NSMO Questionaire

Improving Mortgage Experiences in America
National Survey of Mortgage Originations
We are conducting this survey of people who have taken out
or co-signed for a mortgage loan to purchase a housing
property, or to refinance or modify an existing loan.
Learning directly from borrowers like you about your
mortgage experiences will help us improve lending practices
and the mortgage process for future borrowers like you. It is
important to get the perspective of all borrowers for making
government policies.
You can mail back the paper survey in the enclosed business reply envelope or complete the survey
online. The online version may be easier to complete, because it skips any questions that do not apply
to you based on your responses. Online responses are also processed more quickly making it less likely
that you will receive reminders to complete this survey. We appreciate your help either way.
To complete the survey online, in English or Spanish
Go to: www.NSMOsurvey.com
Enter the unique access code provided in the letter we sent you.
Esta encuesta está disponible en español en línea
Visite al sitio web www.NSMOsurvey.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 both
agencies are concerned with improving the safety of the U.S. housing finance system and making
sure all consumers have better access to mortgages. Thanks so much for helping us assist future
borrowers.

You can find more information on our websites - www.fhfa.gov/nsmo and www.consumerfinance.gov

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Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The
information requested on this Survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering information for
the National Mortgage Database. Routine uses which may be made of the collected information can be found in the Federal
Housing Finance Agency’s System of Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested
information is voluntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose it as
set forth in the referenced SORN.
Paperwork Reduction Act Statement: Notwithstanding any other provision of the law, no person is required to respond to,
nor shall any person be subject to a penalty for failure to comply with, a collection of information subject to the
requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control
Number.
OMB No. 2590-0012
Expires 4/30/20

1. Did you take out or co-sign for a mortgage loan
sometime in the last couple of years including a
purchase or any refinance/modification of an
existing loan?

i

Yes
No g Skip to 72 on page 7

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

Somewhat

Not at all

7. How firm an idea did you have about the
mortgage you wanted?

2. When did you take out this mortgage? If you took
out or co-signed for more than one mortgage, please
Firm idea
Some idea
Little idea
refer to your experience with the most recent
refinance, modification, or new mortgage.
8. How much did you use each of the following
sources to get information about mortgages or
mortgage lenders?
/
month

year

A
Lot

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

A
Little

Not
At All

Your mortgage lender/broker
Other mortgage lenders/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, credit unions or financial
planners
Housing counselors

No

4. 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)

Other (specify)

g If you co-signed this loan with others, take into
account all co-signers as best you can when
answering the survey. If no co-signers, answer
based on your own situation.

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

5. When you began the process of getting this
mortgage, how familiar were you (and any
co-signers) with each of the following?
Not
Very Somewhat At All

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

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

10. Which one of the following best describes how
you applied for this mortgage?
Directly to a lender, such as a bank or credit union
Through a mortgage broker who works with
multiple lenders to get you a loan
Through a builder who arranged financing
Other (specify)

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

2

3

4

5 or more

Draft

1

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

2

3

4

17. How important were each of the following in
determining the mortgage you took out?

5 or more

Important

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

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

No

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

i

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

18. Your lender may have given you a booklet
“Your home loan toolkit: A step-by-step
guide,” do you remember receiving a copy?
Yes
No
Don't know

Not
Important Important

Having an established banking
relationship
Having a local office or branch nearby
Used previously to get a mortgage
Mortgage lender/broker is a personal
friend or relative
Paperless online mortgage process

i

Yes

No

20. In the process of getting this mortgage from
your mortgage lender/broker, did you…
Yes

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

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

No

Have to add another co-signer to qualify
Resolve credit report errors or problems
Answer follow-up requests for more
information about income or assets
Have more than one appraisal
Redo/refile paperwork due to processing
delays
Delay or postpone closing date
Have your "Loan Estimate" revised
to reflect changes in your loan terms
Check other sources to confirm that
terms of this mortgage were reasonable

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

Somewhat

Skip to 20

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

Recommendation from a friend/
relative/co-worker
Recommendation from a real
estate agent/home builder
Reputation of mortgage lender/broker
Spoke my primary language, which is
not English

Very

Not
Important

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

No

Easy to understand
Valuable information

Not at all

Draft

2

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

No

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

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

Very

Not
Somewhat At All

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

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

28. Overall, how satisfied are you with the…
No

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

Very

Not
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

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

29. Did you take a course about home-buying or
talk to a professional housing counselor?
Yes
No g Skip to 33 on page 4

An FHA, VA, USDA or Rural Housing
loan

24. In selecting your settlement/closing agent did you
use someone…
Yes

i

30. Was your home-buying course or counseling...
Yes

No

No

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

Selected/recommended by the mortgage
lender/broker, or real estate agent
You used previously
Found shopping around
Did not have a settlement/closing agent

25. Do you have title insurance on this mortgage?
Yes
No
Don't know

31. How many hours was your home-buying
course or counseling?
Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours

Skip to 27

i

26. Which one best describes how you picked the
title insurance?
Reissued previous title insurance

32. Overall, how helpful was your home-buying
course or counseling?
Very

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

Somewhat

Not at all

Shopped around
Draft

3

33. Which one of these reasons best describes this
most recent mortgage?
To buy a property
To refinance or modify an
earlier mortgage
To add/remove co-signer(s)/co-owner(s)
To finance a construction loan
To take out a new loan on a
mortgage-free property
Some other purpose (specify)

37. How important were the following in your
h decision to refinance, modify or obtain a new
mortgage?
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
Repay the loan more quickly
Take out cash

Skip to 37

i

38. Approximately how much was owed, in total, on
the old mortgage(s) and loan(s) you refinanced?

34. Did you do the following before or after you
made an offer on this house or property?
Before
Offer

Not
Important

Important

After
Offer

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)

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

35. Did you use any of the following sources of
funds to buy this property?
Used

Not
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

No

College expenses
Auto or other major purchase
Buy out co-signer(s)/co-owner(s)
Pay off other bills or debts
Home repairs or new construction
Savings
Closing costs of new mortgage
Business or investment
Other (specify)

Did not get money from refinancing

This Mortgage
g40. When you took out this most recent mortgage or
refinance, what was the dollar amount you
borrowed?

36. What percent of the purchase price was the
down payment to buy this property (including
money from a prior home sale, gifts, etc.)?

$

0%
Less than 3%
3% to less than 5%
5% to less than 10%
10% to less than 20%
20% to less than 30%
30% or more

.00

Don't know

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

.00

Don't know

42. What is the interest rate on this mortgage?

Skip to 40

%

Don't know
Draft

4

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

No

49. Were the loan costs you paid similar to what you
had expected to pay based on the Loan Estimates
or Closing Disclosures you received?

Don't know

Yes

44. Which one of the following best describes how
you decided on the interest rate of your
mortgage?

No

50. After closing on this mortgage, how much cash
reserves in checking, savings, and other similar
assets did you have remaining?

Paid higher closing costs to get lower interest rate
Paid lower closing costs with a higher interest rate
Got a balance between closing costs and interest rate

Less than one month’s mortgage payment
1-2 months’ worth of mortgage payments
3-6 months’ worth of mortgage payments
7 months’ worth or more of mortgage payments

45. Does this mortgage have…
Yes

No

Don't
Know

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

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

Yes

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

Same

Lower

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

52. Did you face any of the following at your loan
closing?
Yes

.00

Don't know

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

No

No

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

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?
$

No

Mortgage lender/broker
Settlement/closing agent
Real estate agent
Personal attorney
Title insurance agent
Trusted friend or relative who is not
a co-signer on the mortgage
Housing counselor
Other (specify)

Don't
Know

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

Loan had no closing costs

Draft

5

53. Is there any additional problem you encountered
while getting this mortgage that you’d like to tell
us about?

This Mortgaged Property
57. When did you first become the owner of this
property?

month

/

year

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

Don't know

.00

59. Which one of the following best describes how
you acquired this property?

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))?

Purchased an existing home
Purchased a newly-built home from a builder
Had or purchased land and built a house
Received as a gift or inheritance
Other (specify)

60. Which one of the following best describes
this property?
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)

Yes
No g Skip to 56

i

55. What was the amount of this loan?
$

.00
Don't know

i

56. How well could you explain to someone the…

61. Does this mortgage cover more than one
unit?

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
subprime loan

Yes

i

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

Difference between a mortgage's
interest rate and its APR
Amortization of a loan
Consequences of not making
required mortgage payments

$

.00

Don't know

63. Do you rent out all or any portion of this
property?
Yes
No g Skip to 65 on page 7

Difference between lender's and
owner's title insurance
Relationship between discount
points and interest rate

No

i

64. How much rent do you receive annually?

Reason payments into an escrow
account can change

$

.00 per year
Draft

6

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

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

No

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

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

Your Household

Skip to 68

72. What is your current marital status?

i

Married
Separated
Never married
Divorced
Widowed

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

month

/

year

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

Significant
Decrease

Number of homes for sale
Number of vacant homes
Number of homes for rent
Number of foreclosures or
short sales
House prices
Overall desirability of
living there

69. What do you think will happen to the prices of
homes in this neighborhood over the next
couple of years?
Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot

i

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

i

No

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

You

years

years

75. Sex:
Male

You

Spouse/
Partner

Female

76. Highest level of education achieved:
Some schooling

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

You

Spouse/
Partner

High school graduate
Technical school
Some college

Become more desirable
Stay about the same
Become less desirable

College graduate
Postgraduate studies
Draft

7

77. Hispanic or Latino:
You

Spouse/
Partner

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

Yes
No

i

78. Race: Mark all that apply.
White

You

Spouse/
Partner

Yes
No g Skip to 85

83. Was it important to get your mortgage
documents in this language?
Yes

No

Black or African American

84. Did you get mortgage documents in this
language?

American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander

Yes

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

You

Spouse/
Partner

Self-employed part time

85. Approximately how much is your total annual
household income from all sources (wages,
salaries, tips, interest, child support, investment
income, retirement, social security, and alimony)?
Less than $35,000
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $174,999
$175,000 or more

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

80. Ever served on active duty in the U.S. Armed
Forces, Reserves or National Guard?
Never served in the military

No

You

86. How does this total annual household income
compare to what it is in a "normal" year?
Higher than normal
Normal
Lower than normal

Spouse/
Partner

Only on active duty for training in
the Reserves or National Guard
Now on active duty

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

On active duty in the past, but
not now

Yes

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

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

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

No one else

Draft

8

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

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

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

90. Do you agree or disagree with the following
statements?
Agree Disagree

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

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

Significant
Decrease

Household income
Housing expenses
Non-housing expenses

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

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

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

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)

Significant
Decrease

Household income
Housing expenses
Non-housing expenses

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

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

No

Layoff, unemployment, or reduced
hours of work
Retirement
Promotion
Starting a new job
Starting a second job
Business failure
A personal financial crisis

No

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

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
Draft

9

The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau thank you for completing this survey.
We have provided the space below if you wish to share additional comments or further explain any
of your answers. Please do not put your name or address on the questionnaire.

Please use the enclosed business reply envelope to return your completed questionnaire.
FHFA
1600 Research Blvd, RC B16
Rockville, MD 20850

For any questions about the survey or online access you can call toll free 1-855-339-7877.

Draft

10