Download:
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pdfWhat happened with your mortgage over the last year?
The 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 TBD
1. At any time in 2020 did you have a mortgage
loan?
8. When you took out this mortgage, did 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
Go to 64 on page 6
on any property
2. Which one of these reasons best describes why
you took out this mortgage? If you had more
than one mortgage in 2020, please refer to the
mortgage you took out the earliest as you
complete this survey.
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) _____________
Yes
Don’t
No Know
9. When you took out this mortgage, how satisfied
were you with the…
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…
$________________ . 00
Not
Very Somewhat At All
Don’t know
Best terms to fit your needs
Lowest interest rate you could
qualify for
Lowest closing cost
5. What was the monthly payment, including the
amount paid to escrow for taxes and insurance?
$____________. 00
The Property
Don’t know
6. What was the interest rate on this mortgage?
11. When did you first become the owner of this
property?
______%
_______/______
month
year
Don’t know
7. Who signed or co-signed for this mortgage?
Mark all that apply
12. Which one of the following best describes this
property?
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) ____________________________
13. What was the purchase price of this property,
or if you built it, how much did the construction
and land cost?
$________________. 00
Mortgage Forbearance
20. Earlier this year, in response to the COVID-19
pandemic, many borrowers were able to obtain
a forbearance (a deferral, payment holiday,
temporary pause or reduction in 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
Yes, had an immediate need for forbearance
Yes, obtained forbearance in case it might be
needed in the future
No
Don’t know
15. Did the COVID-19 pandemic affect how you
decided on how much this property is worth?
21. Were any of the following a reason you did
not or could not get a forbearance?
Yes, worth more because of the pandemic
Yes, worth somewhat less because of the pandemic
Yes, worth a lot less because of the pandemic
No
Yes
Did not know about it
Did not think I needed it
Did not qualify for what was offered
Not available for my loan
It was unclear 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
Other (specify) ____________________
16. Which one 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)_____________________
Skip to 29 on page 3
22. (If Yes in 20) How did you apply for your initial
forbearance?
17. Did we mail this survey to the address of the
property you financed with this mortgage?
Yes
No
On the phone with a live person
Automated phone system
Online portal
By mail/email
Other (specify) _______________________
18. What do you think will happen to the prices of
homes in this property’s neighborhood over the
next couple of years?
No
Yes
No
23. When you first got forbearance were you…
Increase a lot
Increase a little
Stay about the same
Decrease a little
Decrease a lot
Given options for the length of the
forbearance period
Clear on what would happen at the end
of the forbearance period and how to
repay suspended payments
Provided with a document describing the
agreement
19. In the next couple of years, how do you expect
the overall desirability of living in this
property’s neighborhood to change?
Yes
No
24. What was the time period of your initial
forbearance?
Become more desirable
Stay about the same
Become less desirable
3 months
6 months
Other ______ months
2
25. What is the current status of your forbearance?
31. When you had concerns/difficulties in 2020,
what happened to the mortgage payments?
Still in initial forbearance period
In an extended forbearance period
Out of forbearance
Made all payments in full and on time
Made all payments but some were late or partial
Did not make all my payments
26. Which one of the following best describes how
your deferred/reduced payments will be repaid
when your forbearance period is or was up?
32. Did any of the following cause you to have
concerns/difficulties in making your mortgage
payments?
Paid or will pay the total deferred/reduced
amount at the end of the mortgage
Paid or will pay the total deferred/reduced
amount due when the forbearance period is up
Loan modification or other repayment plan
Other (specify) _________________________
___________________________________
Yes
Layoff, unemployment, or reduced pay/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
Other unexpected expenses not listed above
(specify)__________________________
Other loss of income not listed above
(specify)__________________________
_________________________________
None, did not defer/reduce payments
Unsure/Don’t know
27. How confident are you that you will be able to
repay the deferred/reduced payments?
Very
Somewhat
Not at all
Already paid off
N/A, No deferred/reduced payments
28. How satisfied were you with the process of
getting and working through the forbearance?
33. Did you do any of the following to address your
concerns/difficulties paying this mortgage in
2020?
Very
Somewhat
Not at all
Borrowed money from family or friend
Borrowed from or cashed out a retirement
account
Borrowed money somewhere else
Put the property up for sale
Sold other assets
Delayed making any major purchases
Made smaller or delayed payments on credit
cards or other loans (not your mortgage)
Reduced other expenses/purchases
Increased work hours
Started a second job
Started a new or better paying job
Applied for/received unemployment benefits
Difficulty Making Mortgage Payments
29. Did you have any concerns or difficulties
making your mortgage payments at any time
in 2020?
Yes
No
No
Skip to 45 on page 5
30. Were your concerns/difficulties related to the
COVID-19 pandemic?
Yes
No
3
Yes
No
34. Did you have any discussions with a
representative of your lender/servicer
regarding your payment concerns/difficulties in
2020?
Yes
No
38. Overall, how satisfied were you with your
lender/servicer?
Very
Somewhat
Not at all
Skip to 36
39. When you had payment concern/difficulties,
did you talk to a professional housing counselor
or take a course about managing your finances
from an expert?
35. Were the discussions about…
Mortgage forbearance
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) _______________________
Yes
No
Yes
No
40. Was your counseling or course…
In person, one-on one
In person, in a group
Over the phone
Online
Required
36. Since the beginning of 2020, have you been
offered any of the following by your
lender/servicer?
Yes
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
No
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours
42. Overall, how helpful was your counseling or
course?
Very
Somewhat
Not at all
37. Were any of the following a challenge to you in
getting help to address your payment
concerns/difficulties in 2020?
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
lender/servicer representative
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
Lender/servicer was unable or unwilling to
help me
Difficulty in reaching or communicating
with lender/servicer
Lender/servicer gave inconsistent or
conflicting information
Other problem (specify) ________________
Yes
41. How many hours was your counseling or
course?
Don’t
No Know
Skip to 43
43. Did you seek input about possible steps to
address your payment concerns/difficulties
from…
A real estate agent
Family or friends
Lawyer
Financial planner
Bank or credit union
Government/private agency
Other (specify) _____________________ __
___________________________________
Yes
No
44. Did you pay someone who promised to resolve
your payment concerns/difficulties?
Yes and it was helpful
Yes but it was not helpful
No
4
51. Were any of the following a reason you did not
or could not refinance or modify this
mortgage?
The Property/Mortgage Today
45. Compared to January 2020, how would you
describe your situation today?
Still own the property and have a mortgage
Still own the property but no mortgage
Skip to 55
In the process of foreclosure now
No longer own the property
Skip to 57
Other _________________
46. Did you ever consider selling this property?
Yes
No
Yes
No
Skip to 55
Skip to 48
Refinance or Loan Modification
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
Yes
No
52. When did you refinance or modify the loan?
______ / ______
Month / Year
53. How does the new loan compare to the old
loan?
Higher
Monthly payment
Principal balance
Interest rate
Remaining years/months on loan
48. Compared to January 2020, how would you
describe your mortgage today?
No change to mortgage (except for forbearance)
Mortgage was refinanced
Skip to 52
Mortgage was modified
Same Lower
54. Did you refinance or modify the loan for any of
the following reasons?
Yes
Change to a fixed-rate loan
Get a lower interest rate
Remove private mortgage insurance
Get a lower monthly payment
Consolidate or pay down other debt
Buy out co-signer(s)/co-owners(s)
Repay the loan more quickly
Take out cash
49. At any time in 2020, did you ever consider
refinancing or modifying this mortgage?
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 55
50. Did you take any specific action to refinance or
modify this mortgage?
Shopped around for rates, information, etc.
Talked with a lender/servicer and was told I did not
qualify for a refinance or modification
Applied but withdrew the application
Applied but was rejected by the lender/servicer
Applied, was accepted, but decided not to change
No
Still Own the Property
55. In the next year or two, how likely is it that you
will…?
Not
Very Somewhat at all
Did not take any action
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
5
56. Did you do any of the following as a result of
the COVID-19 pandemic?
Delay or cancel a major home improvement
or remodeling project
Delay or cancel maintenance
Delay or cancel a planned move or sale
of the property
Sell investment property or second home
Rented out part of the property or added
roommates
Take out a home equity loan/line of credit
60. Which one of the following best describes why
you no longer have this property?
Yes
No
Could not afford the mortgage and related expenses
(maintenance, taxes, condo fees, etc.)
Owed more on the loan than the property was
worth or could sell it for
Could afford the property, but no longer have it for
other reasons (specify) ____________________
___________________________________________
61. Do you currently own or rent your primary
residence?
Skip to 64
Own
Skip to 64
Rent
Live with family or friends
No Longer Own the Property
57. Which one of the following best describes what
happened to the property you no longer have?
62. When do you think you might purchase
another primary residence?
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 (specify) __________________________
_______________________________________
Less than 3 years
3 – 5 years
More than 5 years
Never
63. Would any of the following events cause you to
consider either 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) ________________
58. When did this happen?
_____/______
Month / Year
59. Was what happened to your property
primarily…
Nothing, will not buy again
Your or your family’s decision
Lender or servicer’s decision
Other(specify) ___________________________
________________________________________
6
Yes
No
71. Work status in January 2020:
Mark all that apply.
Your Household
64. What is your current marital status?
You
Married
Separated
Never married
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)
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?
72. How was pay received in January 2020?
Mark all that apply.
Yes
No
You
Please answer the following questions for you
and your spouse or partner, if applicable.
You
66. Age at last birthday:
Spouse/
Partner
____years ____years
67. Sex:
You
Male
Female
Spouse/
Partner
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
You
Salary
Commissions
Bonus
Contract worker
Hourly wages
Tips
Self-employed/other
Not working in January 2020
Spouse/
Partner
You
69. Hispanic or Latino:
Yes
No
Spouse/
Partner
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander
Spouse/
Partner
Reduced hours at work
Reduction in pay
Temporarily laid-off, furloughed
Job loss, unemployment
Retired as planned
Retired earlier than planned
None of the above
74. Current work status: Mark all that apply.
You
Spouse/
Partner
7
Spouse/
Partner
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)
70. Race: Mark all that apply.
You
Spouse/
Partner
73. Did any of these work changes happen in 2020?
Mark all that apply
68. Highest level of education achieved:
You
Spouse/
Partner
75. Ever serve on active duty in the U.S. Armed
Forces, Reserves or National Guard?
81. In 2019, what was your total annual household
income before taxes?
Spouse/
Partner
You
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
76. Besides you (and your spouse/partner), who
else permanently lives in your home?
Mark all that apply.
82. What do you think your total annual household
income will be in 2020 compared to 2019?
Children/grandchildren 12 and under
Children/grandchildren 13 -18
Children/grandchildren age 19 or older
Parents of you or your spouse/partner
Other relatives like siblings or cousins
Non-relatives
A lot higher
Somewhat higher
About the same
Somewhat lower
A lot lower
Skip to 84
83. How likely is it that your total annual
household income in 2021 will return to what it
was in 2019?
No one else
77. Has anyone temporarily moved into your
home? Mark all that apply.
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
Very likely
Somewhat likely
Not at all likely
College students
Other 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?
Married, remarried or new partner
New permanent addition to your
household (not spouse/partner)
Death of household member
Separated, divorced or partner left
Person other than spouse/partner left your
household
Disability or serious illness of a
household member
Yes
No
401(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposit
Investment real estate
Skip to 81
80. How well do you speak English?
No
85. Does anyone in your household have any of the
following?
79. Do you speak a language other than English at
home?
Yes
No
Yes
Very well
Well
Not well
Not at all
8
Yes
No
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?
91. How well could you explain to someone the …
Not
Very Somewhat At All
Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
a subprime loan
Difference between a mortgage’s
interest rate and its APR
Amortization of a loan
Consequences of not making
required mortgage payments
Difference between lender’s and
owner’s title insurance
Relationship between discount
points and interest rate
Reason payments into an escrow
account can change
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
87. In 2020, how have the following changed?
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?
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
Not
Very Somewhat At All
90. Do you know anyone who in the past year
who…
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
Agree
89. How likely is it, that if needed, you would be
able to…
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
92. Do you agree or disagree with the following
statements?
Significant Little/No Significant
Increase
Change Decrease
Housing expenses
Non-housing expenses
Yes
No
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
pandemic affected your ability to make your mortgage payments in ways we
have not covered in this survey, please 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
10
For any questions about the survey or online access you can call toll free 1-855-531-0724.
11
| File Type | application/pdf |
| Author | ted |
| File Modified | 2020-09-04 |
| File Created | 2020-09-04 |