhat
233
Not at all
56
Total
14287
Permanent financing
Purchase of a property on a construction loan
Refinance or
modification of an
existing mortgage
Buy out
Partner/Change
New loan on a
mortgage-free property Borrowers
Owned
Owned Land/Mortgage Land/Construction
Loan Conversion
on New Building
Total
6581
245
7129
229
54
41
14287
Not asked in
Wave/Quarter
Not Applicable
Before
After
Did Not Do
Total
Q25: (If Yes in Q24) Which best describes how you picked the title insurance?
Q26A: Overall, how satisfied are you that the mortgage you got was the one with the best terms to fit your needs?
Q32: What was the primary purpose for this most recent mortgage? If you refinanced an existing mortgage for any
reason, please select 'refinance'.
Q33A: When did you do the following, before or after you made an offer on this house or property? 'Contacted a lender to
explore mortgage options'
1306
Not asked in
Wave/Quarter
Q33B: When did you do the following, before or after you made an offer on this house or property? 'Got a pre-approval or
pre-qualification from a lender'
1306
Q33C: When did you do the following, before or after you made an offer on this house or property? 'Decided on the type
of loan'
Total
Total
14287
Total
14287
12165
574
183
59
14287
Not Applicable
Before
After
Did Not Do
Total
12165
643
104
69
14287
Not asked in
Wave/Quarter
Not Applicable
Before
After
Did Not Do
Total
1306
12165
513
264
39
14287
41
8
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Not asked in
Wave/Quarter
Not Applicable
Before
After
Did Not Do
Total
1306
12165
521
251
44
14287
Not asked in
Wave/Quarter
Not Applicable
Before
After
Did Not Do
Total
Q33E: When did you do the following, before or after you made an offer on this house or property? 'Submitted an official
loan application'
1306
12165
369
416
31
14287
Q34: What percent down payment did you make on this property?
Not Applicable
7706
None
816
Less than 5%
904
5% to less than 10%
1059
10% to less than 20%
888
20% or more
2914
Not Applicable
Yes
No
Total
7706
1622
4959
14287
Not Applicable
Yes
No
Total
7706
4461
2120
14287
Not Applicable
Yes
No
Total
7706
325
6256
14287
Not asked in
Wave/Quarter
Not Applicable
Yes
No
Total
1306
12165
34
782
14287
Not Applicable
Yes
No
Total
Q33D: When did you do the following, before or after you made an offer on this house or property? 'Made a decision on
which lender to use'
Q35A: Did you use any of the following sources of funds to purchase this property? 'Proceeds from the sale of another
property'
Q35B: Did you use any of the following sources of funds to purchase this property? 'Savings, retirement account,
inheritance, or other assets'
Q35C: Did you use any of the following sources of funds to purchase this property? 'Assistance or loan from a nonprofit
or government agency'
Q35D: Did you use any of the following sources of funds to purchase this property? 'A second lien, home equity loan, or
home equity line of credit (HELOC)'
Q35E: Did you use any of the following sources of funds to purchase this property? 'Gift or loan from family or friend'
7706
1154
5427
14287
Q35F: Did you use any of the following sources of funds to purchase this property? 'Seller contribution'
Not Applicable
7706
Yes
829
No
5752
Total
14287
Not asked in
Wave/Quarter
Not Applicable
Important
Not Important
Total
816
12165
670
636
14287
Not asked in
Wave/Quarter
Not Applicable
Important
Not Important
Total
816
12165
1216
90
14287
Not asked in
Wave/Quarter
Not Applicable
Important
Not Important
Total
816
12165
983
323
14287
Not asked in
Wave/Quarter
Not Applicable
Important
Not Important
Total
12165
389
917
14287
Not Applicable
Important
Not Important
Total
12165
579
727
14287
Not Applicable
Important
Not Important
Total
12165
220
1086
14287
New amount is lower
New amount is about
the same
New amount is higher
Property was
mortgage-free
Total
1998
3056
2356
296
14287
Q39A: Did you use the money you got from this new mortgage for college expenses?
Not Applicable
11635
Yes
162
No
2490
Total
14287
Q39B: Did you use the money you got from this new mortgage for an automobile or other major purchase?
Not Applicable
11635
Yes
197
No
2455
Total
14287
Q39C: Did you use the money you got from this new mortgage to pay off other bills or debts?
Not Applicable
11635
Yes
901
No
1751
Total
14287
Q39D: Did you use the money you got from this new mortgage for home repairs or new construction?
Not Applicable
11635
Yes
667
No
1985
Total
14287
Q39E: Did you use the money you got from this new mortgage for savings?
Not Applicable
11635
Yes
312
No
2340
Total
14287
Q39F: Did you use the money you got from this new mortgage for closing costs of new mortgage?
Not Applicable
11635
Yes
1043
No
1609
Total
14287
Q39G: Did you use the money you got from this new mortgage for business or investment?
Not Applicable
11635
Yes
134
No
2518
Total
14287
Q39H: Did you use the money you got from this new mortgage for other?
Not Applicable
14244
Buy out co-borrower
(e.g. spouse)
36
Help out family
7
Total
14287
Don't Know
Yes
No
Total
Q36A: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Change to a
fixed-rate loan'
Q36B: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Get a lower
interest rate'
Q36C: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Get a lower
monthly payment'
Q36D: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Consolidate or
pay down other debt'
816
Not asked in
Wave/Quarter
Q36E: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Repay the loan
more quickly'
816
Not asked in
Wave/Quarter
Q36F: How important were the following in your decision to refinance, modify or obtain a new mortgage? 'Take out cash' 816
Not Applicable
Q38: 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 (a second lien, home equity loan, or home equity line
6581
42
Total
14287
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Q43: Is this an adjustable-rate mortgage (one that allows the interest rate to change over the life of the loan)?
321
Don't Know
Q44: 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?
659
1084
12882
14287
Yes
No
Total
12551
1077
14287
Q45: When was the interest rate set/locked on this loan?
At application
6516
Between application
and closing
6276
Around closing
1495
Total
14287
Q46A: Does this mortgage have a prepayment penalty (fee if the mortgage is paid off early)?
Don't Know
1729
Yes
340
No
12218
Total
14287
Q46B: Does this mortgage have an escrow account for taxes and/or homeowner insurance?
Don't Know
380
Yes
11031
No
2876
Total
14287
Q46C: Does this mortgage have a balloon payment?
Don't Know
1555
Yes
308
No
12424
Total
14287
Q46D: Does this mortgage have interest-only payments?
Don't Know
1635
Yes
562
No
12090
Total
14287
Don't Know
Yes
No
Total
Q48A: Were the total closing costs (loan costs and other costs) for this loan paid by you or a co-signer (check or wire
transfer)?
567
8578
5142
14287
Q48B: Were the total closing costs (loan costs and other costs) for this loan paid by the lender/broker?
Don't Know
1032
Yes
2435
No
10820
Total
14287
Q48C: Were the total closing costs (loan costs and other costs) for this loan paid by the seller/builder?
Don't Know
925
Yes
2279
No
11083
Total
14287
Don't Know
Yes
No
Total
Q48D: Were the total closing costs (loan costs and other costs) for this loan added to the mortgage amount?
1070
4977
8240
14287
Q48E: Were the total closing costs (loan costs and other costs) for this loan paid by some other means?
Not Applicable
14163
Employer/Relocation
Company
35
Non-profit/government
grant/program
Realtor
50
3
Q49: Did you compare the final loan costs to the final Good Faith Estimate you received from your lender?
Yes
10060
No
4227
Total
14287
Q50: (If Yes to Q49) Did you find any significant differences between the two?
Not Applicable
4227
Yes
1020
No
9040
Q51A: Did you seek input about your closing documents from a lender/broker?
Yes
8297
No
5990
Total
14287
Q51B: Did you seek input about your closing documents from a settlement agent (Escrow agent added)?
Yes
2584
No
11703
Total
14287
Q51C: Did you seek input about your closing documents from a real estate agent?
Yes
3570
No
10717
Total
14287
Q51D: Did you seek input about your closing documents from a personal attorney?
Yes
1618
No
12669
Total
14287
Q51E: Did you seek input about your closing documents from a title agent (Notary added)?
Yes
1722
No
12565
Total
14287
Total
14287
Yes
No
Total
Q51F: Did you seek input about your closing documents from a trusted friend or relative who is not a co-signer on the
mortgage (Unpaid professional added)?
2360
11927
14287
Q51G: Did you seek input about your closing documents from a housing counselor?
Yes
113
No
14174
Total
14287
Q51H: Did you seek input about your closing documents from some other person?
Not Applicable
14251
Paid Advice: Financial
Planner/
Accountant/CPA/
Relocation Company
Total
36
14287
Q52: Did you face any unpleasant 'surprises' at your loan closing?
Yes
1773
No
12514
Total
14287
Q53A: (If Yes to Q52) What unpleasant surprises did you face? 'Different loan terms'
Not Applicable
12514
Yes
251
No
1522
Total
14287
Q53B: (If Yes to Q52) What unpleasant surprises did you face? 'Higher monthly payment'
Not Applicable
12514
Yes
445
No
1328
Total
14287
Q53C: (If Yes to Q52) What unpleasant surprises did you face? 'Higher interest rate'
Not Applicable
12514
Yes
264
No
1509
Total
14287
Q53D: (If Yes to Q52) What unpleasant surprises did you face? 'Unexpected fees'
Not Applicable
12514
Yes
787
No
986
Total
14287
Total
Not Applicable
Yes
No
Q53E: (If Yes to Q52) What unpleasant surprises did you face? 'Higher amount of money needed at closing'
12514
806
967
14287
Q53F: (If Yes to Q52) What unpleasant surprises did you face? 'Asked to sign blank documents'
Not Applicable
12514
Yes
112
No
1661
Total
14287
43
No Closing Costs
31
Gift
5
Total
14287
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Not Applicable
Q53G: (If Yes to Q52) What unpleasant surprises did you face? 'Rushed at closing or not given time to read documents' 12514
Yes
No
Total
398
1375
14287
Insufficient or incorrect
instructions/
preparation/ review at
Property/title/survey
issues, including HOA or around closing
Total
30
76
14287
Q53H1: (If Yes to Q52) What unpleasant surprises did you face? 'Other 1'
Not Applicable
13990
Loan documentation
not ready, complete, or Closing did not occur Erroneous
as originally scheduled charges/fees
correct
121
37
7
Erroneous credits/
concessions
6
Seller issues
20
Q53H2: (If Yes to Q52) What unpleasant surprises did you face? 'Other 2'
Not Applicable
14240
Closing did not occur Erroneous
as originally scheduled charges/fees
14
1
Seller issues
2
Insufficient or incorrect
instructions/
preparation/ review at
Property/title/survey
issues, including HOA or around closing
Total
4
25
14287
Erroneous credits/
concessions
1
Yes
No
Total
Q54: 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 home equity lin
509
13778
14287
Q56A: How well could you explain to someone the process of taking out a mortgage?
Very
6809
Somewhat
6948
Not at all
530
Total
14287
Total
Very
Somewhat
Not at all
Q56B: How well could you explain to someone the difference between a fixed- and an adjustable-rate mortgage?
10030
3562
695
14287
Q56C: How well could you explain to someone the difference between a prime and subprime loan?
Very
3203
Somewhat
5195
Not at all
5889
Total
14287
Total
Very
Somewhat
Not at all
Q56D: How well could you explain to someone the difference between a mortgage's interest rate and its APR?
4129
6632
3526
14287
Q56E: How well could you explain to someone the amortization of a loan?
Very
5657
Somewhat
4789
Not at all
3841
Total
14287
Very
Somewhat
Not at all
Total
9691
3667
929
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
Q56G: How well could you explain to someone the difference between lender's and owner's title insurance?
12165
495
802
825
14287
Q59: How did you acquire this property?
Purchased a newlyPurchased an existing built home from a
home
builder
9951
2029
Had or purchased land Received as a gift or
and built a house
inheritance
999
172
Q60: What type of house is on this property?
Single-family detached Townhouse, row
house
house, or villa
11950
852
Mobile home or
manufactured home
275
2-unit, 3-unit, or 4-unit Condo, apartment
house, or co-op
dwelling
309
849
Q61: Does this mortgage cover more than one unit?
Not asked in
Wave/Quarter
1970
Not Applicable
12165
Yes
30
No
122
Q63: Do you rent out all or any portion of this property?
Yes
1051
No
13236
Total
14287
Not asked in
Wave/Quarter
Yes
No
12165
76
2046
14287
Primary residence
12816
Primary residence
soon
191
Seasonal or second
home
368
Home for other
relatives
179
Significant Increase
Little/No Change
Significant Decrease
Total
3747
9874
666
14287
Significant Increase
Little/No Change
Significant Decrease
Total
1523
11648
1116
14287
Significant Increase
Little/No Change
Significant Decrease
Total
1498
11996
793
14287
Significant Increase
Little/No Change
Significant Decrease
Total
1776
11040
1471
14287
Significant Increase
Little/No Change
Significant Decrease
Total
4264
8311
1712
14287
Significant Increase
Little/No Change
Significant Decrease
Total
3420
10314
553
14287
Q56F: How well could you explain to someone the consequences of not making required mortgage payments?
Q65: Besides you, the mortgage co-signers, and renters, does anyone else help pay the expenses for this property?
Q66: Which of the following best describes how you use this property?
Q68A: In the last couple years, how has this changed in the neighborhood where this property is located? 'number of
homes for sale'
Q68B: In the last couple years, how has this changed in the neighborhood where this property is located? 'number of
vacant homes'
Q68C: In the last couple years, how has this changed in the neighborhood where this property is located? 'number of
homes for rent'
Q68D: In the last couple years, how has this changed in the neighborhood where this property is located? 'number of
foreclosures or short sales'
Q68E: In the last couple years, how has this changed in the neighborhood where this property is located? 'house prices'
Q68F: In the last couple years, how has this changed in the neighborhood where this property is located? 'overall
desirability of living there'
Bought out co-owner
Purchase from relative (e.g., ex-spouse)
19
52
Unit in a partly
commercial structure
24
Total
14287
Total
44
Rental or investor
property
733
Total
14287
Rental
conversion/Land
contract
12
Tax-free trade or
exchange
4
Land only (0 units)
28
Total
14287
Old Response 3:
Purchased a
foreclosed property
from a bank, investor,
or government
740
Old Response 4:
Purchased a 'short
sale' property from the
previous owner
Total
309
14287
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Increase a lot
Increase a little
Remain about the
same
Decrease a little
Decrease a lot
Total
2224
8900
2694
356
113
14287
Become More
Desirable
Become Less
Stay About The Same Desirable
Q70: In the next couple of years, how do you expect the overall desirability of living in this neighborhood to change?
4452
9485
350
14287
Q71A: How likely is it that in the next couple of years you will sell this property?
Very
1077
Somewhat
3860
Not at all
9350
Total
14287
Q71B: How likely is it that in the next couple of years you will move but keep this property?
Very
485
Somewhat
2440
Not at all
11362
Total
14287
Q71C: How likely is it that in the next couple of years you will refinance the mortgage on this property?
Very
637
Somewhat
2851
Not at all
10799
Total
14287
Very
Somewhat
Not at all
Total
2210
11058
14287
Married
10104
Separated
138
Never married
1654
Divorced
1923
Widowed
468
Total
14287
Not Applicable
Yes
No
Total
Q73: Do you have a partner who shares the decision-making and responsibilities of running your household but is not
your legal spouse?
10104
905
3278
14287
Q75A: Your gender?
Male
7981
Female
6306
Total
14287
Q75B: Spouse/partner's gender?
Not Applicable
3277
Male
4374
Female
6636
Total
14287
Q76A: Highest level of education you have achieved?
High School or less
1769
Some College
3555
College Degree
4917
Postgraduate
4046
Total
14287
Q76B: Highest level of education spouse/partner has achieved?
Not Applicable
3277
High School or less
1968
Some College
2981
College Degree
3707
Postgraduate
2354
Total
14287
Q77A: Are you Hispanic or Latino?
Yes
1011
No
13276
Total
14287
Q77B: Is spouse/partner Hispanic or Latino?
Not Applicable
3277
Yes
894
No
10116
Total
14287
Q78A1-5 Recode: Your Race
White/Caucasian
12343
Black or African
American
754
American
Indian/Alaska Native
75
Asian
789
Native
Hawaiian/Pacific
Islander
55
Two Races, neither
Black
197
Two Races, one Black Total
74
14287
Two Races, neither
Black
112
Total
14287
Q69: What do you think will happen to the prices of homes in this neighborhood over the next couple of years?
Q71D: How likely is it that in the next couple of years you will pay off this mortgage and own the property mortgage-free? 1019
Q72: What is your current marital status?
Total
Black or African
American
461
American
Indian/Alaska Native
88
Asian
783
Native
Hawaiian/Pacific
Islander
68
Employed part time
631
Retired
2249
Temporarily laid-off or
on leave
112
Not working for pay
545
Not Applicable
13755
Self-employed/work for
self
Employed part time
198
126
Retired
197
Temporarily laid-off or
on leave
11
Total
14287
Q79B1-6 Recode: Spouse/partner's current work status 1
Not Applicable
3277
Self-employed/work for
self
Employed full time
1157
5781
Employed part time
902
Retired
1691
Temporarily laid-off or
on leave
117
Q79B1-6 Recode: Spouse/partner's current work status 2
Not Applicable
14087
Self-employed/work for
self
Employed part time
66
63
Retired
66
Temporarily laid-off or
on leave
5
Total
14287
Q80A: Have you ever served on active duty in the U.S. Armed Forces?
Yes, now on active
duty
138
Yes, on active duty in
the past, but not now
1986
No, never on active
duty except for
initial/basic training
664
No, never served in the
U.S. Armed Forces
Total
11499
14287
Q80B: Has spouse/partner ever served on active duty in the U.S. Armed Forces?
Not Applicable
3277
Yes, now on active
duty
83
Yes, on active duty in
the past, but not now
959
No, never on active
duty except for
initial/basic training
433
Not asked in
Wave/Quarter
Yes
No
Total
12165
1134
988
14287
Not asked in
Wave/Quarter
Yes
No
Total
Q78B1-5 Recode: Spouse/Partner's Race
Not Applicable
3277
Q79A1-6 Recode: Your current work status 1
Self-employed/work for
self
Employed full time
1417
9333
Q79A1-6 Recode: Your current work status 2
Q81A: Besides you (and your spouse/partner) who else lives in your household? 'Children/grandchildren under age 18'
Q81B: Besides you (and your spouse/partner) who else lives in your household? 'Children/grandchildren age 18-22'
White/Caucasian
9460
12165
320
1802
14287
Not asked in
Wave/Quarter
Yes
No
Total
315
1807
14287
Q81C: Besides you (and your spouse/partner) who else lives in your household? 'Children/grandchildren age 23 or older' 12165
45
No, never served in the
U.S. Armed Forces
Total
9535
14287
Not working for pay
1362
Two Races, one Black Total
38
14287
Total
14287
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Not asked in
Wave/Quarter
Yes
No
Total
12165
106
2016
14287
Not asked in
Wave/Quarter
Yes
No
Total
Q81E: Besides you (and your spouse/partner) who else lives in your household? 'Other relatives like siblings or cousins'
12165
107
2015
14287
Q81F: Besides you (and your spouse/partner) who else lives in your household? 'Non-relatives'
Not asked in
Wave/Quarter
12165
Yes
317
No
1805
Total
14287
Q82: Approximately how much is your total annual household income from all sources?
Less than $50,000
2552
$50,000 - $99,999
5522
$100,000 - $174,999
4051
$175,000 or More
2162
Q83: How does this total annual household income compare to what it is in a 'normal' year?
Higher than normal
834
Normal
12170
Lower than normal
1283
Total
14287
Q84A: Does your total annual household income include wages or salary?
Yes
12059
No
2228
Total
14287
Q84B: Does your total annual household income include business or self-employment?
Yes
3425
No
10862
Total
14287
Q84C: Does your total annual household income include interest or dividends?
Yes
3698
No
10589
Total
14287
Q84D: Does your total annual household income include alimony or child support?
Yes
412
No
13875
Total
14287
Q84E: Does your total annual household income include Social Security benefits?
Yes
2961
No
11326
Total
14287
Q85A: Does anyone in your household have a 401(k), 403(b), IRA, or pension plan?
Yes
12060
No
2227
Total
14287
Yes
No
Total
Q85B: Does anyone in your household have stocks, bonds, or mutual funds (not in retirement accounts or pension
plans)?
6050
8237
14287
Q85C: Does anyone in your household have certificates of deposit?
Yes
1852
No
12435
Total
14287
Q85D: Does anyone in your household have investment real estate?
Yes
3023
No
11264
Total
14287
Take substantial
financial risks
expecting to earn
substantial returns
Take above-average
financial risks
Take average financial
expecting to earn
risks expecting to earn Not willing to take any
above average returns average returns
financial risks
Total
Q86: Which one of the following statements best describes the amount of financial risk you are willing to take when you
make investments?
562
2751
7314
14287
Q87A: Do you agree or disagree that owning a home is a good financial investment?
Agree
13566
Disagree
721
Total
14287
Q87B: Do you agree or disagree that most mortgage lenders generally treat borrowers well?
Agree
11149
Disagree
3138
Total
14287
Not asked in
Wave/Quarter
Agree
Disagree
Total
Q87C: Do you agree or disagree that most mortgage lenders would offer me roughly the same rates and fees?
12165
1502
620
14287
Q87D: Do you agree or disagree that late payments will lower my credit rating?
Agree
13210
Disagree
1077
Total
14287
Agree
Disagree
Total
1854
12433
14287
Agree
Disagree
Total
Q87F: Do you agree or disagree that it is okay to default or stop making mortgage payments if it is in the borrower's
financial interest?
884
13403
14287
Q88A: In the last couple years, has this happened to you? 'separated or divorced'
Yes
914
No
13373
Total
14287
Q88B: In the last couple years, has this happened to you? 'married/remarried/new partner'
Yes
1396
No
12891
Total
14287
Q88C: In the last couple years, has this happened to you? 'death of household member'
Yes
489
No
13798
Total
14287
Yes
No
Total
1848
12439
14287
Yes
No
Total
Q81D: Besides you (and your spouse/partner) who else lives in your household? 'Parents of you or your spouse/partner'
Q87E: Do you agree or disagree that lenders shouldn't care about any late payments, only whether loans are fully
repaid?
Q88D: In the last couple years, has this happened to you? 'addition to your household (not including spouse/partner)'
Q88E: In the last couple years, has this happened to you? 'person leaving household (not including spouse/partner)'
Q88F: In the last couple years, has this happened to you? 'disability or serious illness of household member'
1137
13150
14287
Yes
No
Total
1356
12931
14287
3660
46
Total
14287
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Yes
265
No
14022
Total
14287
Yes
No
Total
Q88H: In the last couple years, has this happened to you? 'disaster affecting your (or spouse/partner's) work'
332
13955
14287
Q88I: In the last couple years, has this happened to you? 'moved within the area (less than 50 miles)'
Yes
4126
No
10161
Total
14287
Q88J: In the last couple years, has this happened to you? 'moved to a new area (50 miles or more)'
Yes
1938
No
12349
Total
14287
Q88G: In the last couple years, has this happened to you? 'disaster affecting a property you own'
Yes
No
Total
Q89A: In the last couple years, has this happened to you (or your spouse/partner)? 'layoff, unemployment or reduced
hours of work'
2756
11531
14287
Q89B: In the last couple years, has this happened to you (or your spouse/partner)? 'retirement'
Not asked in
Wave/Quarter
7405
Yes
769
No
6113
Q89C: In the last couple years, has this happened to you (or your spouse/partner)? 'promotion'
Yes
3285
No
11002
Total
14287
Q89D: In the last couple years, has this happened to you (or your spouse/partner)? 'starting a new job'
Yes
4205
No
10082
Total
14287
Q89E: In the last couple years, has this happened to you (or your spouse/partner)? 'starting a second job'
Yes
876
No
13411
Total
14287
Q89F: In the last couple years, has this happened to you (or your spouse/partner)? 'business failure'
Yes
238
No
14049
Total
14287
Yes
No
Total
906
13381
14287
Significant Increase
Little/No Change
Significant Decrease
2679
9681
1927
14287
Significant Increase
Little/No Change
Significant Decrease
Total
Q89G: In the last couple years, has this happened to you (or your spouse/partner)? 'a personal financial crisis'
Q90A: In the last couple years, how has this changed for you (and your spouse/partner)? 'household income'
Q90B: In the last couple years, how has this changed for you (and your spouse/partner)? 'housing expenses'
Q90C: In the last couple years, how has this changed for you (and your spouse/partner)? 'non-housing expenses'
Total
14287
Total
4064
9677
546
14287
Significant Increase
Little/No Change
Significant Decrease
Total
3264
10605
418
14287
Significant Increase
Little/No Change
Significant Decrease
Total
2659
10924
704
14287
Significant Increase
Little/No Change
Significant Decrease
Total
2037
11827
423
14287
Significant Increase
Little/No Change
Significant Decrease
Total
Q91C: In the next couple of years, how do you expect this to change for you (and your spouse/partner)? 'non-housing
expenses'
2823
10852
612
14287
Q92A: How likely is it that in the next couple of years you (or your spouse/partner) will face retirement?
Very
1692
Somewhat
1673
Not at all
10922
Total
14287
Very
Somewhat
Not at all
Total
158
1729
12400
14287
Very
Somewhat
Not at all
Total
225
2163
11899
14287
Very
Somewhat
Not at all
Total
2655
11385
14287
Very
Somewhat
Not at all
Total
7950
4214
2123
14287
Very
Somewhat
Not at all
Total
2517
5108
6662
14287
Very
Somewhat
Not at all
Total
3295
6446
4546
14287
Very
Somewhat
Not at all
Total
1181
5850
7256
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
5479
2845
3841
14287
Q91A: In the next couple of years, how do you expect this to change for you (and your spouse/partner)? 'household
income'
Q91B: In the next couple of years, how do you expect this to change for you (and your spouse/partner)? 'housing
expenses'
Q92B: How likely is it that in the next couple of years you (or your spouse/partner) will face difficulties making your
mortgage payments?
Q92C: How likely is it that in the next couple of years you (or your spouse/partner) will face a layoff, unemployment, or
forced reduction in hours?
Q92D: How likely is it that in the next couple of years you (or your spouse/partner) will face some other personal financial
crisis?
247
Q93A: If your household faced an unexpected personal financial crisis in the next couple of years, how likely is it you
could pay your bills for the next 3 months without borrowing?
Q93B: If your household faced an unexpected personal financial crisis in the next couple of years, how likely is it you
could get significant financial help from family or friends?
Q93C: If your household faced an unexpected personal financial crisis in the next couple of years, how likely is it you
could borrow enough money from a bank or credit union?
Q93D: If your household faced an unexpected personal financial crisis in the next couple of years, how likely is it you
could significantly increase your income?
Old Q13A: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Having an established banking relationship'
47
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
4389
2942
4834
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
4031
1580
6554
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
1062
1168
9935
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
2287
2992
6886
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
2175
1822
8168
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
2362
2184
7619
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
2265
1796
8104
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
448
1233
10484
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
4965
3248
3952
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
Old Q13K: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Spoke my primary language, which is not English'
2122
675
356
11134
14287
Old Q16A: How important was the following in determining the mortgage you took out? 'Low interest rate'
Not asked in
Wave/Quarter
2122
Very
11370
Somewhat
714
Not at all
81
Total
14287
Old Q13B: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Having a local office or branch nearby'
Old Q13C: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Used previously to get a mortgage'
Old Q13D: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Lender/broker is a personal friend or relative'
Old Q13E: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Lender/broker operates online'
Old Q13F: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Lender is a community bank or credit union'
Old Q13G: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Recommendation from a friend/relative/co-worker'
Old Q13H: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Recommendation from a real estate agent/home builder'
Old Q13I: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Recommendation from a lending website'
Old Q13J: How important was the following in choosing the lender/broker you used for the mortgage you took out?
'Reputation of the lender/broker'
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
Old Q16B: How important was the following in determining the mortgage you took out? 'Low APR (Annual Percentage
Rate)'
2122
9872
1535
758
14287
Old Q16C: How important was the following in determining the mortgage you took out? 'Low closing fees'
Not asked in
Wave/Quarter
2122
Very
8475
Somewhat
3022
Not at all
668
Total
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
5759
2857
3549
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
7629
3131
1405
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
10348
1123
694
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
4158
2916
5091
14287
Not asked in
Wave/Quarter
Very
Somewhat
Not at all
Total
2122
5038
2841
4286
14287
Not asked in
Wave/Quarter
Not Applicable
Very
Somewhat
Not at all
Total
5765
2122
1907
418
4075
14287
Not asked in
Wave/Quarter
Not Applicable
Very
Somewhat
Not at all
Total
2122
5615
368
417
14287
Not Applicable
Very
Somewhat
Not at all
Total
Old Q16D: How important was the following in determining the mortgage you took out? 'Low down payment'
Old Q16E: How important was the following in determining the mortgage you took out? 'Low monthly payment'
Old Q16F: How important was the following in determining the mortgage you took out? 'An interest rate fixed for the life
of the loan'
Old Q16G: How important was the following in determining the mortgage you took out? 'A term of less than 30 years'
Old Q16H: How important was the following in determining the mortgage you took out? 'No mortgage insurance'
Old Q56A: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage?
'Change to a fixed-rate loan'
Old Q56B: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage? 'Get
a lower interest rate'
5765
Not asked in
Wave/Quarter
48
Appendix B
NSMB Waves 1-7: Unweighted Frequency Counts
Old Q56C: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage? 'Get
a lower monthly payment'
5765
Old Q56D: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage?
'Consolidate or pay down other debt'
Old Q56E: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage?
'Repay the loan more quickly'
Old Q56F: How important, if at all, was this reason in your decision to refinance, modify or obtain a new mortgage?
'Take out cash'
2122
4097
964
1339
14287
Not asked in
Wave/Quarter
Not Applicable
Very
Somewhat
Not at all
Total
5765
2122
1279
529
4592
14287
Not asked in
Wave/Quarter
Not Applicable
Very
Somewhat
Not at all
Total
5765
2122
2163
1016
3221
14287
Not asked in
Wave/Quarter
Not Applicable
Very
Somewhat
Not at all
Total
5765
2122
651
379
5370
14287
49
| File Type | application/pdf |
| Author | Schultz, Jay |
| File Modified | 2016-12-21 |
| File Created | 2016-11-15 |