The data provide insights into borrowers' experiences in getting a residential mortgage
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency have announced the release of a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) for public use.
In each quarter since 2014, the two agencies surveyed borrowers who had obtained mortgages to gather feedback on their experiences during the mortgage process, their perception of the market, and their future expectations.
FHFA and the BCFP have been compiling the NSMO survey data and this dataset is the first public release. The data provide insights into borrowers’ experiences in getting a residential mortgage.
“The NSMO data should be very helpful to policymakers, the mortgage industry, and researchers in understanding consumer behavior and borrowers’ experiences obtaining a mortgage,” FHFA Deputy Director Sandra Thompson said. “The goal of the survey is to obtain information to help improve lending practices and the mortgage process for future borrowers.”
"These data will allow greater transparency, accountability, and effectiveness around borrowers’ mortgage experiences. This is yet another example of greater cooperation within the federal family on behalf of smarter policy for the American people,” CFPB Acting Director Mick Mulvaney said.
The NSMO is a component of the National Mortgage Database, a repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. The database was launched by FHFA and the BCFP in 2012.
