ASMB - Pre-Testing the Survey Materials through Focus Groups

The covid pandemic and your mortgage
American Survey of Mortgage Borrowers

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.

To complete the survey online, in English or Spanish
Go to: www.ASMBsurvey.com
Enter the unique access code provided in the letter we sent you.

Para contestar la encuesta por Internet en inglés o en español
Vaya a: www.ASMBsurvey.com
Ingrese el código de acceso único que se le envió en la carta.

If you have any questions, please call us toll free 1-855-531-0724 or visit our websites,
fhfa.gov/ASMB or consumerfinance.gov/ASMB

American Survey of Mortgage Borrowers
WHO ARE THE SURVEY SPONSORS?
The Federal Housing Finance Agency (FHFA), is an independent regulatory agency responsible for the
effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac, the Federal
Home Loan Bank System, and the Office of Finance, and ensures a competitive, liquid, efficient, and
resilient housing finance market.
The Consumer Financial Protection Bureau (CFPB) is a Federal agency created in 2010 to make
mortgages, credit cards, automobile and other consumer loans work better and ensure that these markets are
fair, transparent, and competitive.
WHY TAKE THIS SURVEY?
The most effective way for the sponsoring agencies 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 since the start of the covid pandemic.
HOW LONG WILL IT TAKE?
The time will vary based on your experiences, but you can expect to spend 15-25 minutes.
HOW WERE YOU SELECTED?
Survey recipients were selected at random from across the United States. Your answers will not be
connected to your name or any other identifying information.

Thank you for helping us assist future borrowers.

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. XXXX-XXXX
Expires xx/xx/xxxx

The covid pandemic has affected all aspects of people’s lives with many facing financial difficulties,
particularly in paying their mortgage. Your experience is very important as we learn how you
worked through this difficult time.

Financial and Household Events
During the Pandemic

Your Mortgage at the Start
of the Pandemic

1. Think back to March 2020, the start of the covid
pandemic. Since then, did your household
experience any of the following?
Major decrease in household income
Major increase in household expenses
Change in the number of persons living
in your household

Yes

No

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



2. Since the start of the pandemic, was your
household impacted financially by any of the
following?
Unexpected home repairs
Unexpected medical expenses
Increase in childcare expenses
Loss of rental income
Business failure
Having to provide financial help to
family or friends

Yes

No

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3. Did you delay, reduce, or cancel any of the
following during the pandemic?
Major home improvement
Major purchases
Home maintenance
Payments on credit cards or other
loans (not your mortgage)
Planned move or sale of a property

Yes

No

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4. Were any of the following done to address your
financial situation during the pandemic?
Borrowed money from family or friend
Borrowed from or cashed out a retirement
account
Borrowed money from a bank
Sold investment property or second home
Sold other assets (car, boat etc.)
Rented out part of my property or added
roommates
Got unemployment benefits

Yes

No

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5. At the start of the pandemic, March 2020, did
you have a mortgage loan?
 Yes, I had at least one mortgage loan
 No, I did not have a mortgage loan on
any property
Skip to 57 on page 7

If you had more than one mortgage loan at the start of
the pandemic, refer to the mortgage you took out the
earliest, even if it was subsequently refinanced,
modified, or paid off.
6. Did your loan servicer on this mortgage change
since the start of the pandemic? A loan servicer
is the company to whom you send your mortgage
payments and make inquiries about your
mortgage.
 Yes
 No
 Don’t know

7. Did you have any contact with your loan
servicer to…?
Confirm receipt of a payment
Correct errors in your file
Discuss escrow, insurance or tax issues
Ask about pre-paying or paying more
than the required regular payment

Yes

No

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8. During the pandemic did your servicer do any
of the following?
Make it difficult to contact them
Mishandle any payments
Change terms of your servicing agreement
Change due date or frequency of payments
Change mortgage payments or loan terms

Yes

No

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9. Did you have any contact with your servicer
since the start of the pandemic?

13. Since the start of the pandemic, did you have
any concerns or difficulties making payments
on this mortgage?

 Yes
 No Skip to 13

 Yes
 No

10. Was the servicer contact about…?
A way to defer or delay mortgage payments
Changing the terms of your mortgage
Refinancing your mortgage
A way to get caught up on missed payments
Available government programs
Financial counseling
Debt consolidation
Selling or giving up the property

Yes

No

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11. Were any of the following a challenge to you in
communicating with your servicer?
Servicer was unable/unwilling to help me
Did not feel comfortable talking with the
servicer representative
Servicer gave inconsistent or conflicting
information
Did not know I qualified for any program
Did not know how to apply for programs
Application process for programs was too
much trouble
Was told I did not qualify for a program
Difficulty getting the correct documents
submitted in a timely manner
Turned down for the programs I applied to
Other problem (specify) ________________
____________________________________

Yes

No

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12. Since the start of the pandemic, did your
servicer offer you any of the following?
Yes

Way to make up missed payments

Way for you to modify your mortgage
payment permanently

Way to sell the property to satisfy
the mortgage

Way to give the property to the lender
to satisfy the mortgage


Don’t
No Know



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

14. Which of the following best describes what
happened to payments on this mortgage since
the start of the pandemic?
 Made all payments in full and on time
 Made all payments but some were late or partial
 Missed one or more payments

15. Overall, how satisfied were you with your
servicer?
 Very

 Somewhat

 Not at all

16. At any time since the start of the pandemic did
you get advice or help to address any payment
concerns/difficulties on this mortgage from any
of the following?
Professional housing counselor
Real estate agent
Family or friends
Lawyer
Financial planner
Bank or credit union
Government/private agency
Course about managing your finances
Other (specify) _____________________ _
___________________________________

Yes

No

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17. Did you pay someone who promised to resolve
your payment concerns/difficulties on this
mortgage?
 Yes, and it was helpful
 Yes, but it was not helpful
 No

Mortgage Forbearance on
this Mortgage

23. Did you encounter any of the following
regarding your forbearance?

18. During the covid pandemic, many borrowers
were able to obtain a forbearance plan from
their servicer. Did you get a forbearance on this
mortgage (a deferral, payment holiday, temporary
pause or reduction in mortgage payments)?
 Yes
 No Skip to 25

19. When you got a forbearance, were you clear on
what would happen at the end of the
forbearance period and how to repay any
missed payments?
 Yes
 No

20. What is the current status of your forbearance?
 Still in forbearance
 In the process of getting out of forbearance now
 Out of forbearance

Needed more time in forbearance
Trouble reaching a person knowledgeable
about my account
Servicer provided conflicting or inaccurate
information
Problems submitting documents to the
servicer (lost or had to resubmit, etc.)
Payments made during forbearance not
applied in the way I wanted or expected
Mortgage payments or balance after
forbearance ended were not what I
expected
Repayment plan wasn't what I wanted or
expected

 Did not/will not have any missed payments

Yes

No

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 Did not/will not have any missed payments

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Terms of this Mortgage
25. Which one of these reasons best describes why
you took out this 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) _____________

___________________________________

22. Did the missed payments enable you to do any
of the following?
Pay for emergency expenses (car repair,
medical expenses, etc.)
Pay other bills or debts
Make home repairs/improvements
Make up for lost income
Put money into savings

No



24. Is there any additional problem you
encountered with your forbearance that you’d
like to tell us about?
_____________________________________
_____________________________________
_____________________________________

21. Which one of the following best describes how
any missed payments were/will be repaid?
 Paid when the forbearance period was/is up (lump
sum payment)
 Added to the mortgage and paid when the
mortgage was/is paid off or property was/is sold
 Paid through a loan modification, repayment plan,
or other arrangement
 Unsure/don’t know how missed payments will be
repaid

Yes

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

27. When you took out this mortgage, what was the
dollar amount you borrowed?
$________________ . 00

 Don’t know

28. What was the monthly payment, including the
amount paid to escrow for taxes and insurance?
$____________. 00

 Don’t know

Property Associated with
this Mortgage

29. What was the interest rate on this mortgage?
 Don’t know

______%

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

34. When did you first become the owner of the
property associated with this mortgage?

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

31. When you took out this mortgage, did this
mortgage have…
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

Yes

Don’t
No Know

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32. 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

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

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








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
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
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_______/______
month
year

35. 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) ____________________________

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

 Don’t know

37. About how much do you think this property is
worth now or the sale price if you sold it?
$________________. 00

 Don’t know

38. Which one of the following best describes how
you use this property today?
 Primary residence (where you spend 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)_____________________

39. Did we mail this survey to the address of the
property you financed with this mortgage?
 Yes
 No

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

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

41. In the next couple of years, how do you expect
the overall desirability of living in this
property’s neighborhood to change?
 Become more desirable
 Stay about the same
 Become less desirable

Yes

No

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______ / ______
Month / Year

42. Did you, or are you in the process of, getting a
repayment plan to deal with any missed
payments?

47. How would you describe your situation today
with the property associated with this
mortgage?
 Still own it
 In the process of selling or
in foreclosure
 No longer own it

 Yes
 No
 No missed payments

43. Since March 2020, did you, or are you in the
process of doing, any of the following with this
mortgage?
Refinance it
Modify it
Pay it off/sell property
No change in 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
Buy out co-signer(s)/co-owner(s)
Repay the loan more quickly
Take out cash
Needed to pay back missed payments
Required by the lender or servicer

46. When did you (or expect to) refinance, modify
or pay off this mortgage?

This Mortgage Today

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

45. Were any of the following a reason you did/will
refinance or modify this mortgage?

Skip to 47

44. How does/will the new mortgage compare to
the old mortgage?
Higher

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






48. Were any of the following a reason you did not
sell this property?
Didn’t want to sell
Can’t afford to move/sell
Selling is too much trouble
Problems not severe enough to sell
Not enough equity in the property






Yes

No

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49. In the next year or two, how likely is it that you
will…
Not
Very Somewhat at all

Same Lower

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



Skip to 50 on page 6

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

Skip to 57 on page 6

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No Longer Own this Property
50. Which one of the following best describes what
happened to the property you no longer have?
 Sold the property - regular sale
 Sold the property at reduced price agreed to by
lender (short sale)
 In the process of being foreclosed
 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) __________________________

56. Would any of the following events cause you to
consider either buying a primary residence
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

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 Nothing, will not buy again

51. When did this happen?

Your Household

_____/______
Month / Year

57. What is your current marital status?
52. Was what happened to your property
primarily…
 Your or your family’s decision
 Lender or servicer’s decision
 Other (specify) ___________________________

53. Were any of the following a reason you no
longer have this property?
Difficulties making the mortgage payments
Owed more on the loan than the property
was worth or could sell it for
Separated, divorced or partner left
Married, remarried or new partner
Death of a household member
Addition to your household
(not spouse/partner)
Moved within the area (less than 50 miles)
Moved to a new area (50 miles or more)

Yes

No

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54. Do you currently own or rent your primary
residence?
 Own
Skip to 57
 Rent
 Live with family or friends

55. When do you think you might purchase a
primary residence?





Less than 3 years
3 – 5 years
More than 5 years
Never

 Married
 Separated
 Never married
 Divorced
 Widowed

58. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
 Yes
 No

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

59. Age at last birthday:

Spouse/
Partner

____years ____years

60. Sex:
You

Male
Female




Spouse/
Partner




61. Highest level of education achieved:
You

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

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

Spouse/
Partner

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62. Hispanic or Latino:
You

Yes
No


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Spouse/
Partner


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63. Race: Mark all that apply.
You

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

Spouse/
Partner

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64. Current work status: Mark all that apply.
You

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

Spouse/
Partner

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65. How do you or your spouse currently get paid?
Mark all that apply.
You

Spouse/
Partner





Self-employed/other

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Not working



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Salary
Commissions
Bonus
Contract worker
Hourly wages

Tips

66. Did any of these work changes occur during the
pandemic? Mark all that apply.
You

Spouse/
Partner

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


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None of the above



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67. Did you or your spouse do any of the following
during the pandemic? Mark all that apply.
You

Spouse/
Partner

Retired as planned
Retired earlier than planned
Quit job/reduced hours to care for
children
Quit job/reduced hours to care for
other family members
Quit job for other reasons
Increased work hours or overtime
Took a higher-paying job
Took a lower-or same- paying job
Took a second job

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None of the above





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

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 

69. Besides you (and your spouse/partner), who
else permanently lives in your home?
Mark all that apply.







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

 No one else


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


70. Has anyone temporarily moved into your
home? Mark all that apply.

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



76. How likely is it that your total annual
household income will increase next year?
 Very likely
 Somewhat likely
 Not at all likely

College students
Other adult children
Grandchildren
Parents
Someone else

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

 No one

71. Since the start of the pandemic, did any of the
following happen?
Married, remarried or new partner
Separated, divorced or partner left
Disability of a household member
Serious illness of a household member
New permanent addition to your
household (not spouse/partner)
Death of household member
Person left household (not spouse/partner)

Yes

No

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72. Do you speak a language other than English at
home?
 Yes
 No

Skip to 74

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

Very well
Well
Not well
Not at all

74. 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)?
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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

75. How does your income now compare to prepandemic?
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A lot higher
Somewhat higher
About the same
Somewhat lower
A lot lower

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

Yes

No

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78. Do you or 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

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79. 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

80. Since the pandemic, how have the following
changed?
Significant Little/No Significant
Increase
Change Decrease

Housing expenses
Non-housing expenses

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81. 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

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82. How likely is it, that if needed, you would 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

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83. Which one of the following best describes your
willingness or ability to move from your primary
residence?
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
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Willing and able to move
Willing but unable to move
Unwilling to move
Unsure/Don’t know at this time

Is behind in making their mortgage
payments
Stopped making monthly mortgage
payments when they could afford it
Has gotten forbearance relief from their
lender or servicer
Has gone through foreclosure where
the lender took over the property

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

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

84. Do you know anyone in the past year who…?
Yes

85. How well could you explain to someone the…

Agree
No

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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

Disagree

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We have provided space below for any additional comments. If the covid 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.

Thank you for completing our survey!
Please use the enclosed business-reply envelope to return your completed questionnaire.
FHFA
1600 Research Blvd, RC B16
Rockville, MD 20850