FHFA and CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use Federal Housing Finance Agency

Table of Content

• Local Markets: Louisville, Reno and San Diego HW+
• Prepare to shop
• Resources
• Buying a House?
• FHFA and CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use
• CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
• Data Highlights Borrowers' Experiences Obtaining a Mortgage

Once you've chosen a mortgage loan, it’s time to focus on the closing process. There will be lots of paperwork to submit and things to keep track of. Once you have a pretty good idea of your priorities and budget, you're ready to start home shopping in earnest.

The percentage of mortgage borrowers who rated themselves very familiar with available interest rates increased from 55% in 2019 to 69% in 2020. The NMDB is designed to fulfill the requirements of the Housing and Economic Recovery Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). HERA mandated that FHFA conduct a monthly mortgage survey of all residential mortgages, including those not eligible for purchase by Fannie Mae and Freddie Mac. The Dodd-Frank Act mandated that CFPB monitor the primary mortgage market, in part through the use of the survey data. The email states the CFPB asked the online real estate giant for assistance in contacting prospective homebuyers to participate in a research study about home buying. According to an email sent Tuesday to consumers, the CFPB is partnering Zillow to gather more information about consumers’ experiences buying and selling a home.

Local Markets: Louisville, Reno and San Diego HW+

Get started with our roadmap or explore all our tools and resources below. So for just less than an hour of a consumer’s time, the CFPB will pay them $25 just for their opinion. The email states that the CFPB is particularly looking for people who are actively shopping or planning to shop for a home in the near future.

While many risky features of mortgages are now restricted or unavailable in the marketplace since the financial crisis, mortgages still have different terms and features. Key components include the loan term, loan type, and interest rate. Loan types include Federal Housing Administration , Veterans Affairs , and conventional loans.

Prepare to shop

– The Federal Housing Finance Agency and the Consumer Financial Protection Bureau today published updated loan-level data for public use collected through the National Survey of Mortgage Originations . The data provide insights into borrowers' experiences obtaining residential mortgages. Since 2014, FHFA and CFPB have sent surveys each quarter to borrowers who had recently obtained mortgages.

Now is also the time to start exploring loan choices and meeting with lenders. The email states that the CFPB hopes that consumers will take the time to share “your unique experiences” with the CFPB via this study. Once you’ve found the right home, it’s time to find the right mortgage. Get official loan offers from lenders, compare your options, and choose the loan offer that's right for you. Choosing the right home loan is just as important as choosing the right home. Use our tools and resources to know what to expect—and what questions to ask—every step of the way.

Resources

One key feature of Owning a Home is the Rate Checker tool. In its beta release, this tool helps consumers understand what interest rates may be available to them by using the same underwriting variables that lenders use on their internal rate sheets. These are the documents lenders use to calculate what interest rate is available for a particular combination of loan type, property value, loan amount, and credit score. The data behind the Rate Checker is updated daily and includes information from large banks, regional banks, and credit unions and covers about 80 percent of the mortgage market. Consumers who consider the product offerings of multiple lenders or brokers may save substantial sums. For example, interest rates can span more than half a percent for a conventional mortgage for borrowers with a good credit rating and a 20 percent down payment.

The percentage of mortgage borrowers who reported that the mortgage closing did not occur as originally scheduled increased from 17% in 2019 to 21% in 2020. The CFPB and Federal Housing Finance Agency recently published for public use updated loan level data from the National Survey of Mortgage Originations . The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2020. Owning a Home also demystifies mortgage jargon, so consumers can have conversations with lenders more confidently. As part of the CFPB’s Know Before You Owe initiative, the Bureau is releasing Owning a Home, a suite of tools to inform and empower consumers shopping for a mortgage. It takes the consumer from the very start of the home-buying process, with a guide to loan options, terminology, and costs, through to the closing table with a closing checklist.

These surveys gather feedback on borrowers’ experiences during the process of getting a mortgage, their perceptions of the mortgage market, and their future expectations. Today’s release adds two additional years of new mortgage data through 2019. – The Consumer Financial Protection Bureau and the Federal Housing Finance Agency today published updated loan-level data for public use collected through the National Survey of Mortgage Originations . — Today the Consumer Financial Protection Bureau released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates.

Interest rates can be fixed or adjustable, and the rates vary across lenders, even for the same consumer and for loans with otherwise identical product features. Consumers can shop for a mortgage by researching and inquiring with multiple lenders, applying for mortgages with multiple lenders, or applying for different kinds of loans. The percent of survey respondents who reported not being concerned about qualifying for a mortgage during the application process increased somewhat from 2018 to 2019 . The percentage of mortgage borrowers who reported being very satisfied that they got the lowest interest rate for which they could qualify increased from 67% in 2019 to 75% in 2020.

FHFA and CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use

Whether you’re just thinking about buying a home or about to close, we help you take control of the process.

​We treat others with dignity, share information and resources, and collaborate. This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year. The Consumer Financial Protection Bureau wants more information about homebuyers and it’s willing to pay for it. Hear one homebuyer’s story about how the CFPB’s tools helped her. We’ll take you step-by-step through the entire homebuying process. Scammers are targeting homebuyers, days before closing on their new home.