New Federal Consumer Survey? Take a Peek!
Mortgage professionals may want to know what the government is asking your borrowers after closing.
Recently the Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) released a new loan-level dataset, for public use; a compilation of data collected through the National Survey of Mortgage Originations (NSMO).
The NSMO is a component of the National Mortgage Database (NMDB®). It is the first comprehensive repository of detailed mortgage loan information. The desired results: to gain insight on what borrowers experienced during a residential mortgage transaction.
It was launched by FHFA and the BCFP in 2012 and has been sending surveys to borrowers since 2014 “who had recently obtained mortgages” to get feedback on what they experienced during the process, how they perceive the mortgage business and what their future expectations may be.
The surveys were published in “waves.”
The FHFA and the BCFP have been compiling the NSMO survey data and on November 8, 2018 was the first public release. According to the National Law Review, “the recently issued public use file reflects data from the first 15 quarterly waves of surveys and covers nearly 25,000 loans originated from 2013 to 2016.
The NMDC Technical Report and 94 question survey can be read here. This link also provides the letter that is sent to borrowers. If nothing else, you may find the questions interesting.
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