ASMB - Pre-Testing the Survey Materials through Focus Groups

What happened with your mortgage over the last year?
Covid-19 pandemic and your mortgage
The most effective way to understand the benefits and
problems with mortgages and owning a home is to ask you
about your experiences. It is especially important today as
many people faced difficult financial situations because of the
Covid-19 pandemic.
You can complete this paper copy or complete the survey online. The online version may
be easier to complete because it skips questions that do not apply to you. Online
responses are also processed more quickly making it less likely that you will receive
reminders to complete this survey. The online questionnaire can be completed in either
English or Spanish as explained below.

To complete the survey online
Go to www.ASMBsurvey.com
LOG IN with the unique PIN # provided in the letter.
Esta encuesta está disponible en español en línea
Visite al sitio web www.ASMBsurvey.com
Inicie la sesión con su número PIN único de la encuesta
que se encuentra en la carta adjunta.

ABOUT THE SPONSORS: The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau are working together to sponsor this survey. We are doing this because
the agencies are concerned with improving the mortgage process for future homeowners.
Your experience will help us understand mortgages today and the issues facing borrowers.
Thank you for helping us assist future borrowers.
You can find more information on our websites - fhfa.gov and consumerfinance.gov

Thank you for sharing your experience with us.
We look forward to hearing from you.

Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The information
requested on this survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering information for the National Mortgage
Database. Routine uses which may be made of the collected information can be found in the Federal Housing Finance Agency’s System of
Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested information is voluntary. Submission of the survey
authorizes FHFA to collect the information provided and to disclose it as set forth in the referenced SORN.
Paperwork Reduction Act Statement: Notwithstanding any other provision of the law, no person is required to respond to, nor shall
any person be subject to a penalty for failure to comply with, a collection of information subject to the requirements of the Paperwork
Reduction Act, unless that collection of information displays a currently valid OMB Control Number.
OMB No. 2590-0015
Expires 7/31/2019

1. At any time in 2020 did you have a mortgage
loan?

8. Did/does this mortgage have…

 Yes, I had (or still have) at least one mortgage loan

A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes
and/or homeowner insurance
An adjustable rate (one that can
change over the life of the loan)
A balloon payment
Interest-only monthly payments
Private mortgage insurance

 No, I did not have a mortgage loan
on any property
Go to 64 on page 6

2. Which one of these reasons best describes why
you took out this mortgage? If you had more
than one mortgage during that time, please refer
to your experiences with the mortgage you took
out the earliest as you complete this survey.







Yes

Don’t
No Know




























9. When you took out this mortgage, how satisfied
were you with the…

To buy a property
To refinance or modify an earlier mortgage
To add/remove a co-borrower
To finance a construction loan
To take out a new loan on a mortgage-free property
Some other purpose (specify) _____________

Not
Very Somewhat At All

Mortgage 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

___________________________________
3. When did you take out this mortgage?
_______/______
month
year

4. When you took out this mortgage, what was the
dollar amount you borrowed?


































10. At the time you took out this mortgage, how
satisfied were you that it was the one with the…
Not
Very Somewhat At All

$________________ . 00
 Don’t know

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

5. What was the monthly payment, including the
amount paid to escrow for taxes and insurance?
















$____________. 00

The Property

 Don’t know

11. When did you first become the owner of this
property?

6. What was the interest rate on this mortgage?
______%

_______/______
month
year

 Don’t know

12. Which one of the following best describes this
property?

7. Who signed or co-signed for this mortgage?
Mark all that apply















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

1

Single-family detached house
Mobile home or manufactured home
Townhouse, row house, or villa
2-unit, 3-unit, or 4-unit dwelling
Apartment (or condo/co-op) in apartment building
Unit in a partly commercial structure
Other (specify) _____________________

Mortgage Forbearance

13. What was the purchase price of this property,
or if you built it, how much did the construction
and land cost?
$________________. 00

20. Earlier this year, in response to the Covid-19
pandemic, many borrowers were able to obtain
a forbearance (a temporary suspension, reduction,
or pause in making mortgage payments).
Did you get a forbearance?

 Don’t know

14. About how much do you think this property is
worth in terms of what could it sell for now or
the sale price if you sold it?
$________________. 00
 Don’t know

 Yes
 No

21. Were any of the following a reason you did
not or could not get a forbearance?

15. Did the Covid-19 pandemic affect your
assessment of the worth of this property?
 No effect
 Yes, worth is higher because of the pandemic
 Yes, worth is somewhat lower because of the
pandemic
 Yes, worth is a lot lower because of the pandemic

Yes

Did not know about it

Did not think I needed it

Uncertain about how the delayed
payments would be repaid

Concerned all delayed payments had to be
paid in full at the end of forbearance 
Concerned about the effect on my
credit score

Received another form of mortgage
relief

I did not qualify

Other (specify) ____________________ 

16. Which of the following best describes how you
use this property today?
 Primary residence (where you spent the majority of
your time)
 Seasonal or second home
 Home for other relatives
 Rental or investment property
 Vacant
 No longer have the property
 Other (specify)_____________________








22. How did you apply for forbearance?
On the phone with a live person
Automated phone system
Online portal
Other (specify) _______________________

 No

Yes

No











23. What was the time period of your initial
forbearance?

18. What do you think will happen to the prices of
homes in this neighborhood over the next
couple of years?









Skip to 28

17. Did we mail this survey to the address of the
property you financed with this mortgage?
 Yes

No

 3 months
 6 months
 Other ______ months

Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot

24. When you got your forbearance, did your
lender or mortgage servicer, the company that
sends you your mortgage statements…
Yes

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

Offer only one time period option

Make it clear what would happen at the end
of the forbearance period and how to
repay suspended payments

Provide you with a written forbearance
agreement


 Become more desirable
 Stay about the same
 Become less desirable

2

No





25. What is the current status of your forbearance?

31. When you had concerns or faced difficulties in
2020, what happened to the mortgage
payments?

 Took forbearance, but continued to make regular
payments  Skip to 29

 Made all payments on time
 Made partial payments (in forbearance)
 Made all payments, but made one or more late
payments
 Did not make all my payments

 Still in initial forbearance period
 In an extended forbearance period
 Out of forbearance

26. When your forbearance period ends or has
ended, which of the following best describes
how your deferred or reduced payments will be
repaid?

32. Did any of the following raise concerns or make
it difficult to make your mortgage payments?

 Paid or will pay the deferred amount due at the
end of forbearance
 Set up or plan to set up a repayment plan
 Already have or plan to get a loan
modification
 Paid or will pay off the deferred amount with a
refinance, home sale or when loan is paid off

Layoff, unemployment, or reduced
hours of work
Retirement
Business failure
Separation, divorce or partner left
Illness, disability or death of someone
in your household
Disaster affecting this property
Increase in required mortgage payments
Payments for other mortgages
(e.g. HELOC, 2nd mortgage)
Payments for other large debts
Covid-19 (coronavirus) pandemic
Other unexpected expenses not listed above
(specify)__________________________
Other loss of income not listed above
(specify)__________________________

 Unsure/Don’t know

27. How confident are you that you will be able to
repay the deferred payments?
 Very

 Somewhat

Not
 at all

Already
 paid off

28. How satisfied were you with the process of
getting and working through the forbearance?
 Very

 Somewhat

 Not at all

Difficulty Making Mortgage Payments

No



































33. Did you do any of the following to address your
concerns or difficulties paying this mortgage?

29. Did you have any concerns or face any
difficulties making your mortgage payments in
2020? If you would have had difficulties making
your payment without forbearance, please answer
yes.

Borrowed money from family or friend
Borrowed from or cashed out a retirement
account
Took out a home equity loan/line of credit
Borrowed money somewhere else
Rented out part of the property or added
roommates
Put the property up for sale
Sold other assets
Delayed making any major purchases
Negotiated lower or delayed payments on
expenses/debts (not your mortgage)
Reduced other expenses/purchases
Increased work hours
Started a second job
Started a new or better paying job
Received unemployment benefits

 Yes – had concerns or difficutlies
 Yes – would have had concerns without forbearance
 No
Skip to 45

30. When did you start having concerns or
difficulties making the mortgage payments?





Yes

2019 or earlier
Jan – March 2020
April – June 2020
July 2020 or later

3

Yes

No





































34. Other than discussions about forbearance, did
you have any other contact or talk with your
lender/servicer related to your concerns or
payment difficulties?
 Yes
 No

38. Were any of the following a challenge to you in
getting help to address your concerns or
payment difficulties?
Yes

Not knowing how or where to apply
for programs

The application process for programs
was too much trouble

Did not think I qualified for any program

Did not feel comfortable talking with the
loan servicer

Was told I did not qualify for a program

Turned down for the programs I applied to 
Difficulty getting the correct documents
submitted in a timely fashion

Loan servicer was unable or unwilling to
help me

Difficulty in reaching or communicating
with loan servicer

Loan servicer gave inconsistent or conflicting
information

Other problem (specify) _______________
___________________________________ 

Skip to 39

35. Did you discuss any of the following with your
lender/servicer to address your concerns or
payment difficulties?
Yes

A loan modification

Refinancing your mortgage

Available government programs

Financial counseling

Debt consolidation

A way to get caught up on missed
payments

Selling or giving up the property

Other (specify) __________________
______________________________ 

Don’t
No Know























A repayment plan to make up
missed payments

A pre-approved plan to modify your
mortgage payment permanently

A way for you to apply to modify your
mortgage payment permanently

A way to sell the property to satisfy
the mortgage

A way to give the property to the
lender to satisfy the mortgage




















 Yes
 No

 Somewhat










Skip to 45

40. Was your counseling or course…
In person, one-on one
In person, in a group
Over the phone
Online
Required

37. Overall, how satisfied were you with your
interactions with your lender/servicer?
 Very




39. When you were having concerns or difficulties,
did you talk to a professional housing counselor
or take a course about managing your finances
from an expert?

Don’t
No Know





Counseling/Other Services

36. Did the lender/servicer offer you…
Yes

No

Yes

No













41. How many hours was your counseling or
course?

 Not at all






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

42. Overall, how helpful was your counseling or
course?
 Very

4

 Somewhat

 Not at all

43. Did you seek input about possible steps to
address your payment difficulties from…
A real estate agent
Family or friends
Lawyer
Financial planner
Bank or credit union
Government/private agency
Other (specify) _____________________ __
___________________________________

Yes

No



















48. Compared to January 2020, how would you
describe the loan terms and lender on this
mortgage? If you got a forbearance, do not
consider this a change in the terms of your loan.





 Yes
 No

 Shopped around for rates, information, etc.
 Talked with a lender/servicer and was told I did not
qualify
 Applied but withdrew the application
 Applied but was rejected by the lender/servicer
 Applied, was accepted, but decided not to change

45. Compared to January 2020, how would you
describe your situation today?
Still own property and have a mortgage
Still own property but no mortgage
Skip to 55
In the process of foreclosure now
No longer own the property
Skip to 57
Other _________________

 Did not take any action

51. Were any of the following a reason you did not
or could not change the loan terms or lender?

46. Did you ever consider selling this property?
 Yes
 No

Not enough income to qualify
Low credit score, credit issues
Too much other debt
Savings not worth the cost or hassle
New loan not better than what I had
Low appraisal/home value
Other (specify) ________________

Skip to 48

47. Were any of the following a reason you did not
consider selling this property?
Not enough equity in the property
Selling is too much trouble, very stressful
Problems were not yet severe enough to
warrant selling
Wanted to stay as long as I could/try to
work out problems

Skip to 55

50. Did you take any specific action to change the
loan terms or lender?

 No

The Property/Mortgage Today







Skip to 52

49. At any time in 2020, did you ever consider
changing the loan terms or lender on this
mortgage?

44. Did you pay someone who promised to resolve
your difficulties, but they did not?
 Yes

Same terms, same lender
Same terms, different lender
Different terms, same lender
Different terms, different lender

Yes

No















Yes








No








Skip to 54

Changed Lender/Loan Terms
52. When did you change the loan terms and/or
lender?
______ / ______
Month / Year

5

53. How does the new loan compare to the old
loan?
Higher

Monthly payment
Principal balance
Interest rate
Remaining years/months on loan






No Property/No Mortgage
57. What happened to the property you no longer
have?

Same Lower











 Sold the property at reduced price agreed to by
lender (short sale)
 Sold the property - regular sale
 Property in foreclosure now
 Property was taken in foreclosure
 Gave home to lender to cancel mortgage debt
(deed-in-lieu, mortgage release, "cash for keys”)
 Walked away and let the lender have the property
 Other _________________________

54. Did you change the loan terms and/or lender
for any of the following reasons?
Could not afford to make the payments
Divorce, separation, or partner left
Death of a household member
Illness or disability
Job loss
Avoid foreclosure
Other (specify)__________________

Yes

No

















58. When did this happen?
_____/______
Month / Year

59. Considering the decision to end the mortgage,
would you say the decision was primarily…

Still Own The Property

 Your or your family’s decision
 Lender or servicer’s decision
 Other ___________________________

55. How likely is it that in the next year or two you
will…?
Not
Very Somewhat at all

Sell your property
Move but keep your property
Refinance the mortgage on
your property
Pay off your mortgage and own
property mortgage-free
Lose your property because you
cannot afford the payment




























60. Which of the following best describes why you
no longer have this property?
 Owed more on the loan than the property was
worth or could sell it for
 Could not afford the mortgage and related expenses
(maintenance, taxes, condo fees, etc.)
 Could afford the property, but no longer have it for
other reasons (specify)__________________
_______________________________________

56. Did the Covid-19 (coronavirus) pandemic cause
you to do any of the following?
Delay or cancel a major home improvement
or remodeling project
Delay or cancel maintenance
Delay or cancel a planned move or sale
of your property
Sell investment property or second home
Take out a home equity loan/line of credit

Yes

No















61. Do you currently own or rent your primary
residence?
 Own
Skip to 63
 Rent
 Live with family or friends

62. When do you think you might purchase
another primary residence?

Skip to 62






6

1 – 2 years
3 – 5 years
Over 5 years
Never

63. Would any of the following events cause you to
consider buying sooner or at all?
Increase in income/more hours at work
Improved credit score
Saving more for a down payment
Paying off other debts first
Lower interest rate
Lower required credit score
Other (specify) ________________

Yes

No

















69. Hispanic or Latino:
You

Spouse/
Partner




Yes
No




70. Race: Mark all that apply.
You







White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander

 Nothing, will not buy again

Spouse/
Partner







Your Household
71. If you were working at the beginning of 2020 how
were you paid? Mark all that apply.

64. What is your current marital status?
 Married
 Separated
 Never married

You

 Divorced
 Widowed

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

 No

66. Age at last birthday:

Spouse/
Partner




Spouse/
Partner




68. Highest level of education achieved:
You

Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
















Not working





Self-employed full time
Self-employed part time
Employed full time
Employed part time
Retired
Unemployed, temporarily laid-off,
furlough
Not working for pay (student,
homemaker, disabled)

67. Sex:

Male
Female









You

____years ____years

You

Salary
Commissions
Bonus
Contract worker
Hourly wages
Tips
Self-employed/other

72. What was your work status at the beginning of
2020? Mark all that apply.

Please answer the following questions for you
and your spouse or partner, if applicable.
You

Spouse/
Partner

Spouse/
Partner





















73. Did you experience any of the following in
2020? Mark all that apply

Spouse/
Partner








You

Reduced hours at work
Reduction in pay
Temporarily laid-off, furloughed
Job loss, unemployment

7






Spouse/
Partner






74. What is your work status today? Mark all that
apply.

79. Do you speak a language other than English at
home?

Spouse/
Partner

You

No change from beginning of year





Self-employed full time
Self-employed part time
Employed full time
Employed part time
Retired
Unemployed, temporarily laid-off,
furlough
Not working for pay (student,
homemaker, disabled)





















 Yes
 No

80. How well do you speak English?












Spouse/
Partner

Never served in the military

Only on active duty for training in
the Reserves or National Guard

Now on active duty

On active duty in the past, but not now 












Children/grandchildren 12 and under
Children/grandchildren 13 -18
Children/grandchildren age 19 or older
Parents of you or your spouse or partner
Other relatives like siblings or cousins
Non-relatives

 Very likely
 Somewhat likely
 Not at all likely

77. Has anyone temporarily moved into your
home? Mark all that apply.
Adult children
Grandchildren
Parents
Someone else

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

 No one

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

78. In 2020, did any of the following happen?
Marriage, remarried or new partner
New permanent addition to your
household (not spouse/partner)
Death of household member
Separation, divorce or partner left
Other person left your household
(not spouse/partner)
Disability or serious illness of a
household member

A lot higher
Somewhat higher
Same
Somewhat lower
A lot lower

83. How likely is it that your total annual
household income in 2021 will return to
what it was in 2019?

 No one else






Less than $35,000
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $174,999
$175,000 or more

82. What do you think your total annual household
will be in 2020 compared to 2019?

76. Besides you (and your spouse/partner), who
else is a permanent resident in your household?
Mark all that apply.







Very well
Well
Not well
Not at all

81. In 2019, what was your total annual household
income before taxes?

75. Ever serve on active duty in the U.S. Armed
Forces, Reserves or National Guard?
You

Skip to 81

Yes

No





















8

Yes

No















90. How well could you explain to someone the …

85. Does anyone in your household have any of the
following?
401(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposit
Investment real estate

Yes

No













Not
Very Somewhat At All

Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
a subprime loan
Difference between a mortgage’s
interest rate and its APR
Amortization of a loan
Consequences of not making
required mortgage payments
Difference between lender’s and
owner’s title insurance
Relationship between discount
points and interest rate
Reason payments into an escrow
account can change

86. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you save or make
investments?
 Take substantial risks expecting to earn substantial
returns
 Take above-average risks expecting to earn aboveaverage returns
 Take average risks expecting to earn average
returns
 Not willing to take any financial risks




















































91. Do you know anyone who in the past year…

87. In 2020, how have the following changed?
Is behind in making their mortgage
payments
Stopped making monthly mortgage
payments when they could afford it
Has gotten forbearance relief from their
lender/loan servicer
Has gone through foreclosure where
the lender took over the property

Significant Little/No Significant
Increase
Change Decrease

Housing expenses
Non-housing expenses










88. Over the next 12 months, how do you expect the
following to change?
Significant Little/No Significant
Increase
Change Decrease

Housing expenses
Non-housing expenses







No

















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




Agree

Owning a home is a good financial
investment
Most mortgage lenders generally treat
borrowers well
Most mortgage lenders would offer me
roughly the same rates and fees
Late payments will lower my
credit rating
Lenders shouldn’t care about any late
payments only whether loans are
fully repaid
It is okay to stop making mortgage
payments when you can afford it
It is okay to stop making mortgage
payments to pay other bills
I would consider counseling or taking a
course about managing my finances if
I faced financial difficulties

89. How likely is it, that if needed, you will be able to…
Not
Very Somewhat At All

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

Yes

























9

Disagree

































The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau appreciate your assistance.
We have provided space below for any additional comments. If the Covid-19 (coronavirus)
pandemic affected your ability to make your mortgage payments in ways we
have not covered in this survey, tell us about it here.
Please do not put your name or address on the questionnaire.

Please use the enclosed business-reply envelope to return your completed questionnaire.
FHFA
1600 Research Blvd, RC B16
Rockville, MD 20850
For any questions about the survey or online access you can call toll free 1-855-531-0724.

10