Technical 

Report Series 

National Survey of Mortgage Borrowers 

Technical Report 15-02 

August 27, 2015 

This document was prepared by Robert B. Avery, Mary F. Bilinski, Brian K. Bucks, Tim 

Critchfield, Ian H. Keith, Ismail E. Mohamed, Forrest W. Pafenberg, Jay D. Schultz, and Claudia 

E. Wood. 
2

1.0 Introduction 

The National Mortgage Database project is a multi-year project being jointly undertaken by the 

Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau 

(CFPB). The project is designed to provide rich source of information about the U.S. mortgage 

market based on a five percent sample of residential mortgages. It has two primary components: 

(1) the National Mortgage Database (NMDB) and (2) the quarterly National Survey of Mortgage 

Borrowers (NSMB).1

The NMDB project will enable FHFA to meet the statutory requirements of section 1324(c) of the 

Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the 

Housing and Economic Recovery Act of 2008, to conduct a monthly mortgage market survey. 

Specifically, FHFA must, through a survey of the mortgage market, collect data on the 

characteristics of individual mortgages, including those eligible for purchase by Fannie Mae and 

Freddie Mac and those that are not, and including subprime and nontraditional mortgages, and 

information on the creditworthiness of borrowers, including a determination of whether subprime 

and nontraditional borrowers would have qualified for prime lending.2

For CFPB, the NMDB project will support policymaking and research efforts and help identify 

and understand emerging mortgage and housing market trends. The CFPB expects to use the 

NMDB, among other purposes, in support of the market monitoring called for by the Dodd-Frank 

Wall Street Reform and Consumer Protection Act, including understanding how mortgage debt 

affects consumers and for retrospective rule review required by the statute.

FHFA and CFPB considered existing databases but determined that none sufficiently support the 

above objectives.3

 The NMDB, when fully complete, will be a de-identified loan-level database

of closed-end first-lien residential mortgages. It will: (1) be representative of the market as a 

whole; (2) contain detailed, loan-level information on the terms and performance of mortgages, as 

well as characteristics of the associated borrowers and properties; (3) be continually updated; (4) 

have an historical component dating back before the financial crisis of 2008; and (5) provide a 

sampling frame for the NSMB. 

The core data in the NMDB are drawn from a random 1-in-20 sample of all closed-end first-lien 

mortgage files outstanding at any time between January 1998 and June 2012 in the files of 

Experian, one of the three national credit repositories.4 The use of a sampling frame substantially

reduces the privacy risk associated with any data collection. By contrast, a universal registry can 

present challenges for privacy since it is known that a particular loan must be in the dataset. 

However, for a 1-in-20 sample, the odds are 95 out of 100 that a particular loan is not in in the 

2

FHFA interprets the NMDB project as a whole, including the NSMB, as the “survey” required by the Safety and 

Soundness Act. The statutory requirement is for a monthly survey. Other core inputs to the NMDB, such as a 

regular refresh of credit-bureau data, occur monthly, but not the NSMB. 

3

For a fuller description of the NMDB, including a discussion of existing sources and their limitations, see NMDB

Technical Report 15-01.

4

 Experian was chosen through a competitive procurement process to assist in creating the NMDB. 

1 The National Survey of Mortgage Borrowers was renamed the National Survey of Mortgage Originations, effective 

May 9, 2016. 
3

database. In addition, the sample used is large enough to support almost all types of statistically 

valid analyses but small enough to manage logistically, thus dramatically reducing both contract 

and personnel costs. 

A random 1-in-20 sample of mortgages newly reported to Experian is added to the NMDB each 

quarter. Mortgages are followed in the NMDB database until they terminate through prepayment 

(including refinancing), foreclosure, or maturity. Information from credit repository files on each 

borrower associated with the mortgages in the NMDB sample is collected from at least one year 

prior to origination to one year after termination of the mortgage. The information on borrowers 

and loans available to the FHFA, CFPB, or any other authorized user of the NMDB data is deidentified and does not include any direct identifying information such as borrower name, 

address, or Social Security number. 

The NSMB is a component of the NMDB project and is designed to provide policy makers, 

researchers and others with comprehensive de-identified data for analyzing housing and 

mortgage-related public policy and for improving lending practices and the mortgage process. 

The survey, conducted by mail, is designed to complement the NMDB by providing information, 

particularly related to mortgage shopping, that is not available in the database. The survey is 

completely voluntary and its target universe is newly originated closed-end first-lien residential 

mortgages and their associated borrowers. To achieve this objective, the NSMB draws its sample 

from mortgages that are part of the NMDB which draws its sample from the same target universe 

of new loans. 

Beginning with loans originated in 2013, a simple random sample of about 6,000 loans per 

quarter is drawn from loans newly added to the NMDB for the NSMB. At present, this represents 

a sampling rate of 1-in-13 from the NMDB or 1-in-260 from the population given that the NMDB 

itself is a 1-in-20 sample of loans. Although information from other sources will ultimately be 

merged into the NMDB, the data from Experian are sufficient to select the NSMB sample. 

This technical report provides background details on how the NSMB was developed. The second 

section presents a discussion of the development of the survey questionnaire, including the 

approval granted by the Office of Management and Budget (OMB) as required by the Paperwork 

Reduction Act. The third section discusses the survey sample frame and timeline, and the fourth 

section discusses the logistics of conducting the survey. 

The fifth section presents an analysis of survey responses for the first four waves. The sixth 

section presents a discussion of how the useable population for analysis is derived. The seventh 

section describes the data cleaning, editing, and imputing processes used to refine the useable 

survey dataset. The eighth section presents a discussion of how sample non-response weights are 

computed. The ninth section of the document discusses sampling error of the survey. 

There are two Appendices to this document: Appendix A presents the survey cover letters and the 

NSMB questionnaire; and Appendix B presents un-weighted frequency responses for all 

questions for the first three waves of the survey. 
4

2.0 Development of the Survey

In reaction to the financial crisis of 2008, Freddie Mac developed a pilot version of what has 

become the NSMB. The pilot was administered as a mail survey to about 1,500 individuals 

drawn from data maintained by Experian, one of the three national credit repositories. The pilot 

used a sample frame similar to that currently used by the NSMB. The pilot survey response rate 

of 12 percent was much lower than hoped. 

To improve the response rate, Freddie Mac retained the services of Don A. Dillman, of 

Washington State University, a leading expert in mail survey methods. Dr. Dillman focused on 

improving: (1) the contacting strategy; (2) the up-front cash incentives; (3) the communication 

strategy; and (4) the questionnaire format. His changes were incorporated into a second pilot 

survey in February 2011 with a sample of 1,000 new Freddie Mac loans split evenly between 

borrowers who had recently purchased a home and borrowers who had recently refinanced an 

existing mortgage. This second pilot survey resulted in a vastly improved response rate of 60 

percent. 

In the fall of 2012, Freddie Mac conducted a third pilot survey targeting a representative national 

sample of 5,000 new 2011 mortgage borrowers drawn from Experian files. The response rate for 

this survey was about 45 percent. 

The improvements instituted in the later pilots confirmed the effectiveness of using credit 

repository records as the survey sampling frame as well as the effectiveness of the questionnaire 

and methodology. 

The questionnaire for the NSMB draws heavily on the questionnaires piloted by Freddie Mac and 

leverages the input of an advisory group of industry experts from government, non-profits, 

advocates, trade groups, and academia that Freddie Mac convened when creating their 

questionnaires. This group played a significant role in ensuring that the NSMB provided 

information of ultimate interest to policy-makers, researchers, and data analysts. 

The NSMB focuses on topics such as mortgage shopping behavior, mortgage closing experiences, 

and information that cannot be obtained from any other source: expectations regarding house 

price appreciation, critical household financial events, and whether “trigger” events, such as 

unemployment spells, large medical expenses, or divorce, have occurred. In general, borrowers 

are not asked to provide mortgage terms in the questionnaire, since these fields are available in 

the Experian data. However, the survey collects a limited amount of information on the mortgage 

to compare borrower’s views with those of credit and administrative records and to verify that the 

credit repository records and survey responses pertain to the same mortgage. 

By interagency agreement between FHFA and CFPB, FHFA led the production of the NSMB.4

This included seeking public comments concerning information collection as required by the 

Paperwork Reduction Act. On April 25, 2013, FHFA published in the Federal Register a 60-day 

4

 An interagency agreement between FHFA and CFPB was signed on September 12, 2012 where the costs of the 

survey and the development of the NMDB are to be shared equally between the two agencies. 
5

Notice of Submission of Information Collection for Approval from the OMB. No comments were 

received for this notice. Subsequently, on July 1, 2013, FHFA published a 30-day Notice of 

Submission of Information Collection for Approval from OMB indicating that FHFA had 

received no comments during the 60-day comment period. 

Following these Federal Register notices, OMB reviewed the FHFA application and approved the 

request in December 2013, assigning the NSMB a control number of 2590-0012 with an 

expiration date of December 31, 2016. In April 2014 FHFA published a revised System of 

Records notification in the Federal Register extending the system of records entitled “National 

Mortgage Database Project” to cover the NSMB.

After obtaining OMB approval, FHFA modified an existing contract with Experian, which 

subcontracted the survey administration through a competitive process to Westat, a nationallyrecognized survey vendor. Fair Credit Reporting Act (FCRA) rules dictate that the survey 

process, because it utilizes borrower names and addresses drawn from credit repository records, 

must be administered through Experian in order to maintain consumer privacy.5

The NMDB development staff consulted with Experian, Westat, and the Freddie Mac advisory 

group between December 2013 and February 2014 to finalize the survey questionnaire and 

supporting materials. The initial survey wave was mailed out in April 2014, with a new wave 

distributed each quarter since. 

3.0 Detailed Survey Sample Frame and Timeline 

Following the update of the NMDB at the end of each quarter, FHFA randomly selects 6,000 of 

the closed-end first-lien mortgage loans newly added to the NMDB for the NSMB.6 At present

this represents about a 1-in-260 sampling rate from the population of such loans as a whole. 

Loans are selected at random from mortgages newly-reported to Experian, with the additional 

conditions that the mortgage be reported to Experian within a year of origination and that the 

borrowers have not been selected for an earlier NSMB survey. 

After the sample is selected, Experian eliminates any potential respondents who have opted out of 

previous surveys or are deemed to not have legitimate addresses or names. Industry guidance 

(Metro 2® Industry Standards for Credit Reporting) requires that servicers must supply a billing

address for each borrower on a trade line (including mortgages). Experian generally uses these 

borrower billing addresses as the survey mailing address. Sometimes, though, there are multiple 

addresses and borrowers associated with a survey sample loan. In these cases, Table 1 presents 

5

 The Fair Credit Reporting Act (FCRA), Public Law No. 91-508, was enacted in 1970, and substantially amended 

since, to promote accuracy, fairness, and the privacy of personal information assembled by credit reporting agencies 

(CRAs). The Act's primary protection requires that CRAs follow “reasonable procedures” to protect the 

confidentiality, accuracy, and relevance of credit information. To do so, the FCRA establishes a framework of 

requirements for credit report information that include rights of data quality (right to access and correct), data 

security, use limitations, requirements for data destruction, notice, user participation (consent), and accountability. 

6

For a fuller description of how loans are selected for the NMDB, see NMDB Technical Report 15-01. 
6

the rules for selecting the borrower(s) and address to which to mail the survey. The survey is sent 

to at most two borrowers who must share a common address. 

Table 1

Rule for Best Address

Number of 

borrowers

Same or different

address

Resulting survey recipient

1 n/a One borrower with Experian’s associated best address

2 Same Two borrower names with one common best address

2 Different The one borrower and associated best address with the 

lowest number of open mortgages.

>2 Same Two borrowers with one common best address that has 

the highest number of trade lines reported

>2 Different The one borrower and associated best address with the 

lowest number of open mortgages

FHFA and CFPB never receive the names or addresses that are chosen for the survey. Only 

Experian and Westat as Experian’s subcontractor have access to this information.

4.0 Survey Logistics

The survey implementation strategy comprises four respondent contacts over a seven-week period 

(copies of the survey questionnaire and contact materials are provided in Appendix A): 

Week 1 Printed questionnaire, cover letter, and cash incentive (entire survey sample 

population)

Week 2 1

st reminder letter (entire survey sample population)

Week 5 2

nd reminder letter, printed questionnaire, and additional cash incentive (sampled 

borrowers who have not responded by Week 4)

Week 7 3

rd reminder letter, which includes the due date for returning the questionnaire, to 

close the communication loop (sampled borrowers who have not responded by 

Week 6)

Participation in the survey is completely voluntary and respondents are assured of confidentiality 

in their responses. The first and the third contacts contain a printed survey questionnaire and a 

five dollar cash incentive, which the respondent is free to keep whether they return the 

questionnaire or not. The mailings and printed questionnaires detail how respondents can also 

complete the survey online in either English or Spanish (there is no printed Spanish 

questionnaire) using instructions and a unique “survey PIN number” provided in the questionnaire 

packet. About one quarter of survey responses are completed online.
7

Mail surveys are processed for four weeks after the third reminder letter, so the field period 

comprises 11 weeks in total. It takes between five and six weeks to draw the new NMDB sample, 

identify and combine duplicative records, draw the NSMB sample, process it at Experian, and 

print the survey materials. Thus, the survey cycle typically begins six weeks after the end of a 

quarter and extends about four weeks into the next quarter. 

All returned questionnaires and any non-delivered mail are sent directly to Westat and not to 

FHFA, CFPB, or Experian. All survey responses received by Westat are purged of any 

information related to the name of the borrower, address of the borrower, or name of any financial 

institution. This is done to maintain the depersonalized confidential nature of the data and to 

ensure that the survey responses cannot be connected to a name or address.

During the first eight weeks of each cycle, Experian maintains a NSMB call center to address any 

questions by respondents. This call center also allows respondents to “opt out” of the survey and

future surveys. Both FHFA and CFPB describe the survey on their websites so that respondents 

can independently validate the legitimacy of the survey.7 The agency officials signing the cover 

letter (Sandra Thompson at FHFA and David Silberman at CFPB) are identifiable on the websites 

as senior employees of the agencies.

Once the active phase of a survey cycle ends, it takes about 25 days for Westat to scan and edit 

returned questionnaires, combine them with on-line responses and create an electronic data file. 

This file is delivered to the NMDB development staff, through Experian. It takes a further eight 

weeks to complete additional cleaning and editing of survey responses, to create preliminary 

sample weights, and to assemble a preliminary user data file.

Since it takes between 90 and 150 days for the typical mortgage loan to be reported by the 

servicer to the credit repositories after origination, the first preliminary user data file will 

generally reflect mortgage originations of approximately one year earlier. Consider the fourth 

wave of 2014 as an example. The survey sample is drawn from the September 2014 archive and 

captures loans reported to Experian between June and September 2014, with most originated 

between March and June 2014. The fourth wave was put into the field in early November and 

closed at the beginning of February 2015. The electronic data file was delivered to the NMDB 

development staff in late February, and it took until the end of April 2015 to create a preliminary

version of the survey data base.

The timeline just described applies to each quarterly wave data release. Because some loans can 

take longer than six months to be reported to the repositories, a usable data file fully 

representative of a calendar year will not generally be available until December of the following 

year.

5.0 Survey Response Analysis

In a typical cycle, the NSMB design calls for a sample of 6,000 cases each quarter as described in 

the previous section. However, in 2014, the first year of the survey, FHFA conducted modified 

 

7 www.fhfa.gov/Homeownersbuyer/Pages/National-Survey-of-Mortgage-Borrowers.aspx and 

www.consumerfinance.gov/National-Survey-of-Mortgage-Borrowers
8

versions of the first three waves in April, June, and September. Wave 1 (April) included a sample 

of 15,000 mortgages. This was a catch up period to cover cases originated in 2013 and newlyreported to Experian in the archives for June, September and December 2013. For this first wave,

1.5 percent or 218 survey invitations were not delivered, resulting in a net delivered population of 

14,782 (see Table 2). The survey was in the field for 11 weeks and yielded 5,793 completed 

surveys, with 173 borrowers opting out of the survey and the remaining 8,816 not returning a 

questionnaire. If the undelivered survey invitations are treated as ineligible, this represented a 

39.2 percent response rate (5,793/14,782). 

Wave 2 (June) included 3,000 surveys and was for mortgages that were originated in 2013 and 

newly-reported to Experian between January and March 2014. The postal non-delivery rate for 

this wave was somewhat lower than for the first wave at 1.2 percent. The questionnaire for this 

survey was the same as that used for the first wave except that, as described in the next section, a 

critical clarification was added to the initial survey filter question. The overall response rate for 

Wave 2 was 36.3 percent, resulting in 1,076 completed questionnaires. There were 31 borrowers 

who opted out of the survey.

For Wave 3 (September),Westat mailed out 6,000 surveys representing mortgages that were 

originated in 2013 and reported to Experian between March and June 2014 within a year of 

origination as well as any mortgages originated in 2014 and reported to Experian between January 

and June 2014. The postal non-delivery rate for this third wave was somewhat higher than Waves 

1 and 2 at 1.8 percent, or 110 sample cases. The overall response rate for the third wave was 35.2 

percent, resulting in 2,073 completed questionnaires. There were 42 borrowers who opted out of 

the survey.

A fourth wave was mailed in November 2014 and most closely represents the steady state for 

future surveys in that the sampling frame. It was comprised of any mortgage newly reported to 

Experian in the quarter just ended (July to September 2014) that was reported within a year of 

origination. It also represented the initial wave where Experian eliminated potential sample cases

deemed to not have legitimate addresses or names prior to mailing. This resulted in a sample of 

5,795 cases. Other than slight changes to two questions, the questionnaire was unchanged from

prior waves. The response rate for this wave was similar to that of Waves 2 and 3. There was a 

fairly constant low percentage of the sample that was non-deliverable or elected to opt out of the 

survey. This confirms that Experian’s methodology for choosing the best mailing address has 

been working well.

Table 2

Survey Return Analysis

Wave 1 Wave 2 Wave 3 Wave 4

Estimated Newly Reported Mortgage 6,963,150 888,420 1,685,760 1,527,736

Sample Weight Unadjusted for Sample 

Nonresponse

464.21 296.14 280.96 263.63

Sent 15,000 3,000 6,000 5,795
9

 Postal Non-Delivery 218 37 110 86

 Postal Non-Delivery - % 1.5 % 1.2 % 1.8 % 1.5 %

Net Delivered 14,782 2,963 5,890 5,709

Completed Surveys

Mail 4,410 858 1,534 1,496

Online English 1,360 214 524 514

Online Spanish 23 4 15 10

Total Completed - # 5,793 1,076 2,073 2,020

Total Completed - % 39.2 % 36.3 % 35.2 % 35.4 %

Total Opt Out - # 173 31 42 54

Total Opt Out - % 1.2 % 1.0 % 0.7 % 0.9 %

6.0 Usable Population for Analysis

For each quarterly survey, all returned questionnaires and on-line responses were evaluated to 

determine the usable population for analysis. Table 3 below summarizes the results of this 

analysis. Based on this review, four criteria for rejecting a completed questionnaire for analysis

were established.

The first criterion is a “no” response to the first question (Q1). Q1 is used as a screener question 

to confirm that the survey respondent took out a mortgage during the reporting period (which 

Experian records suggest that they did). In the first wave, a surprisingly high number of 764 

respondents said that they had not taken out a mortgage. An analysis of the records suggests that 

some respondents who had refinanced their mortgage were not treating this as a new mortgage. 

Consequently in Wave 2, the wording of Q1 was changed to add the phrase “including any 

mortgage refinances.” With this change, the share of negative responses to Q1 decreased 

dramatically from 13 percent to 8 percent. 

The next exclusion criterion was for respondents who broke off in the middle of the survey and 

only answered part of the questionnaire (breakoffs were defined as those that did not provide a 

response to almost all questions from question Q50 on). The third criterion for exclusion was for 

respondents who provided information on the wrong loan. The sampling frame was tied to a 

particular loan associated with the borrower. However, the questionnaire did not refer explicitly 

to that loan. Instead, respondents who had taken out multiple loans during the reference period 

were asked to report on the “most recent.” In some instances this was not the sample loan. This 

was a particular problem in Wave 1 which, as a “catch up” survey, had a relatively long reference 

period. Also, some respondents who had refinanced their mortgage reported on the original home 

purchase mortgage rather than the refinance. Finally, in a few instances it appears that the survey 

went to the wrong person, with answers bearing no resemblance to the sample loan features as 
10

characterized by Experian records. In each of these circumstances the survey response was 

removed from the data set used for analysis. 

The last category of unusable surveys comes from respondents whose sample loans were 

ultimately removed from the NMDB after the survey had been executed either because they were 

deemed to have duplicate trade lines and to not meet the criteria for remaining in the NMDB or

where the sample loan was determined to be a second and not a first mortgage lien. In some

instances the survey response itself led to the removal, as margin notes or comments indicated 

that the loan was a second lien.

Given this, the rate of usable responses in each wave is lower than the survey response rates 

reported earlier. Overall, 9,297 usable responses were obtained from 29,767 sample cases (for a 

rate of 31.3%) or from 29,344 survey invitations delivered (for a rate of 31.7%).

Table 3

NSMB Useable Population

Wave Mailed Not 

Returned

Answered 

No to Q1

Did Not 

Finish 

Survey

Wrong

Loan

Duplicate 

or

HELOC

Useable 2013 

Loan

2014 

Loan

1 15,000 9,207 764 61 218 35 4,715 4,715 0

2 3,000 1,924 88 4 40 7 937 937 0

3 6,000 3,919 117 17 67 13 1,867 486 1,381

4 5,795 3,775 176 21 1 64 1,778 14 1,764

Total 29,767 18,825 1,145 103 326 91 9,297 6,152 3,145

7.0 Cleaning, Editing, and Imputing Responses

The survey responses, once delivered to the NMDB development staff, were subjected to a 

thorough editing and cleaning process. The initial phase consisted of standard editing—

correcting numbers reported in the wrong units, changing answers in responses based on margin 

notes and comments, assigning responses for questions with open-ended “other” responses, 

dealing with multiple responses to a question that calls for only one response and deciding how 

to handle situations where respondents followed the wrong skip pattern.

In some instances, examination of responses suggested questions that respondents may have

frequently misunderstood or misinterpreted. Three questions were judged to be particularly 

problematic:

1. Question Q64 (how many separate units does your mortgage cover?): Inconsistencies 

between the self-reported loan amount and the amount reported in the credit repository 
11

data suggested that the number of units that a mortgage covered in a property was 

sometimes answered incorrectly.

2. Q75 (owned other residential properties besides this one?): In many instances, credit 

repository data indicated that the borrower had previous mortgages contrary to the 

response to this question.

3. Q16 (a term of less than 30 years?): The term of the loan reported by the lender in many 

cases did not match responses to Q16. 

Finally, there were also indications that respondents with sample loans on investment properties 

may have provided information on their primary residence property and neighborhood rather 

than that of their investment property. These problems are addressed in changes made to the 

questionnaire for Wave 7 based on the June 2015 archive. However, users should be aware of 

these interpretation inconsistencies when using data from the earlier waves.

One advantage that the NSMB has over other surveys is the availability of credit and 

administrative data, much of which appears to be quite reliable. These data can be used to assist 

in the editing and imputation process. Three primary sources of such data were available in 

processing the first four waves of the NSMB: (1) credit data from Experian on sample loans; (2) 

data collected by Experian from other data sources on the survey respondents, including loan 

servicers and data companies; and (3) information for loans that could be matched to Home 

Mortgage Disclosure Act (HMDA) files (only HMDA data through calendar year 2013 are 

available as of this writing).8 Ultimately, additional information from further administrative and 

property file matches will be available for this purpose but is not available at this time.

The credit and administrative data were used to determine which borrower in the Experian data 

corresponded to the respondent (and spouse/partner of the respondent) in the survey and to 

determine the loan they were reporting on. The data were also useful in determining if 

respondents correctly identified their loan as a home purchase loan or a refinance.

Tabulations of the raw un-weighted—but edited—responses to all the questions in the survey are 

presented in Appendix B. Data are presented only for usable observations in Waves 1, 2 and 

3. Although Wave 4 has undergone substantial cleaning, information from HMDA matches are 

not yet available for 2014 originations in that wave (which is dominated by 2014 mortgages) to 

complete the process.

After editing and cleaning the survey response data, NMDB staff imputed missing responses

using statistical models estimated based on credit and administrative data and answers to other 

questions in the survey. In order to preserve the original responses, the raw responses were 

 

8 Merges between the NMDB or NSMB and HMDA rely on variables common to both datasets, including the 

original loan balance, the opening date of the mortgage and the general location of the property (census tract or 

state/county). Unfortunately, mortgage servicers report the billing address of the mortgage borrowers to Experian,

but this is not necessarily the property address, particularly for mortgages on non-owner occupied properties. 

Additional address information maintained within Experian’s databases is useful in supplementing the repository 

addresses, as is historical information on borrower location. Nevertheless, HMDA merges are less accurate than 

those employing directly identifying information such as name and Social Security number because the latter are 

less reliant on address.
12

retained (“Q” variables) with missing responses coded as such. A parallel set of variables (“X”

variables) were constructed where all missing responses were imputed. Each instance in which 

an X variable differs from its comparable Q variable is recorded by a shadow variable (“J”

variables) that indicate the method and reason whereby the change was made. Missing responses 

typically totaled about 3 to 5 percent for most questions and only in a few instances were more 

than 10 percent. The X variables were not created when a directly comparable credit or 

administrative variable was available for all respondents (e.g., loan amount, loan payment, 

number of co-signers) as comparable credit or administrative variables could be used in lieu of

survey responses in analysis.

Key demographic variables (age, gender, education, ethnicity, and income) were imputed first. 

For these variables, high quality administrative data were generally available and could be used 

directly to impute a value for the X variable. For example, lender reports provided high quality 

data on age and HMDA data, which were available for loans originated in 2013, provided high 

quality information on race, income, and gender.

For most variables, though, comparable relevant credit or administrative information was not 

available. Missing values for these variables were imputed statistically using an iterative 

process. Individual statistical models were developed for each question that used the key 

demographic variables as well as credit or administrative data such as loan amount and credit 

score as regressors in linear probability, logistic, or cell-based models (since almost all variables 

in the survey are categorical). In all instances the imputation incorporates a random component 

that reflects the accuracy of the imputation model. Variables were imputed in order, with higherorder variables that dictated a skip-pattern imputed first, before the variables conditioned on the 

pattern were imputed. Once the first round of imputations was completed, the process was 

repeated with expanded predictive linear or logistic models that incorporated some of the newly 

imputed variables as regressors for other variables. This iteration ensures that correlations 

among the imputed values will better reflect correlations among observations where responses 

were available.

8.0 Sample Non-Response Weights

There are several ways calculations based on the NSMB raw survey responses may not be 

representative of the population as a whole. First, as shown in the Table 2, the four survey 

waves did not have the same sampling rates. Second, only about one-third of the solicited 

borrowers returned a usable survey. Commonly, in survey sampling, some individuals chosen 

for the sample are unwilling or unable to participate in the survey. Non-response bias is 

the bias that results when respondents differ in meaningful ways from non-respondents. 

However, non-response is only a problem if the non-respondents are a non-random sample of the 

total sample. When non-response bias is present, rather than accept a poor match between the 

sample and the population, it is now common to use weights to bring the two more closely into 

line. This is known as “non-response weighting.” Such weights are generally calculated from 

statistical models.

Often, little is known about survey non-responders, thus the statistical models used to construct 

non-response weights are quite simplistic. Compared with many other surveys, however, the 
13

NSMB has extensive credit and administrative data on both responding and non-responding 

borrowers that can be used to estimate non-response weights.

Sample non-response weights were estimated separately for each sample wave and within a 

wave for loans with a single borrower versus those with multiple borrowers with logistic models. 

The models estimate the probability of getting a usable response for each wave of the survey. 

The predictive equations had pseudo-R-square values ranging from .0379 to .0651. Key 

predictive variables included: loan amount, borrower age, the median income of borrowers 

census tract of the sample loan as captured in the 2013 HMDA data, whether or not the loan 

could be matched to HMDA (an indicator of investor status), and if so, whether it was a home 

purchase or refinance loan, whether a borrower kept a loan at the same time the sample loan was 

taken out (an indicator of multiple loans), and a measure of the number of days from loan 

origination to sending out the survey. The models also controlled for credit score, for geography 

using Census Divisions, and for demographic characteristics using Experian’s marketing-type 

variables on family composition, race, ethnicity, gender, and educational attainment.

The model’s predicted probabilities of response were grouped into quintiles. The average of the 

response rates from each of these five groups was used to calculate a response weight as the 

inverse of these five rates. Once within-wave sample non-response weights were estimated, they 

were multiplied by the wave sample weight to provide an overall weight. 

Table 4 demonstrates the impact of differential sampling weights for the first three waves. 

Column one shows the distribution among various demographic and loan categories of the raw 

survey responses. Column two provides the distribution using estimated overall weights. 

Finally, column three shows the average overall weight for each category.

Table 4

Survey Sample Weights

Unweighted 

Percentage

Weighted 

Percentage

Average 

Weight

Loan Category

Homeowner, Purchase, First-time Home Buyer 16.6 18.2 1382

Homeowner, Purchase, not First-time Home Buyer 20.8 18.8 1140

Homeowner, Refinance 53.2 54.4 1291

Investor, Purchase 4.6 4.0 1088

Investor, Refinance 4.8 4.6 1211

100% 100%

Loan Size

$50,000 or Less 4.0 3.7 1164

$50,001 to $150,000 40.2 39.9 1253

$150,001 to $300,000 38.3 38.5 1269

More than $300,000 17.6 18.0 1287

100% 100%

Respondent Credit Score
14

Less than 541 0.2 0.3 1844

541 – 680 15.9 19.3 1537

681 – 720 13.4 14.9 1407

More than 720 70.5 65.4 1170

100% 100%

Respondent Age

Less than 35 years 16.2 19.9 1555

35 <= Age <= 50 34.3 37.3 1372

51 <= Age <= 65 35.5 31.8 1131

Older than 65 14.0 11.0 984

100% 100%

Respondent Race/Ethnicity

White, non-Hispanic 80.1 77.8 1225

Other 19.9 22.2 1407

100% 100%

Respondent Education

High School or less 12.3 12.4 1275

Some College 24.2 23.9 1247

College Degree 34.3 35.2 1296

Postgraduate 29.2 28.5 1228

100% 100%

Respondent(s) Income

Less than $50,000 17.8 17.7 1255

$50,000 - $99,999 38.6 38.5 1258

$100,000 - $174,999 28.0 28.3 1272

$175,000 or More 15.6 15.6 1259

100% 100%

Household Type

Single, no children 23.4 23.7 1273

Single with children 5.4 5.8 1357

Couple, no children 43.4 40.4 1175

Couple with children 27.8 30.2 1368

100% 100%

Property type

Single-family detached house 83.4 83.6 1264

Townhouse, row house, or villa 6.0 6.0 1262

Mobile home or manufactured home 1.8 1.7 1225 2-unit, 3-unit, or 4-unit dwelling 2.3 2.2 1248

Condo, apartment house, or co-op 6.1 6.1 1242

Other 0.4 0.3 1184
15

100% 100%

Mortgage Term to Maturity

Less than 15 years 5.6 5.1 1147

15 years 19.9 18.9 1200

Between 15 and 30 years 6.5 6.9 1326

30 years or more 68.0 69.1 1283

100% 100%

9.0 Sampling Error

Errors may be introduced into survey results at many stages. Sampling error—the variability 

expected in estimates based on a sample instead of a census -- is a particularly important source 

of error. For the NSMB two sources of such error are present -- the NMDB is itself a sample of

loans in the Experian files and the NSMB is a sample from the NMDB.

Other errors occur because borrowers who respond to the survey are not random and those who 

chose not to respond to a particular question are also not random. Imputation and sample nonresponse weights correct for some of this error but not all. Other errors occur when respondents 

interpret a question differently from that intended by the survey or other respondents. As noted 

above, for some questions this problem was serious enough to call into question the use of the 

variable.

Analysis of these data with software that assumes the data are from a simple random sample will 

under-estimate the standard errors (statistical precision) of the estimates. Users are encouraged 

to use analytic procedures (so-called “survey” procedures in most major statistical analysis 

packages) that take into account the effect of the differential sampling and non-response 

adjustment weights on the estimates.
Appendix A

1. Initial Survey Cover Letter (English & Spanish)

2. Reminder Survey Cover Letter (English & Spanish)

3. NSMB Questionnaire – Wave 3
Consumer Financial

ProtectionBureau

Para leer esta carta en español por favor vea el dorso.

*1234567* 1234567 101

<FIRST NAME1> <LAST NAME1>

<FIRST NAME2> <LAST NAME2>

<ADDRESS>

<CITY> <STATE> <ZIP>

August 18, 2014

We are writing to ask for your help with an important national survey to learn about mortgage borrowers’

experiences in getting a mortgage. Your recent experience is very important to us.

Over the last few years the U.S. economy has gone through some dramatic changes that have affected mortgage

practices. Your experience, and that of others, can provide us with a picture that reflects these varied experiences

and mortgage practices in the market today. We believe that learning directly from borrowers will help us improve

lending practices and the mortgage process for future borrowers.

This research study is sponsored by two Federal agencies who are working together on behalf of all consumers:

The Federal Housing Finance Agency (FHFA), created in 2008 as the government regulator of Fannie Mae and

Freddie Mac and to oversee and ensure the safety of the U.S. housing finance system; and

The Consumer Financial Protection Bureau (CFPB), created in 2010 to ensure that all consumers have access

to markets for consumer financial products and services and that markets for consumer financial products and

services are fair, transparent, and competitive.

The questionnaire does not ask for any identifying information, so please do not identify yourself in any way on

the envelope or questionnaire. The code numbers on the survey are there to aid in processing and keep track of

returned surveys. This survey is voluntary. No names or other identifying information is ever included in the data.

The results from this survey are only reported in summary. To ensure your survey is returned to us, please use the

postage-paid return envelope enclosed.

If you would like to complete the survey online, instead of returning the print copy, we have provided you with a

survey link and your Personal PIN number needed to begin the survey.

Survey Link: NSMBsurvey.com Personal PIN #: <123 456 789>

Enclosed is a small token of appreciation for your time and help. If you have any questions about this study, please

feel free to call 855-339-7877 to learn more.

Respectfully,

Sandra Thompson David Silberman

Deputy Director for Housing Mission and Goals Associate Director for Research, Markets, and Regulations

Federal Housing Finance Agency Consumer Financial Protection Bureau

www.FHFA.gov www.CFPB.gov
Consumer Financial

ProtectionBureau

To read this letter in English, please turn over to the other side.

*1234567* 1234567 101

<FIRST NAME1> <LAST NAME1>

<FIRST NAME2> <LAST NAME2>

<ADDRESS>

<CITY> <STATE> <ZIP>

18 de agosto de 2014

Mediante la presente le pedimos su colaboración con esta importante encuesta nacional diseñada para conocer la

experiencia de los consumidores al tramitar un crédito hipotecario. Usted ha sido seleccionado de manera aleatoria

para recibir esta encuesta. Su experiencia es muy importante para este estudio.

En los últimos años, la economía de los Estados Unidos ha pasado por cambios drásticos que han afectado los

trámites de créditos hipotecarios. Conocer su experiencia, y la de otras personas, nos permitirá entender el

mercado hipotecario hoy en día. Creemos que lo que aprenderemos directamente de los consumidores nos

ayudará a mejorar el trámite de préstamos en el futuro.

Este estudio es auspiciado por dos agencias del gobierno que trabajan conjuntamente en beneficio de todos los

consumidores:

La Agencia Federal de Financiamiento de Vivienda (FHFA, por sus siglas en inglés), la cual se fundó en el

2008 para supervisar a Fannie Mae y Freddie Mac y proteger el sistema de financiamiento de vivienda en los

Estados Unidos.

La Oficina para la Protección Financiera del Consumidor (CFPB, por sus siglas en inglés), la cual se creó en

el 2010 para asegurar que todos los consumidores tengan acceso a servicios financieros y asegurar que los

mercados financieros sean justos, transparentes y competitivos.

El cuestionario no le pide ninguna información que lo pudiera identificar, así que por favor no escriba su nombre

en el sobre ni en el cuestionario. Los códigos de la encuesta ayudan con el procesamiento y seguimiento de las

encuestas devueltas. Esta encuesta es voluntaria. Nunca se incluirán en los datos ningún nombre o información que

lo pudiera identificar. Los resultados de esta encuesta sólo se presentan en resumen. Para asegurar que su encuesta

llegue a nuestras instalaciones, sírvase usar el sobre con franqueo pagado adjunto.

Si desea contestar la encuesta en español por internet, en lugar de enviarla por correo, le estamos dando el enlace

para la encuesta y su número PIN personal.

Enlace para la encuesta: NSMBsurvey.com Número PIN Personal: <123 456 789>

Le adjuntamos una pequeña muestra de agradecimiento por su tiempo y colaboración. Si tiene preguntas acerca de

este estudio, no dude en llamarnos al 855-339-7877.

Atentamente,

Sandra Thompson David Silberman

Directora adjunta - Housing Mission and Goals Subdirector - Research, Markets, and Regulations

Federal Housing Finance Agency Consumer Financial Protection Bureau

www.FHFA.gov www.CFPB.gov
Consumer Financial

ProtectionBureau

Para leer esta carta en español por favor vea el dorso.

*1234567* 1234567 101

<FIRST NAME1> <LAST NAME1>

<FIRST NAME2> <LAST NAME2>

<ADDRESS>

<CITY> <STATE> <ZIP>

September 18, 2014

A few weeks ago, we wrote to ask for your help with a study we are conducting to better understand the

experiences of consumerstaking out new mortgages.

We are writing to you again today because of the importance of this study, particularly - today - when

access to mortgage credit is a national concern.

Because of your recent experience, it is particularly important that we hear from you. Please share your

experiences and any problems you may have encountered in obtaining your mortgage. We believe that

learning directly from borrowers will help us improve lending practices and the mortgage process.

We are enclosing another questionnaire and envelope for your convenience and a small token of

appreciation for your time and help.

The questionnaire does not ask for any identifying information, so please do not identify yourself in any

way on the envelope or questionnaire. The code numbers on the survey are there to aid in processing

and keep track of returned surveys. This survey is voluntary. No names or other identifying information

is ever included in the data. The results from this survey are only reported in summary. To ensure your

survey is returned to us, please use the postage-paid return envelope enclosed.

If you would like to complete the survey online, instead of returning the print copy, here is the survey

link and your Personal PIN number needed to begin the survey.

Survey Link: NSMBsurvey.com Personal PIN #: <123 456 789>

As before, if you have any questions please call 855-339-7877 for more information.

Thank you in advance for considering our request. We look forward to receiving your questionnaire.

Sandra Thompson

Deputy Director for Housing Mission and Goals

David Silberman

Associate Director for Research, Markets, and Regulati

Federal Housing Finance Agency

www.FHFA.gov

Consumer Financial Protecti

www.CFPB.gov

Bureau
Consumer Financial

ProtectionBureau

To read this letter in English, please turn over to the other side.

*1234567* 1234567 101

<FIRST NAME1> <LAST NAME1>

<FIRST NAME2> <LAST NAME2>

<ADDRESS>

<CITY> <STATE> <ZIP>

18 de septiembre de 2014

Hace unas semanas le escribimos para pedirle su colaboración con un estudio que estamos llevando a

cabo para conocer la experiencia de los consumidores al tramitar nuevas hipotecas.

Le estamos volviendo a escribir debido a la importancia de este estudio, particularmente hoy en día,

cuando el acceso a créditos hipotecarios es de interés nacional.

Debido a su reciente experiencia, es sumamente importante conocer sus respuestas. Por favor, comparta

su experiencia al tramitar su hipoteca. Creemos que escuchar directamente a los consumidores nos

ayudará a mejorar los trámites hipotecarios.

Para su conveniencia, estamos adjuntando otro cuestionario y otro sobre con porte pagado, junto con

una pequeña muestra de agradecimiento por su tiempo y colaboración.

El cuestionario no le pide ninguna información que lo pudiera identificar, así que por favor no escriba

su nombre en el sobre ni en el cuestionario. Los códigos de la encuesta ayudan con el procesamiento

y seguimiento de las encuestas devueltas. Esta encuesta es voluntaria. Nunca se incluirán en los datos

ningún nombre o información que lo pudiera identificar. Los resultados de esta encuesta sólo se

presentan en resumen. Para asegurar que su encuesta llegue a nuestras instalaciones, sírvase usar el

sobre con franqueo pagado adjunto.

Si desea contestar la encuesta en español por internet, en lugar de enviarla por correo, le estamos dando

el enlace para la encuesta y su número PIN personal.

Enlace para la encuesta: NSMBsurvey.com Número PIN Personal: <123 456 789>

Como mencionamos anteriormente, si tiene preguntas llame al 855-339-7877 para más información.

Gracias de antemano por considerar nuestra solicitud. Esperamos con interés recibir su cuestionario.

Sandra Thompson

Directora adjunta - Housing Mission and Goals

David Silberman

Subdirector - Research, Markets, and Regulations

Federal Housing Finance Agency

www.FHFA.gov

Consumer Financial Protection Bureau

www.CFPB.gov
A	
  nationwide	
  survey	
  of	
  mortgage	
  borrowers

throughout	
  the	
  United	
  States

PLEASE TELL US ABOUT YOUR

RECENT RESIDENTIAL

MORTGAGE EXPERIENCE

Over	
  the	
  last	
  few	
  years	
  the	
  U.S.	
  economy	
  has	
  gone	
  through	
  some	
  dramatic	
  changes	
  that	
  have	
  

affected mortgage	
  practices.	
  Learning	
  directly	
  from	
  borrowers	
  about	
  their	
  experiences	
  will	
  help	
  us	
  

improve	
  lending	
  practices	
  and	
  the	
  mortgage	
  process	
  for	
  future	
  borrowers.	
  

This	
  research	
  study	
  is	
  sponsored	
  by	
  two	
  Federal	
  agencies	
  who	
  are	
  working	
  together	
  on	
  behalf	
  of	
  all	
  

consumers:

The	
  Federal	
  Housing	
  Finance	
  Agency	
  (FHFA), created in	
  

2008	
  as	
  the	
  government	
  regulator	
  of Fannie	
  Mae	
  and	
  

Freddie	
  Mac	
  and	
  to	
  oversee	
  and	
  ensure	
  the	
  safety	
  of	
  the	
  

U.S.	
  housing finance	
  system; and

The	
  Consumer	
  Financial	
  Protection	
  Bureau	
  (CFPB),

created	
  in	
  2010 to	
  ensure	
  that	
  all	
  consumers	
  have	
  access	
  

to	
  markets	
  for	
  consumer	
  financial	
  products	
  and	
  services	
  

and	
  that	
  markets	
  for	
  consumer	
  financial	
  products	
  and	
  

services	
  are	
  fair,	
  transparent,	
  and	
  competitive.	
  

Thank	
  you	
  for	
  your	
  help	
  with	
  this	
  important	
  national	
  

study.

Para	
  contestar	
  la	
  encuesta	
  en	
  español,	
  vea	
  las	
  instrucciones	
  de	
  la	
  carta	
  adjunta.
We	
  are	
  interested	
  in	
  learning	
  about	
  your	
  experience	
  	
  

purchasing	
  or	
  refinancing	
  either	
  a	
  personal	
  home	
  or	
  

a	
  home	
  for	
  someone	
  else,	
  including	
  rental	
  property.	
  

We	
  look	
  forward	
  to	
  hearing	
  from	
  you.	
  

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 12/31/2016
1



Thank you for helping us to learn more about your

experience in getting a mortgage.

When you began the process of getting your

mortgage, how concerned were you about

qualifying for a mortgage?

5.

Very Somewhat Not at all

How firm an idea did you (and any co-signers)

have about the mortgage you wanted?

6.

Firm idea Some idea Little idea

How much did you use each of the following

sources to get information about mortgages or

mortgage lenders?

7.

10. How many different lenders/brokers did you

seriously consider before choosing where to

apply for your mortgage? Mark one answer.

1 2 3 4 5 or more

How did you apply for your mortgage? Mark

one answer.

9.

Which of the following best describes your

shopping process?

8.

I picked the loan type first, and then I picked the

I picked the lender/broker first, and then I picked

lender/broker

the loan type

Directly to a lender, such as a bank or credit union

Through a mortgage broker

Other (specify)

 (someone who works

with two or more lenders to get a loan)

Your lender or broker

Other lenders or brokers

Real estate agents or builders

Websites that provide information

 on getting a mortgage

Bankers or financial planners

Material in the mail

Friends/relatives/co-workers

Housing counselors

Other (specify)

1

Other (specify)

Not

At All

A

Little

A

Lot

Within the past 15 months or so, did you take

out or co-sign mortgage loan documents

(including any mortgage refinances)?

1.

Yes

No

 If you took out or co-signed more than

one mortgage during this period, please

refer to your experiences with the last

mortgage you took out or co-signed

throughout this survey.

You do not need to complete the rest of

the survey. Please return the blank

questionnaire so we know the survey does

not apply to you. The money enclosed is

yours to keep.

2. Did we mail this survey to the address of the

house or property you financed with the

mortgage?

Yes No

Including you, how many people signed or cosigned for this mortgage?3.

1 2 3 4 or more

If this loan was co-signed by others, take into account

all co-signers as best you can when answering the rest

of the survey. Otherwise, it is your own situation that

we want to know about.

When you began the process of getting your

mortgage, how familiar were you (and any cosigners) with each of the following?

4.

The mortgage interest rates

 available at that time

Very Somewhat

Not

At All

The different types of

 mortgages available

The process of taking out a

 mortgage

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

Draft
2

12. Did you apply to more than one

lender/broker for any of the following

reasons?

11. How many different lenders/brokers did you

end up applying to? Mark one answer.

1 2 3 4 5 or more



13. How important were each of the following in

choosing the lender/broker you used for the

mortgage you took out?

14. Who initiated the first contact between you and

the lender/broker you used for the mortgage

you took out?

(such as a

real estate agent or home builder)

I (or one of my co-signers) did

The lender/broker did

We were put in contact by a third party

Very Somewhat Not at all

How open were you to suggestions from your

lender/broker about mortgages with different

features or terms?

15.

16. How important were each of the following in

determining the mortgage you took out?

17. Was the "Good Faith Estimate" you received

from your lender/broker...

18. Did the "Good Faith Estimate" lead you to...

19. In the process of getting your mortgage from

your lender/broker, did you...

Low interest rate

Low APR (Annual

 Percentage Rate)

Low closing fees

Low down payment

An interest rate fixed for

 the life of the loan

Low monthly payment

A term of less than 30 years

No mortgage insurance

Very Somewhat

Not

At All

Concern over qualifying for a loan

Information learned from the

 "Good Faith Estimate"

Turned down on earlier application

Searching for better loan terms

Yes No

Easy to understand

Valuable information

Yes No

Ask questions of your lender/broker

Seek a change in your loan or closing

Yes No

Having an established banking

 relationship

Having a local office or branch

 nearby

Used previously to get a

 mortgage

Lender/broker is a personal

 friend or relative

Recommendation from a

 friend/relative/co-worker

Lender is a community bank or

 credit union

Recommendation from a

 lending website

Recommendation from a real

 estate agent/home builder

Reputation of the lender/broker

Very Somewhat

Not

At All

Lender/broker operates online

Add a co-signer

Resolve credit report errors or problems

Yes No

Answer follow-up requests for more

 information about income or assets

Have multiple appraisals

Redo/refile paperwork due to processing

 delays

Delay or postpone closing date

Spoke my primary language,

 which is not English

Draft
3

20. During the application process were you told

about mortgages with any of the following?

Yes 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

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

An FHA, VA, USDA or Rural housing

 loan

21. In selecting your settlement agent did you...

22. Did your lender require you to get title

insurance on your mortgage?





25. Overall, how satisfied are you with the...

Did you take a course about home-buying or

talk to a housing counselor?

26.

24. Overall, how satisfied are you that the

mortgage you got was the one with the...

Settlement agent

Best terms to fit your needs

Lowest closing costs

Lowest interest rate for which

 you could qualify

No

Yes

The information in mortgage

 disclosure documents

Lender/broker you used

Application process

Loan closing process

The timeliness of mortgage

 disclosure documents

Very Somewhat

Not

At All

27. (If Yes to Q26) How was the home-buying

course or counseling provided?

28. (If Yes to Q26) How many hours was the

home-buying course or counseling?

Less than 3 hours

3 – 6 hours

7 – 12 hours

More than 12 hours

29. (If Yes to Q26) Overall, how helpful was the

home-buying course or counseling?

Very Somewhat Not at all

Yes No

In person, one-on-one

Over the phone

In person, in a group

Online

Very Somewhat

Not

At All

No

Yes



23. (If Yes in Q22) Which best describes how

you picked the title insurance?

Reissued previous title insurance

Used title insurance recommended by

Shopped around

lender/broker or settlement agent



Your Mortgage

Use an agent recommended by the

 lender/broker

Use an agent you had used previously

Yes No

Shop around

30. When you took out your mortgage, what was the

loan amount (the dollar amount you borrowed)?

What is the interest rate on your mortgage?

31. What is the monthly payment (including the

amount paid to escrow for taxes and insurance)?

32.

% Don't know

$ .00 Don't know

$ .00 Don't know

Draft
4

When was the interest rate set/locked on your

loan?

35.

At application

Between application and closing

Around closing

36. Many mortgages have discount points paid to

the lender to get a lower interest rate. Did you

pay any discount points?

points

40. Does your mortgage have any of the following

features?

Yes No

Don't

Know

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

Some lenders charge origination points to cover

the cost of preparing a mortgage for closing.

These are often expressed as a percentage of

the loan amount. Did you pay any origination

points?

38.

No

Yes



37. (If Yes in Q36) How many discount points

did you pay?

Don’t know

Is this an adjustable-rate mortgage (one that

allows the interest rate to change over the life of

the loan)?

Yes

No

Don't know

33.

At the time of application, did the lender give

you the option to set/lock the interest rate so

that it would not change before closing?

Yes

No

Don't know

34.

 Skip to Q40

44. Did you seek input about your closing

documents from any of the following people?

41. Were the costs to close your loan paid in any of

the following ways?

Yes No

Don't

Know

By me or a co-signer (check or

 wire transfer)

By lender/broker

By seller/builder

Added to the mortgage amount

Other (specify)

Yes No

Lender/broker

Trusted friend or relative who is not

 a co-signer on the mortgage

Attorney

Real estate agent

Settlement agent

Title agent

Housing counselor





points

No

Yes



39. (If Yes in Q38) How many origination

points did you pay?

Don’t know

42. At or before closing did you compare the final

loan costs to the Good Faith Estimate you

received earlier from your lender?

No

Yes



43. (If Yes to Q42) Did you find any significant

differences between the two?

Yes

No

Other (specify)

Owner's title insurance

Credit life/debt suspension/debt

 cancellation insurance

Draft
5

45. Did you face any unpleasant "surprises" at

your loan closing?

No

Yes

46. (If Yes to Q45) What unpleasant surprises

did you face?

Yes No

Different loan terms

Higher monthly payment

Higher interest rate

Unexpected fees

Higher amount of money needed

 at closing

Asked to sign blank documents

Rushed at closing or not given time

 to read documents

47. At the same time you took out your mortgage,

did you also take out another loan on your

property (a second lien, home equity loan, or

home equity line of credit - HELOC)?

No

Yes

(If Yes to Q47) What was the amount of this

loan?

48.



49. How well could you explain to someone the...

$ .00

Don't know

50. What was the primary purpose of your mortgage

at the time you took it out? Mark one answer.

51. Which statement best describes the approach

you took to purchase your house or property?

Had a pre-approval or pre-qualification from a

Shopped for a mortgage after making the purchase

Shopped for house and mortgage at the same time

lender before I made the purchase

offer

55. Did you use any of the following sources of

funds to purchase the property?

52. Did you use the proceeds from the sale of

another property to help pay for the house or

property you bought?



No

Yes

53. (If Yes to Q52) How much money from the

sale of this other property was used to

purchase your property?

$ .00

Don't know

54. What percent down payment did you make on

your property?

0%

Less than 5%

5% to less than 10%

10% to less than 20%

20% or more

Purchase or construction loan skip to Q60.

Other (specify)

Difference between a mortgage's

 interest rate and its APR

Process of taking out a mortgage

Difference between a fixed- and

 an adjustable-rate mortgage

Difference between a prime and

 subprime loan

Amortization of a loan

Consequences of not making

 required mortgage payments

Not

Very Somewhat At All

Purchase of a property

Permanent financing on a construction loan

Refinance or modification of an

New loan on a mortgage-free property

Some other purpose (specify)

 existing mortgage

Skip to Q56

on the next page











Savings, retirement account,

 inheritance, or other assets

Used

Not

 Used

Assistance or loan from a nonprofit or

 government agency

Gift or loan from family or friend

Seller contribution

Draft
6

56. How important, if at all, were the following

reasons in your decision to refinance, modify or

obtain a new mortgage?

If you refinanced, took a new loan on a mortgage-free

property or chose "other" in Q50 continue with Q56. 

57. Approximately how much was owed, in total, on

the old mortgage(s) and loan(s) you refinanced?

58. How does the total amount of your new

mortgage(s) compare to the total amount of the

old mortgage(s) and loan(s) when they were

paid off?

New amount is lower

New amount is about the same

New amount is higher

Property was mortgage-free





59. Did you use the money you got from this

new mortgage for any of the following?

Your Mortgaged Property

60. When did you buy or acquire your property?

/

month year

Single-family detached house

Townhouse, row house, or villa

Mobile home or manufactured home

2-unit, 3-unit, or 4-unit dwelling

Condo, apartment house, or co-op

Unit in a partly commercial structure

Other (specify)

62. How did you acquire the property?

Mark one answer.

63. What type of house is on your property?

Mark one answer.



64. (If multiple units in Q63) How many separate

living units does your mortgage cover?



units

65. About how much do you think your property is

worth in terms of what you could sell it for now?

$ .00 Don't know

66. Do you rent out any portion of your property?

No

Yes



67. (If Yes to Q66) How much rent do you

receive?

$ .00 per month

 Skip to Q68

Purchased an existing home in a standard sale

Purchased a newly-built home from a builder

Purchased a foreclosed property from a

Purchased a “short sale” property from the

Purchased land and built a house

Received as a gift or inheritance

Other (specify)

from the previous owner

bank, investor, or government agency

previous owner

Change to a fixed-rate loan

Get a lower interest rate

Get a lower monthly payment

Consolidate or pay down other

 debt

Repay the loan more quickly

Take out cash

Very Somewhat

Not

At All

College expenses

Yes No

Auto or other major purchase

Pay off other bills or debts

Home repairs/additions

Savings

Business or investment

Closing costs of new mortgage

Other (specify)

$ .00

Zero (the property was mortgage-free)

What was the purchase price of your property,

or if you built it, the construction and land cost?

61.

$ .00

Don't know

Draft
7

75. Owned other residential properties besides this

one:

76. Highest level of education achieved:

77. Are you Hispanic or Latino?

Some schooling

High school graduate

Technical school

Some college

College graduate

Postgraduate studies

No

Yes

You

Spouse/

Partner

No

Yes

You

Spouse/

Partner

You

Spouse/

Partner

78. Race: Mark all that apply.

White

Black or African American

American Indian or Alaska Native

Asian

Native Hawaiian or Pacific Islander

79. Current work status: Mark all that apply.

Self-employed/work for self

Employed full time

Employed part time

Retired

Temporarily laid-off or on leave

Not working for pay (student,

 homemaker, disabled, unemployed)

You

Spouse/

Partner

You

Spouse/

Partner

80. Have you ever served on active duty in the U.S.

Armed Forces? (Active duty includes serving in

the U.S. Armed Forces as well as activation from

the Reserves or National Guard).

Yes, on active duty in the past, but

 not now

No, never on active duty except for

 initial/basic training

No, never served in the U.S.

 Armed Forces

You

Spouse/

Partner

Yes, now on active duty

Primary residence

It will be my primary residence soon

Seasonal or second home

Home for other relatives

Rental or investor property

Other (specify)

68. Which of the following best describes how you

use this property?

(where you

spend the majority of your time)

69. (If primary residence in Q68) When did you

move into the property?

70. Is anyone who currently lives in the property a

co-signer on your mortgage?

Yes No

Your Household

71. What is your current marital status? 

Married

Separated

Never married

Divorced

Widowed





72. 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.

years years

Spouse/

You Partner

Sex:

Female

Male

You

Spouse/

Partner

73. Age at last birthday:

74.

/

month year





Draft
8

81. Besides you (and your spouse/partner), does

anyone else live in your household or use your

house as a permanent address?

No

Yes



None

(If Yes to Q81) How many of the other

household members are 18 years of age or

younger?

82.

None

(If Yes to Q81) How many of the other

household members are older than 18?

83.

Under $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

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)? 

85.

Higher than normal

Normal

Lower than normal

How does this total annual household income

compare to what it is in a "normal" year?

86.

Yes No

(If Yes to Q81) Do any of the other

household members help pay for

household expenses?

84.

87. Does your total annual household income

include any of the following sources?

Wages or salary

Business or self-employment

Interest or dividends

Alimony or child support

Yes No

household members

household members

Social Security benefits

88. Does 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

89. Which one of the following statements best

describes the amount of financial risk you are

willing to take when you make investments?

Take substantial financial risks expecting to earn

Take above-average financial risks expecting to

Take average financial risks expecting to earn

Not willing to take any financial risks

substantial returns

earn above-average returns

average returns

Separated/divorced

Married/remarried/new partner

Death of a household member

Addition to your household

 (not including spouse/partner)

Person leaving your household

 (not including spouse/partner)

Disaster affecting your (or your

 spouse/partner's) work

Moved within the area (less than 50 miles)

91. In the last couple of years, have any of the

following happened to you?

Yes No

Disaster affecting your house

Moved to a new area (50 miles or more)

Disability or serious illness of

 household member



Owning a home is a good financial

 investment

Late payments will lower my

 credit rating

Agree Disagree

Mortgage lenders generally treat

 borrowers well

Lenders shouldn't care about any late

 payments, only whether loans are

 fully repaid

It is okay to default or stop making

 mortgage payments if it is in the

 borrower's financial interest

Do you agree or disagree with the following

statements?

90.

Draft
9

92. In the last couple of years, have any of the

following happened to you (or your

spouse/partner)?

Your Future Expectations

93. In the last couple years, how have the following

changed for you (and your spouse/partner)?

Household income

Housing expenses

Non-housing expenses

Little/No

Change

Significant

Decrease

Significant

Increase

Number of homes for sale

Number of vacant homes

Number of homes for rent

Number of foreclosures or

 short sales

Overall desirability of

 living there

House prices

In the last couple years, how have the following

changed in your neighborhood?

94.

Promotion

Starting a new job

Starting a second job

A personal financial crisis

Layoff, unemployment or reduced

 hours of work

Yes No

Business failure

Little/No

Change

Significant

Decrease

Significant

Increase

95. What do you think will happen to the prices of

homes like yours in your neighborhood over

the next couple of years?

Increase a lot

Increase a little

Remain about the same

Decrease a little

Decrease a lot

97. In the next couple of years, how do you expect

the following to change for you (and your

spouse/partner)?

Household income

Housing expenses

Non-housing expenses

96. In the next couple of years, how do you expect

the overall desirability of living in your

neighborhood to change?

Become more desirable

Stay about the same

Become less desirable

Little/No

Change

Significant

Decrease

Significant

Increase

98. How likely is it that in the next couple of years

you will...

Move and sell your property

Move but keep your property

Pay off your mortgage and own

 your property mortgage-free

Refinance your mortgage

99. How likely is it that in the next couple of years

you (or your spouse/partner) will face...

Difficulties making your

 mortgage payments

Some other personal financial

 crisis

A layoff, unemployment, or

 forced reduction in hours 

Somewhat

Not

Very At All

Retirement

If your household faced an unexpected

personal financial crisis in the next couple of

years, how likely is it you could...

100.

Pay your bills for the next 3

 months without borrowing

Get significant financial help

 from family or friends

Significantly increase your

 income

Borrow enough money from

 a bank or credit union

Somewhat

Not

Very At All

Somewhat

Not

Very At All

Draft
10

Please use the enclosed business reply envelope to return your completed questionnaire.

FHFA

1600 Research Blvd, RC B16

Rockville, MD 20850

TO COMPLETE THE SURVEY ONLINE GO TO: NSMBsurvey.com

You will need your Personal PIN # found in the accompanying letter to access the survey.

For any questions about the survey you can call 1-855-339-7877.

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.

Draft
Appendix B

NSMB Waves 1, 2, and 3: Unweighted Frequency Counts
Appendix B

NSMB Waves 1, 2, and 3: Unweighted Frequency Counts

B-1

Missing Yes No Total

Q2: Did we mail this survey to the address of the house or 

property you financed with the mortgage? 113 6,290 1,116 7,519

Missing 1 Signer 2 Co-signers 3 Co-signers

4 or more cosigners Total

Q3: Including you, how many people signed or co-signed 

for this mortgage? 155 3,083 4,222 48 11 7,519

Missing Very Somewhat Not at all Total

Q4A: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the mortgage interest rates available at that time? 111 5,047 2,121 240 7,519

Missing Very Somewhat Not at all Total

Q4B: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the different types of mortgages available? 147 3,711 3,031 630 7,519

Missing Very Somewhat Not at all Total

Q4C: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the process of taking out a mortgage? 163 4,502 2,286 568 7,519

Missing Very Somewhat Not at all Total

Q4D: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the down payment needed to qualify for a 

mortgage? 186 4,544 2,209 580 7,519

Missing Very Somewhat Not at all Total

Q4E: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the income needed to qualify for a mortgage? 172 4,403 2,423 521 7,519

Missing Very Somewhat Not at all Total

Q4F: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with your credit history or credit score? 154 5,698 1,473 194 7,519

Missing Very Somewhat Not at all Total

Q4G: When you began the process of getting your 

mortgage, how familiar were you (and any co-signers) 

with the money needed at closing? 187 4,084 2,531 717 7,519

Missing Very Somewhat Not at all Total

Q5: When you began the process of getting your 

mortgage, how concerned were you about qualifying for 

a mortgage? 92 1,055 2,147 4,225 7,519
B-2

Missing Firm idea Some idea Little idea Total

Q6: How firm an idea did you (and any co-signers) have 

about the mortgage you wanted? 108 4,863 2,249 299 7,519

Missing A lot A little Not at all Total

Q7A: How much did you use the following source to get 

information about mortgages or mortgage lenders? 'Your 

lender or broker' 226 5,161 1,527 605 7,519

Missing A lot A little Not at all Total

Q7B: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Other lenders or brokers' 483 693 2,388 3,955 7,519

Missing A lot A little Not at all Total

Q7C: How much did you use the following source to get 

information about mortgages or mortgage lenders? 'Real 

estate agents or builders' 444 1,194 1,466 4,415 7,519

Missing A lot A little Not at all Total

Q7D: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Material in the mail' 521 282 1,015 5,701 7,519

Missing A lot A little Not at all Total

Q7E: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Websites that provide information on getting a 

mortgage' 420 1,409 2,294 3,396 7,519

Missing A lot A little Not at all Total

Q7F: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Friends/relatives/co-workers' 471 929 2,185 3,934 7,519

Missing A lot A little Not at all Total

Q7G: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Bankers or financial planners' 445 1,133 1,566 4,375 7,519

Missing A lot A little Not at all Total

Q7H: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Housing counselors' 559 79 226 6,655 7,519

Missing A lot A little Not at all Total

Q7I: How much did you use the following source to get 

information about mortgages or mortgage lenders? 

'Other' 5,027 185 68 2,239 7,519
B-3

Missing

I picked the loan 

type first, and 

then I picked the 

lender/broker

I picked the 

lender/broker 

first, and then I 

picked the loan 

type Total

Q8: Which of the following best describes your shopping 

process? 188 2,354 4,977 7,519

Missing

Directly to a 

lender, such as a 

bank or credit 

union

Through a 

mortgage broker 

(someone who 

works with two 

or more lenders 

to get a loan) Other Total

Q9: How did you apply for your mortgage? 110 4,886 2,281 242 7,519

Missing 1 2 3 4 5 or more Total

Q10: How many different lenders/brokers did you 

seriously consider before choosing where to apply for 

your mortgage? 119 3,724 2,526 922 141 87 7,519

Missing 1 2 3 4 5 or more Total

Q11: How many different lenders/brokers did you end up 

applying to? 296 5,840 1,106 211 48 18 7,519

Missing Not Applicable Yes No Total

Q12A: Did you apply to more than one lender/broker for 

the following reason? 'Searching for better loan terms' 355 5,840 1,123 201 7,519

Missing Not Applicable Yes No Total

Q12B: Did you apply to more than one lender/broker for 

the following reason? 'Concern over qualifying for a loan' 460 5,840 396 823 7,519

Missing Not Applicable Yes No Total

Q12C: Did you apply to more than one lender/broker for 

the following reason? 'Information learned from the 

'Good Faith Estimate'' 481 5,840 393 805 7,519

Missing Not Applicable Yes No Total

Q12D: Did you apply to more than one lender/broker for 

the following reason? 'Turned down on earlier 

application' 426 5,840 301 952 7,519

Missing Very Somewhat Not at all Total

Q13A: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Having an established banking relationship' 388 3,365 1,654 2,112 7,519
B-4

Missing Very Somewhat Not at all Total

Q13B: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Having a local office or branch nearby' 410 2,624 1,781 2,704 7,519

Missing Very Somewhat Not at all Total

Q13C: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Used previously to get a mortgage' 426 2,524 950 3,619 7,519

Missing Very Somewhat Not at all Total

Q13D: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Lender/broker is a personal friend or relative' 456 591 690 5,782 7,519

Missing Very Somewhat Not at all Total

Q13E: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Lender/broker operates online' 560 1,292 1,739 3,928 7,519

Missing Very Somewhat Not at all Total

Q13F: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Lender is a community bank or credit union' 490 1,364 1,073 4,592 7,519

Missing Very Somewhat Not at all Total

Q13G: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Recommendation from a friend/relative/co-worker' 468 1,316 1,274 4,461 7,519

Missing Very Somewhat Not at all Total

Q13H: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Recommendation from a real estate agent/home builder' 461 1,208 1,006 4,844 7,519

Missing Very Somewhat Not at all Total

Q13I: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Recommendation from a lending website' 508 241 709 6,061 7,519

Missing Very Somewhat Not at all Total

Q13J: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Reputation of the lender/broker' 516 2,870 1,931 2,202 7,519
B-5

Missing Very Somewhat Not at all Total

Q13K: How important was the following in choosing the 

lender/broker you used for the mortgage you took out? 

'Spoke my primary language, which is not English' 657 402 215 6,245 7,519

Missing

I (or one of my 

co-signers) did

The 

lender/broker 

did

We were put in 

contact by a 

third party (such 

as a real estate 

agent or home 

builder) Total

Q14: Who initiated the first contact between you and the 

lender/broker you used for the mortgage you took out? 280 5,021 1,118 1,100 7,519

Missing Very Somewhat Not at all Total

Q15: How open were you to suggestions from your 

lender/broker about mortgages with different features or 

terms? 284 3,410 3,026 799 7,519

Missing Very Somewhat Not at all Total

Q16A: How important was the following in determining 

the mortgage you took out? 'Low interest rate' 288 6,845 361 25 7,519

Missing Very Somewhat Not at all Total

Q16B: How important was the following in determining 

the mortgage you took out? 'Low APR (Annual Percentage 

Rate)' 464 5,854 872 329 7,519

Missing Very Somewhat Not at all Total

Q16C: How important was the following in determining 

the mortgage you took out? 'Low closing fees' 372 5,075 1,761 311 7,519

Missing Very Somewhat Not at all Total

Q16D: How important was the following in determining 

the mortgage you took out? 'Low down payment' 466 3,428 1,675 1,950 7,519

Missing Very Somewhat Not at all Total

Q16E: How important was the following in determining 

the mortgage you took out? 'Low monthly payment' 468 4,560 1,815 676 7,519

Missing Very Somewhat Not at all Total

Q16F: How important was the following in determining 

the mortgage you took out? 'An interest rate fixed for the 

life of the loan' 382 6,243 601 293 7,519
B-6

Missing Very Somewhat Not at all Total

Q16G: How important was the following in determining 

the mortgage you took out? 'A term of less than 30 years' 475 2,549 1,697 2,798 7,519

Missing Very Somewhat Not at all Total

Q16H: How important was the following in determining 

the mortgage you took out? 'No mortgage insurance' 534 2,991 1,651 2,343 7,519

Missing Yes No Total

Q17A: Was the 'Good Faith Estimate' you received from 

your lender/broker easy to understand? 346 6,464 709 7,519

Missing Yes No Total

Q17B: Was the 'Good Faith Estimate' you received from 

your lender/broker valuable information? 863 6,059 597 7,519

Missing Yes No Total

Q18A: Did the 'Good Faith Estimate' lead you to ask 

questions of your lender/broker? 356 4,547 2,616 7,519

Missing Yes No Total

Q18B: Did the 'Good Faith Estimate' lead you to seek a 

change in your loan or closing? 580 1,081 5,858 7,519

Missing Yes No Total

Q19A: In the process of getting your mortgage from your 

lender/broker did you add a co-signer? 325 1,325 5,869 7,519

Missing Yes No Total

Q19B: In the process of getting your mortgage from your 

lender/broker did you resolve credit report errors or 

problems? 366 1,294 5,859 7,519

Missing Yes No Total

Q19C: In the process of getting your mortgage from your 

lender/broker did you answer follow-up requests for 

more information about income or assets? 337 4,349 2,833 7,519

Missing Yes No Total

Q19D: In the process of getting your mortgage from your 

lender/broker did you have multiple appraisals? 355 496 6,668 7,519

Missing Yes No Total

Q19E: In the process of getting your mortgage from your 

lender/broker did you redo/refile paperwork due to 

processing delays? 343 1,433 5,743 7,519
B-7

Missing Yes No Total

Q19F: In the process of getting your mortgage from your 

lender/broker did you delay or postpone the closing 

date? 341 1,453 5,725 7,519

Missing Yes No Total

Q20A: During the application process were you told about 

mortgages with an interest rate that is fixed for the life of 

the loan? 287 6,897 335 7,519

Missing Yes No Total

Q20B: During the application process were you told about 

mortgages with an interest rate that could change over 

the life of the loan? 360 3,523 3,636 7,519

Missing Yes No Total

Q20C: During the application process were you told about 

mortgages with a term of less than 30 years? 347 5,427 1,745 7,519

Missing Yes No Total

Q20D: During the application process were you told about 

mortgages with a higher interest rate in return for lower 

closing costs? 390 2,689 4,440 7,519

Missing Yes No Total

Q20E: During the application process were you told about 

mortgages with a lower interest rate in return for paying 

higher closing costs (discount points)? 382 3,340 3,797 7,519

Missing Yes No Total

Q20F: During the application process were you told about 

mortgages with interest-only monthly payments? 472 1,502 5,545 7,519

Missing Yes No Total

Q20G: During the application process were you told 

about mortgages with an escrow account for taxes and/or 

homeowner insurance? 380 5,949 1,190 7,519

Missing Yes No Total

Q20H: During the application process were you told about 

mortgages with a prepayment penalty (fee if the 

mortgage is paid off early)? 398 2,729 4,392 7,519

Missing Yes No Total

Q20I: During the application process were you told about 

mortgages with reduced documentation or 'easy' 

approval? 443 1,937 5,139 7,519
B-8

Missing Yes No Total

Q20J: During the application process were you told about 

mortgages with an FHA, VA, USDA or Rural Housing loan? 427 2,904 4,188 7,519

Missing Yes No Total

Q21A: In selecting your settlement agent did you use an 

agent recommended by the lender/broker? 463 4,682 2,374 7,519

Missing Yes No Total

Q21B: In selecting your settlement agent did you use an 

agent you had used previously? 696 1,528 5,295 7,519

Missing Yes No Total

Q21C: In selecting your settlement agent did you shop 

around? 794 831 5,894 7,519

Missing Yes No Total

Q22: Did your lender require you to get title insurance on 

your mortgage? 398 3,766 3,355 7,519

Missing Not Applicable

Reissued 

previous title 

insurance

Used title 

insurance 

recommended 

by 

lender/broker or 

settlement 

agent Shopped around Total

Q23: (If Yes in Q22) Which best describes how you picked 

the title insurance? 471 3,355 737 2,780 176 7,519

Missing Very Somewhat Not at all Total

Q24A: Overall, how satisfied are you that the mortgage 

you got was the one with the best terms to fit your 

needs? 423 5,692 1,301 103 7,519

Missing Very Somewhat Not at all Total

Q24B: Overall, how satisfied are you that the mortgage 

you got was the one with the lowest interest rate for 

which you could qualify? 471 5,330 1,474 244 7,519

Missing Very Somewhat Not at all Total

Q24C: Overall, how satisfied are you that the mortgage 

you got was the one with the lowest closing costs? 514 4,151 2,381 473 7,519

Missing Very Somewhat Not at all Total

Q25A: Overall, how satisfied are you with the 

lender/broker you used? 289 5,484 1,467 279 7,519
B-9

Missing Very Somewhat Not at all Total

Q25B: Overall, how satisfied are you with the application 

process? 320 4,592 2,060 547 7,519

Missing Very Somewhat Not at all Total

Q25C: Overall, how satisfied are you with the loan closing 

process? 342 4,810 1,864 503 7,519

Missing Very Somewhat Not at all Total

Q25D: Overall, how satisfied are you with the information 

in mortgage disclosure documents? 328 4,658 2,228 305 7,519

Missing Very Somewhat Not at all Total

Q25E: Overall, how satisfied are you with the timeliness 

of mortgage disclosure documents? 344 4,661 2,048 466 7,519

Missing Very Somewhat Not at all Total

Q25F: Overall, how satisfied are you with the settlement 

agent? 404 5,067 1,779 269 7,519

Missing Yes No Total

Q26: Did you talk to a credit counselor or take a course 

about home buying? 260 292 6,967 7,519

Missing Not Applicable Yes No Total

Q27A: (If Yes to Q26) Was counseling or the home-buying 

course provided in person, one-on-one? 321 6,967 79 152 7,519

Missing Not Applicable Yes No Total

Q27B: (If Yes to Q26) Was counseling or the home-buying 

course provided in person, in a group? 320 6,967 128 104 7,519

Missing Not Applicable Yes No Total

Q27C: (If Yes to Q26) Was counseling or the home-buying 

course provided over the phone? 334 6,967 49 169 7,519

Missing Not Applicable Yes No Total

Q27D: (If Yes to Q26) Was counseling or the home-buying 

course provided online? 326 6,967 81 145 7,519

Missing Not Applicable

Less than 3 

hours 3-6 hours 7-12 hours

More than 12 

hours Total

Q28: (If Yes to Q26) How many hours was the counseling 

or the home-buying course? 283 6,967 120 76 49 24 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q29: (If Yes to Q26) Overall, how helpful was counseling 

or the home-buying course? 284 6,967 152 95 21 7,519
B-10

Missing Don't Know Yes No Total

Q33: Is this an adjustable-rate mortgage (one that allows 

the interest rate to change over the life of the loan)? 137 56 514 6,812 7,519

Missing Don't Know Yes No Total

Q34: At the time of application, did the lender give you 

the option to set/lock the interest rate so that it would 

not change before closing? 310 53 6,625 531 7,519

Missing At application

Between 

application and 

closing Around closing Total

Q35: When was the interest rate set/locked on your loan? 101 3,503 3,212 703 7,519

Missing Yes No Total

Q36: Many mortgages have discount points paid to the 

lender to get a lower interest rate. Did you pay any 

discount points? 294 756 6,469 7,519

Missing Yes No Total

Q38: Some lenders charge origination points to cover the 

cost of preparing a mortgage for closing. Did you pay any 

origination points? 4,660 734 2,125 7,519

Missing Don't Know Yes No Total

Q40A: Does your mortgage have a prepayment penalty 

(fee if the mortgage is paid off early)? 879 141 203 6,296 7,519

Missing Don't Know Yes No Total

Q40B: Does your mortgage have an escrow account for 

taxes and/or homeowner insurance? 180 137 5,631 1,571 7,519

Missing Don't Know Yes No Total

Q40C: Does your mortgage have a balloon payment? 746 159 153 6,461 7,519

Missing Don't Know Yes No Total

Q40D: Does your mortgage have interest-only payments? 769 197 283 6,270 7,519

Missing Don't Know Yes No Total

Q40E: Does your mortgage have owner's title insurance? 1,500 237 2,823 2,959 7,519

Missing Don't Know Yes No Total

Q40F: Does your mortgage have credit life/debt 

suspension/debt cancellation insurance? 1,852 211 224 5,232 7,519
B-11

Missing Don't Know Yes No Total

Q41A: Were the costs to close your loan paid by you or a 

co-signer (check or wire transfer)? 269 637 4,277 2,336 7,519

Missing Don't Know Yes No Total

Q41B: Were the costs to close your loan paid by 

lender/broker? 507 1,269 1,110 4,633 7,519

Missing Don't Know Yes No Total

Q41C: Were the costs to close your loan paid by 

seller/builder? 429 1,378 957 4,755 7,519

Missing Don't Know Yes No Total

Q41D: Were the costs to close your loan added to the 

mortgage amount? 521 1,115 2,401 3,482 7,519

Missing Don't Know Yes No Total

Q41E: Were the costs to close your loan paid by some 

other means? 254 5,722 124 1,419 7,519

Missing Yes No Total

Q42: At or before closing did you compare the final loan 

costs to the 'Good Faith Estimate' you received earlier 

from your lender? 120 5,349 2,050 7,519

Missing Not Applicable Yes No Total

Q43: (If Yes to Q42) Did you find any significant 

differences between the two? 169 2,050 536 4,764 7,519

Missing Yes No Total

Q44A: Did you seek input about your closing documents 

from a lender/broker? 733 4,243 2,543 7,519

Missing Yes No Total

Q44B: Did you seek input about your closing documents 

from an attorney? 926 885 5,708 7,519

Missing Yes No Total

Q44C: Did you seek input about your closing documents 

from a real estate agent? 903 1,723 4,893 7,519

Missing Yes No Total

Q44D: Did you seek input about your closing documents 

from a settlement agent? 941 1,192 5,386 7,519

Missing Yes No Total

Q44E: Did you seek input about your closing documents 

from a title agent? 969 846 5,704 7,519
B-12

Missing Yes No Total

Q44F: Did you seek input about your closing documents 

from a trusted friend or relative who is not a co-signer on 

the mortgage? 958 1,197 5,364 7,519

Missing Yes No Total

Q44G: Did you seek input about your closing documents 

from a housing counselor? 1,057 57 6,405 7,519

Missing Yes No Total

Q44H: Did you seek input about your closing documents 

from some other person? 4,956 86 2,477 7,519

Missing Yes No Total

Q45: Did you face any unpleasant 'surprises' at your loan 

closing? 64 894 6,561 7,519

Missing Not Applicable Yes No Total

Q46A: (If Yes to Q45) What unpleasant surprises did you 

face? 'Different loan terms' 213 6,561 107 638 7,519

Missing Not Applicable Yes No Total

Q46B: (If Yes to Q45) What unpleasant surprises did you 

face? 'Higher monthly payment' 197 6,561 205 556 7,519

Missing Not Applicable Yes No Total

Q46C: (If Yes to Q45) What unpleasant surprises did you 

face? 'Higher interest rate' 204 6,561 141 613 7,519

Missing Not Applicable Yes No Total

Q46D: (If Yes to Q45) What unpleasant surprises did you 

face? 'Unexpected fees' 187 6,561 350 421 7,519

Missing Not Applicable Yes No Total

Q46E: (If Yes to Q45) What unpleasant surprises did you 

face? 'Higher amount of money needed at closing' 199 6,561 357 402 7,519

Missing Not Applicable Yes No Total

Q46F: (If Yes to Q45) What unpleasant surprises did you 

face? 'Asked to sign blank documents' 224 6,561 40 694 7,519

Missing Not Applicable Yes No Total

Q46G: (If Yes to Q45) What unpleasant surprises did you 

face? 'Rushed at closing or not given time to read 

documents' 210 6,561 182 566 7,519

Missing Not Applicable Yes No Total

Q46H: (If Yes to Q45) What unpleasant surprises did you 

face? 'Other' 538 6,561 302 118 7,519
B-13

Missing Yes No Total

Q47: At the same time you took out your mortgage, did 

you also take out another loan on your property (a 

second lien, home equity loan, or home equity line of 

credit (HELOC))? 88 277 7,154 7,519

Missing Very Somewhat Not at all Total

Q49A: How well could you explain to someone the 

process of taking out a mortgage? 148 3,562 3,555 254 7,519

Missing Very Somewhat Not at all Total

Q49B: How well could you explain to someone the 

difference between a fixed- and an adjustable-rate 

mortgage? 182 5,245 1,790 302 7,519

Missing Very Somewhat Not at all Total

Q49C: How well could you explain to someone the 

difference between a prime and subprime loan? 195 1,711 2,704 2,909 7,519

Missing Very Somewhat Not at all Total

Q49D: How well could you explain to someone the 

difference between a mortgage's interest rate and its 

APR? 190 2,165 3,432 1,732 7,519

Missing Very Somewhat Not at all Total

Q49E: How well could you explain to someone the 

amortization of a loan? 200 2,961 2,482 1,876 7,519

Missing Very Somewhat Not at all Total

Q49F: How well could you explain to someone the 

consequences of not making required mortgage 

payments? 198 4,978 1,919 424 7,519

Missing

Purchase of a 

property

Permanent 

financing on a 

construction 

loan

Refinance or 

modification of 

an existing 

mortgage

New loan on a 

mortgage-free 

property

Some other 

purpose Total

Q50: What was the primary purpose of this loan at the 

time you took it out? 108 3,239 129 3,855 101 87 7,519

Missing Not Applicable

Had a preapproval or prequalification 

from a lender 

before I made 

the purchase

Shopped for a 

mortgage after 

making the 

purchase offer

Shopped for 

house and 

mortgage at the 

same time Total

Q51: Which statement best describes the approach you 

took to purchase your house or property? 54 4,151 2,433 328 553 7,519
B-14

Missing Not Applicable Yes No Total

Q52: Did you use the proceeds from the sale of another 

property to help pay for the house or property you 

bought? 8 4,151 785 2,575 7,519

Missing Not Applicable None Less than 5%

5% to less than 

10%

10% to less than 

20% 20% or more Total

Q54: What percent down payment did you make on your 

property? 65 4,151 437 516 482 447 1,421 7,519

Missing Not Applicable Yes No Total

Q55A: Did you use any of the following sources of funds 

to purchase the property? 'Savings, retirement account, 

inheritance, or other assets' 49 4,151 2,287 1,032 7,519

Missing Not Applicable Yes No Total

Q55B: Did you use any of the following sources of funds 

to purchase the property? 'Assistance or loan from a 

nonprofit or government agency' 298 4,151 130 2,940 7,519

Missing Not Applicable Yes No Total

Q55C: Did you use any of the following sources of funds 

to purchase the property? 'Gift or loan from family or 

friend' 262 4,151 583 2,523 7,519

Missing Not Applicable Yes No Total

Q55D: Did you use any of the following sources of funds 

to purchase the property? 'Seller contribution' 295 4,151 400 2,673 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q56A: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Change to a fixed-rate loan' 425 3,368 1,126 254 2,346 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q56B: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Get a lower interest rate' 202 3,368 3,611 173 165 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q56C: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Get a lower monthly payment' 302 3,368 2,555 594 700 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q56D: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Consolidate or pay down other debt' 437 3,368 643 308 2,763 7,519
B-15

Missing Not Applicable Very Somewhat Not at all Total

Q56E: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Repay the loan more quickly' 400 3,368 1,380 604 1,767 7,519

Missing Not Applicable Very Somewhat Not at all Total

Q56F: How important, if at all, was this reason in your 

decision to refinance, modify or obtain a new mortgage? 

'Take out cash' 446 3,368 338 204 3,163 7,519

Missing Not Applicable

New amount is 

lower

New amount is 

about the same

New amount is 

higher

Property was 

mortgage-free Total

Q58: How does the total amount of your new mortgage(s) 

compare to the total amount of the old mortgage(s) and 

loans when they were paid off? 205 3,368 1,167 1,666 1,029 84 7,519

Missing Not Applicable Yes No Total

Q59A: Did you use the money you got from this new 

mortgage for college expenses? 351 6,201 62 905 7,519

Missing Not Applicable Yes No Total

Q59B: Did you use the money you got from this new 

mortgage for an automobile or other major purchase? 351 6,201 71 896 7,519

Missing Not Applicable Yes No Total

Q59C: Did you use the money you got from this new 

mortgage to pay off other bills or debts? 313 6,201 320 685 7,519

Missing Not Applicable Yes No Total

Q59D: Did you use the money you got from this new 

mortgage for home repairs/additions? 328 6,201 242 748 7,519

Missing Not Applicable Yes No Total

Q59E: Did you use the money you got from this new 

mortgage for savings? 363 6,201 98 857 7,519

Missing Not Applicable Yes No Total

Q59F: Did you use the money you got from this new 

mortgage for closing costs of new mortgage? 342 6,201 390 586 7,519

Missing Not Applicable Yes No Total

Q59G: Did you use the money you got from this new 

mortgage for business or investment? 361 6,201 51 906 7,519

Missing Not Applicable Yes No Total

Q59H: Did you use the money you got from this new 

mortgage for other? 809 6,201 89 420 7,519
B-16

Missing

Purchased an 

existing home in 

a standard sale 

from the 

previous owner

Purchased a 

newly-built 

home from a 

builder

Purchased a 

foreclosed 

property from a 

bank, investor, 

or government 

agency

Purchased a 

'short sale' 

property from 

the previous 

owner

Purchased land 

and built a 

house

Received as a 

gift or 

inheritance Total

Q62: How did you acquire the property? 430 4,758 1,076 471 207 503 74 7,519

Missing

Single-family 

detached house

Townhouse, row 

house, or villa

Mobile home or 

manufactured 

home

2-unit, 3-unit, or 

4-unit dwelling

Condo, 

apartment 

house, or co-op

Unit in a partly 

commercial 

structure Total

Q63: What type of house is on your property? 252 6,086 431 128 161 456 5 7,519

Missing Yes No Total

Q66: Do you rent out any portion of your property? 213 576 6,730 7,519

Missing

Primary 

residence

Primary 

residence soon

Seasonal or 

second home

Home for other 

relatives

Rental or 

investor 

property Other Total

Q68: Which of the following best describes how you use 

this property? 184 6,557 84 176 85 402 31 7,519

Missing Yes No Total

Q70: Is anyone who currently lives in the property a cosigner on your mortgage? 1,432 2,952 3,135 7,519

Missing Married Separated Never married Divorced Widowed Total

Q71: What is your current marital status? 179 5,258 80 815 958 229 7,519

Missing Not Applicable Yes No Total

Q72: Do you have a partner who shares the decisionmaking and responsibilities of running your household 

but is not your legal spouse? 283 5,258 482 1,496 7,519

Missing Male Female Total

Q74A: Your gender? 312 4,053 3,154 7,519

Missing Not Applicable Male Female Total

Q74B: Spouse/partner's gender? 495 1,496 2,170 3,358 7,519

Missing Yes No Total

Q75A: Have you owned other residential properties 

besides this one? 358 3,694 3,467 7,519

Missing Not Applicable Yes No Total

Q75B: Has spouse/partner owned other residential 

properties besides this one? 831 1,496 2,584 2,608 7,519
B-17

Missing Some schooling

High school 

graduate Technical school Some college College Degree

Postgraduate 

studies Total

Q76A: Highest level of education you have achieved? 189 111 783 355 1,415 2,517 2,149 7,519

Missing Not Applicable Some schooling

High school 

graduate Technical school Some college College Degree

Postgraduate 

studies Total

Q76B: Highest level of education spouse/partner has 

achieved? 1,496 497 116 865 281 1,151 1,879 1,234 7,519

Missing Yes No Total

Q77A: Are you Hispanic or Latino? 322 506 6,691 7,519

Missing Not Applicable Yes No Total

Q77B: Is spouse/partner Hispanic or Latino? 546 1,496 426 5,051 7,519

Missing Selected Total

Q78A1: Is your race 'White'? 1,302 6,217 7,519

Missing Selected Total

Q78A2: Is your race 'Black or African American'? 7,110 409 7,519

Missing Selected Total

Q78A3: Is your race 'American Indian or Alaska Native'? 7,404 115 7,519

Missing Selected Total

Q78A4: Is your race 'Asian'? 7,079 440 7,519

Missing Selected Total

Q78A5: Is your race 'Native Hawaiian/Pacific Islander'? 7,481 38 7,519

Missing Not Applicable Selected Total

Q78B1: Is spouse/partner's race 'White'? 1,342 1,496 4,681 7,519

Missing Not Applicable Selected Total

Q78B2: Is spouse/partner's race 'Black or African 

American'? 5,779 1,496 244 7,519

Missing Not Applicable Selected Total

Q78B3: Is spouse/partner's race 'American Indian or 

Alaska Native'? 5,941 1,496 82 7,519

Missing Not Applicable Selected Total

Q78B4: Is spouse/partner's race 'Asian'? 5,611 1,496 412 7,519

Missing Not Applicable Selected Total

Q78B5: Is spouse/partner's race 'Native Hawaiian/Pacific 

Islander'? 5,979 1,496 44 7,519
B-18

Missing Selected Total

Q79A1: Is your current work status 'Self-employed/work 

for self'? 6,646 873 7,519

Missing Selected Total

Q79A2: Is your current work status 'Employed full time'? 2,791 4,728 7,519

Missing Selected Total

Q79A3: Is your current work status 'Employed part time'? 7,114 405 7,519

Missing Selected Total

Q79A4: Is your current work status 'Retired'? 6,240 1,279 7,519

Missing Selected Total

Q79A5: Is your current work status 'Temporarily laid-off 

or on leave'? 7,461 58 7,519

Missing Selected Total

Q79A6: Is your current work status 'Not working for pay 

(student, homemaker, disabled, unemployed)'? 7,201 318 7,519

Missing Not Applicable Selected Total

Q79B1: Is spouse/partner's current work status 'Selfemployed/work for self'? 5,408 1,496 615 7,519

Missing Not Applicable Selected Total

Q79B2: Is spouse/partner's current work status 'Employed 

full time'? 3,124 1,496 2,899 7,519

Missing Not Applicable Selected Total

Q79B3: Is spouse/partner's current work status 'Employed 

part time'? 5,504 1,496 519 7,519

Missing Not Applicable Selected Total

Q79B4: Is spouse/partner's current work status 'Retired'? 5,117 1,496 906 7,519

Missing Not Applicable Selected Total

Q79B5: Is spouse/partner's current work status 

'Temporarily laid-off or on leave'? 5,958 1,496 65 7,519

Missing Not Applicable Selected Total

Q79B6: Is spouse/partner's current work status 'Not 

working for pay (student, homemaker, disabled, 

unemployed)'? 5,298 1,496 725 7,519
B-19

Missing

Yes, now on 

active duty

Yes, on active 

duty in the past, 

but not now

No, never on 

active duty 

except for 

initial/basic 

training

No, never 

served in the 

U.S. Armed 

Forces Total

Q80A: Have you ever served on active duty in the U.S. 

Armed Forces? 323 89 934 323 5,850 7,519

Missing Not Applicable

Yes, now on 

active duty

Yes, on active 

duty in the past, 

but not now

No, never on 

active duty 

except for 

initial/basic 

training

No, never 

served in the 

U.S. Armed 

Forces Total

Q80B: Has spouse/partner ever served on active duty in 

the U.S. Armed Forces? 553 1,496 48 427 207 4,788 7,519

Missing Yes No Total

Q81: Besides you (and your spouse/partner), does anyone 

else live in your household or use your house as a 

permanent address? 284 3,278 3,957 7,519

Missing Not Applicable Yes No Total

Q84: (If yes to Q81) Do any of the other household 

members help pay for household expenses? 410 3,957 424 2,728 7,519

Missing Under $35,000

$35,000 to 

$49,999

$50,000 to 

$74,999

$75,000 to 

$99,999

$100,000 - 

$174,999

$175,000 or 

More Total

Q85: Approximately how much is your total annual 

household income from all sources? 604 462 766 1,315 1,301 1,977 1,094 7,519

Missing

Higher than 

normal Normal

Lower than 

normal Total

Q86: How does this total annual household income 

compare to what it is in a 'normal' year? 542 421 5,898 658 7,519

Missing Yes No Total

Q87A: Does your total annual household income include 

wages or salary? 856 5,901 762 7,519

Missing Yes No Total

Q87B: Does your total annual household income include 

business or self-employment? 1,672 1,662 4,185 7,519

Missing Yes No Total

Q87C: Does your total annual household income include 

interest or dividends? 1,668 1,948 3,903 7,519

Missing Yes No Total

Q87D: Does your total annual household income include 

alimony or child support? 2,026 185 5,308 7,519
B-20

Missing Yes No Total

Q87E: Does your total annual household income include 

Social Security benefits? 1,459 1,464 4,596 7,519

Missing Yes No Total

Q88A: Does anyone in your household have a 401(k), 

403(b), IRA, or pension plan? 520 6,064 935 7,519

Missing Yes No Total

Q88B: Does anyone in your household have stocks, 

bonds, or mutual funds (not in retirement accounts or 

pension plans)? 1,455 3,045 3,019 7,519

Missing Yes No Total

Q88C: Does anyone in your household have certificates of 

deposit? 1,352 982 5,185 7,519

Missing Yes No Total

Q88D: Does anyone in your household have investment 

real estate? 1,205 1,537 4,777 7,519

Missing

Take substantial 

financial risks 

expecting to 

earn substantial 

returns

Take aboveaverage 

financial risks 

expecting to 

earn above 

average returns

Take average 

financial risks 

expecting to 

earn average 

returns

Not willing to 

take any 

financial risks Total

Q89: Which one of the following statements best 

describes the amount of financial risk you are willing to 

take when you make investments? 464 289 1,411 3,633 1,722 7,519

Missing Agree Disagree Total

Q90A: Do you agree or disagree that owning a home is a 

good financial investment? 343 6,799 377 7,519

Missing Agree Disagree Total

Q90B: Do you agree or disagree that mortgage lenders 

generally treat borrowers well? 487 5,434 1,598 7,519

Missing Agree Disagree Total

Q90C: Do you agree or disagree that late payments will 

lower my credit rating? 376 6,610 533 7,519

Missing Agree Disagree Total

Q90D: Do you agree or disagree that lenders shouldn't 

care about any late payments, only whether loans are 

fully repaid? 441 924 6,154 7,519
B-21

Missing Agree Disagree Total

Q90E: Do you agree or disagree that it is okay to default 

or stop making mortgage payments if it is in the 

borrower's financial interest? 453 469 6,597 7,519

Missing Yes No Total

Q91A: In the last couple years, has this happened to you? 

'separated/divorced' 445 418 6,656 7,519

Missing Yes No Total

Q91B: In the last couple years, has this happened to you? 

'married/remarried/new partner' 474 650 6,395 7,519

Missing Yes No Total

Q91C: In the last couple years, has this happened to you? 

'death of household member' 477 230 6,812 7,519

Missing Yes No Total

Q91D: In the last couple years, has this happened to you? 

'addition to your household (not including 

spouse/partner)' 483 870 6,166 7,519

Missing Yes No Total

Q91E: In the last couple years, has this happened to you? 

'person leaving household (not including spouse/partner)' 497 570 6,452 7,519

Missing Yes No Total

Q91F: In the last couple years, has this happened to you? 

'disability or serious illness of household member' 470 681 6,368 7,519

Missing Yes No Total

Q91G: In the last couple years, has this happened to you? 

'disaster affecting your house' 506 135 6,878 7,519

Missing Yes No Total

Q91H: In the last couple years, has this happened to you? 

'disaster affecting your (or spouse/partner's) work' 511 182 6,826 7,519

Missing Yes No Total

Q91I: In the last couple years, has this happened to you? 

'moved within the area (less than 50 miles)' 533 1,575 5,411 7,519

Missing Yes No Total

Q91J: In the last couple years, has this happened to you? 

'moved to a new area (50 miles or more)' 570 780 6,169 7,519
B-22

Missing Yes No Total

Q92A: In the last couple years, has this happened to you 

(or your spouse/partner)? 'layoff, unemployment or 

reduced hours of work' 424 1,501 5,594 7,519

Missing Yes No Total

Q92B: In the last couple years, has this happened to you 

(or your spouse/partner)? 'promotion' 482 1,680 5,357 7,519

Missing Yes No Total

Q92C: In the last couple years, has this happened to you 

(or your spouse/partner)? 'starting a new job' 450 2,070 4,999 7,519

Missing Yes No Total

Q92D: In the last couple years, has this happened to you 

(or your spouse/partner)? 'starting a second job' 509 437 6,573 7,519

Missing Yes No Total

Q92E: In the last couple years, has this happened to you 

(or your spouse/partner)? 'business failure' 502 155 6,862 7,519

Missing Yes No Total

Q92F: In the last couple years, has this happened to you 

(or your spouse/partner)? 'a personal financial crisis' 494 489 6,536 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q93A: In the last couple years, how has this changed for 

you (and your spouse/partner)? 'household income' 438 1,249 4,814 1,018 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q93B: In the last couple years, how has this changed for 

you (and your spouse/partner)? 'household expenses' 488 1,985 4,786 260 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q93C: In the last couple years, how has this changed for 

you (and your spouse/partner)? 'non-housing expenses' 544 1,695 5,080 200 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94A: In the last couple years, how has this changed in 

your neighborhood? 'number of homes for sale' 526 1,893 4,740 360 7,519
B-23

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94B: In the last couple years, how has this changed in 

your neighborhood? 'number of vacant homes' 565 903 5,522 529 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94C: In the last couple years, how has this changed in 

your neighborhood? 'number of homes for rent' 605 832 5,719 363 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94D: In the last couple years, how has this changed in 

your neighborhood? 'number of foreclosures or short 

sales' 657 1,046 5,183 633 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94E: In the last couple years, how has this changed in 

your neighborhood? 'house prices' 593 1,855 4,014 1,057 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q94F: In the last couple years, how has this changed in 

your neighborhood? 'overall desirability of living there' 582 1,455 5,183 299 7,519

Missing Increase a lot Increase a little

Remain about 

the same Decrease a little Decrease a lot Total

Q95: What do you think will happen to the prices of 

homes like yours in your neighborhood over the next 

couple of years? 372 1,065 4,467 1,345 203 67 7,519

Missing

Become More 

Desirable

Stay About The 

Same

Become Less 

Desirable Total

Q96: In the next couple of years, how do you expect the 

overall desirability of living in your neighborhood to 

change? 331 1,825 5,171 192 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q97A: In the next couple of years, how do you expect this 

to change for you (and your spouse/partner)? 'household 

income' 428 1,283 5,426 382 7,519

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q97B: In the next couple of years, how do you expect this 

to change for you (and your spouse/partner)? 'housing 

expenses' 481 1,106 5,739 193 7,519
B-24

Missing

Significant 

Increase

Little/No 

Change

Significant 

Decrease Total

Q97C: In the next couple of years, how do you expect this 

to change for you (and your spouse/partner)? 'nonhousing expenses' 519 1,519 5,219 262 7,519

Missing Very Somewhat Not at all Total

Q98A: How likely is it that in the next couple of years you 

will move and sell your property? 392 581 2,020 4,526 7,519

Missing Very Somewhat Not at all Total

Q98B: How likely is it that in the next couple of years you 

will move but keep your property? 488 252 1,247 5,532 7,519

Missing Very Somewhat Not at all Total

Q98C: How likely is it that in the next couple of years you 

will refinance your mortgage? 484 265 1,264 5,506 7,519

Missing Very Somewhat Not at all Total

Q98D: How likely is it that in the next couple of years you 

will pay off your mortgage and own your property 

mortgage-free? 456 469 1,059 5,535 7,519

Missing Very Somewhat Not at all Total

Q99A: How likely is it that in the next couple of years you 

(or your spouse/partner) will face retirement? 506 963 880 5,170 7,519

Missing Very Somewhat Not at all Total

Q99B: How likely is it that in the next couple of years you 

(or your spouse/partner) will face difficulties making your 

mortgage payments? 466 84 949 6,020 7,519

Missing Very Somewhat Not at all Total

Q99C: How likely is it that in the next couple of years you 

(or your spouse/partner) will face a layoff, 

unemployment, or forced reduction in hours? 525 116 1,171 5,707 7,519

Missing Very Somewhat Not at all Total

Q99D: How likely is it that in the next couple of years you 

(or your spouse/partner) will face some other personal 

financial crisis? 511 130 1,428 5,450 7,519

Missing Very Somewhat Not at all Total

Q100A: If your household faced an unexpected personal 

financial crisis in the next couple of years, how likely is it 

you could pay your bills for the next 3 months without 

borrowing? 417 4,002 2,123 977 7,519
B-25

Missing Very Somewhat Not at all Total

Q100B: If your household faced an unexpected personal 

financial crisis in the next couple of years, how likely is it 

you could get significant financial help from family or 

friends? 474 1,182 2,552 3,311 7,519

Missing Very Somewhat Not at all Total

Q100C: If your household faced an unexpected personal 

financial crisis in the next couple of years, how likely is it 

you could borrow enough money from a bank or credit 

union? 499 1,620 3,188 2,212 7,519

Missing Very Somewhat Not at all Total

Q100D: If your household faced an unexpected personal 

financial crisis in the next couple of years, how likely is it 

you could significantly increase your income? 518 556 2,892 3,553 7,519