Improving Mortgage Experiences in America 

National Survey of Mortgage Originations

You have been selected to participate in an important national survey. Learning directly 

from borrowers like you about your experiences obtaining a mortgage to purchase or 

refinance your home will help us improve lending practices and the mortgage process 

for future borrowers.

To Complete the Survey Online 

Web Go to: www.NSMOsurvey.com and enter the unique access code 

provided in the letter and your 5-digit zip code. 

Mobile Text your unique access code to (202) 759-2029 to receive a link to 

the survey or scan the QR code in the letter. 

Español Vaya a: www.NSMOsurvey.com e ingrese el código de acceso 

único que se le envió en la carta y su código postal de 5 dígitos. 

Para contestar la encuesta en un aparato móvil/teléfono inteligente 

Envie en un mensaje de texto su código de acceso único al 

(202) 759-2029 o escanea el código QR en la carta. 

While we prefer online responses to help us save costs for processing, it is important 

we hear from you. If you prefer paper, you can mail back the completed survey in the 

enclosed pre-paid postage envelope. 

If you have any questions or need assistance completing this due to a disability, please call us toll free 

at 1-855-531-0724, TTY #711 or visit our web sites www.fhfa.gov/nsmo or www.consumerfinance.gov.
National Survey of Mortgage Originations 

Who is 

sponsoring 

this survey?

The Federal Housing Finance Agency (FHFA) is an 

independent regulatory agency responsible for the 

effective supervision, regulation, and housing mission 

oversight of Fannie Mae, Freddie Mac, the Federal 

Home Loan Bank System, and the Office of Finance, and 

ensures a competitive, liquid, efficient, and resilient 

housing finance market. 

The Consumer Financial Protection Bureau (CFPB) is 

a Federal agency created in 2010 to make mortgages, 

credit cards, automobile and other consumer loans 

work better and ensure that these markets are fair, 

transparent, and competitive.

How were 

you selected 

for this 

survey? 

Survey recipients were selected at random from across 

the United States. Your answers will not be connected 

to your name or any other identifying information.

How long 

will it take?

The time will vary based on your experiences, but you 

can expect it to take 15-25 minutes.

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 6/30/2026


Did you take out or co-sign for a mortgage loan

sometime in the last couple of years including a

purchase or any refinance/modification of an

existing loan?

1.

2. When did you take out this mortgage? If you took

out or co-signed for more than one mortgage, please

refer to your experience with the most recent

refinance, modification, or new mortgage.

/

month year

Who signed or co-signed for this mortgage?

Mark all that apply.

4.

Yes No

Did we mail this survey to the address of the

property you financed with this mortgage?

3.

When you began the process of getting this

mortgage, how familiar were you (and any

co-signers) with each of the following?

5.

If you co-signed this loan with others, take into

account all co-signers as best you can when

answering the survey. If no co-signers, answer

based on your own situation.



Other (e.g. friend, business partner)

Other relatives

Children

Parents

Spouse/partner including a former spouse/partner

I signed

Very Somewhat Not at all

Firm idea Some idea Little idea

When you began the process of getting this

mortgage, how concerned were you about

qualifying for a mortgage?

6.

How firm an idea did you have about the

mortgage you wanted?

7.

1 2 3 4 5 or more

How many different mortgage lenders/brokers

did you seriously consider before choosing

where to apply for this mortgage?

11.

Which one of the following best describes how

you applied for this mortgage?

10.

Which one of the following best describes your

shopping process?

9.

How much did you use each of the following

sources to get information about mortgages or

mortgage lenders?

8.

The money needed at closing

Your credit history or

 credit score

The income needed to qualify

 for a mortgage

The down payment needed to

 qualify for a mortgage

The mortgage process

The different types of

 mortgages available

The mortgage interest rates

 available at that time

Very Somewhat

Not

At All

I picked the loan type

mortgage lender/broker

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

I picked the mortgage lender/broker first, and then

Your mortgage lender/broker

Other mortgage lenders/brokers

Real estate agents or builders

Websites that provide information

 on getting a mortgage

Material in the mail

Not

At All

A

Little

A

Lot

Friends/relatives/co-workers

Bankers, credit unions or financial

 planners

Housing counselors

Newspaper/TV/Radio

Other (specify)

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

Through a mortgage broker who works with

Through a builder who arranged financing

Other (specify)

multiple lenders to get you a loan

Yes

NoSkip to 71 on page 7

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

12. How many different mortgage lenders/brokers

did you end up applying to?

15. Who initiated the first contact between you and

the mortgage lender/broker you used for the

mortgage you took out?

16. While you were getting your mortgage, how did

you primarily interact with your mortgage

lender/broker?

(such as a

Concern over qualifying for a loan

Information learned from the

 "Loan Estimate"

Turned down on earlier application

Searching for better loan terms

Yes No

13. Did you apply to more than one mortgage

lender/broker for any of the following

reasons?

I (or one of my co-signers) did

The mortgage lender/broker did

We were put in contact by a third party

real estate agent or home builder)

1 2 3 4 5 or more

Online (web portal, email)

Phone (voice calls, text messages, fax)

Mail

In person

No primary way

How open were you to suggestions from your

mortgage lender/broker about mortgages with

different features or terms?

Very Somewhat Not at all

17.

Have to add another co-signer to qualify

Resolve credit report errors or problems

Yes No

Answer follow-up requests for more

 information about income or assets

Have more than one appraisal

Redo/refile paperwork due to processing

 delays

Delay or postpone closing date

Have your "Loan Estimate" revised

 to reflect changes in your loan terms

Check other sources to confirm that

 terms of this mortgage were reasonable

20. In the process of getting this mortgage from

your mortgage lender/broker, did you...

19. Your lender may have given you a booklet

"Your home loan toolkit: A step-by-step

guide," do you remember receiving a copy?

Yes

No

Don't know

18. How important were each of the following in

determining the mortgage you took out?

Lower interest rate

Lower APR (Annual Percentage Rate)

Not

Important Important

Lower closing fees

Lower down payment

An interest rate fixed for the life

 of the loan

Lower monthly payment

A term of 30 years

No mortgage insurance

Did the "Loan Estimate" you received from your

mortgage lender/broker...

Have easy to understand information

Yes No

Contain valuable information

Cause you to take an action, such as seek

 a change in your loan or closing

21.

Recommendation from a friend/

 relative/co-worker

How important were each of the following in

choosing the mortgage lender/broker you used

for the mortgage you took out?

Having an established banking

 relationship

Having a local office or branch nearby

Important

Not

Important

Used previously to get a mortgage

Mortgage lender/broker is a personal

 friend or relative

Paperless online mortgage process

Recommendation from a real

 estate agent/home builder

Reputation of mortgage lender/broker

Accommodations for people with

 disabilities

Spoke my primary language, which is

 not English

14.

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26. Overall, how satisfied are you that the

mortgage you got was the one with the...

Best terms to fit your needs

Lowest closing costs

Lowest interest rate for which

 you could qualify

Very Somewhat

Not

At All

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

Mortgage lender/broker

 you used

Very Somewhat

Not

At All

Application process

Documentation process

 required for the loan

Property appraisal

Information in mortgage

 disclosure documents

Loan closing process

Timeliness of mortgage

 disclosure documents

Settlement agent

Did you take a course about home-buying or

talk to a professional housing counselor?

28.



29. Was your home-buying course or counseling...

30. How many hours was your home-buying

course or counseling?

Less than 3 hours

3 – 6 hours

7 – 12 hours

More than 12 hours

31. Overall, how helpful was your 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

Required



Yes

No Skip to 32 on page 4

In selecting your settlement/closing agent did you

use someone...

No

23.

24. Do you have title insurance on this mortgage?

Selected/recommended by the mortgage

 lender/broker, or real estate agent

You used previously

Yes

Found shopping around

Which one best describes how you picked the

title insurance?

25.



Reissued previous title insurance

Used title insurance recommended by mortgage

Shopped around

 lender/broker or settlement agent

Yes

No

Don't know Skip to 26

Did not have a settlement/closing agent

During the application process were you told

about mortgages with any of the following?

No

22.

Yes

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

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32. Which one of these reasons best describes this

most recent mortgage?

Skip to 36

36. How important were the following in your

decision to refinance, modify or obtain a new

mortgage?



34. Did you use any of the following sources of

funds to buy this property?

33. Did you do the following before or after you

made an offer on this house or property?

What percent of the purchase price was the

down payment to buy this property (including

money from a prior home sale, gifts, etc.)?

35.

This Mortgage

When you took out this most recent mortgage or

refinance, what was the dollar amount you

borrowed?

39.



40. What is the monthly payment, including the

amount paid to escrow for taxes and insurance?

41. What is the interest rate on this mortgage?



Did you use the money you got from this

new mortgage for any of the following?

38.

Pay off other bills or debts

College expenses

Yes No

Auto or other major purchase

Home repairs or new construction

Savings

Closing costs of new mortgage

Business or investment

Buy out co-signer(s)/co-owner(s)

Did not get money from refinancing

Gift or loan from family or friend

Seller contribution

A second lien, home equity loan, or home

 equity line of credit (HELOC)

Assistance or loan from a nonprofit or

 government agency

Savings, retirement account, inheritance,

 or other assets

Proceeds from the sale of another property 

Not

Used Used

Before

Offer

After

Offer

Did

Not Do

Contacted a lender to explore

 mortgage options

Got a pre-approval or pre-

 qualification from a lender

Decided on the type of loan

Made a decision on which

 lender to use

Submitted an official loan

 application

Change to a fixed-rate loan

Get a lower interest rate

Get a lower monthly payment

Consolidate or pay down other debt

Important

Not

Important

Repay the loan more quickly

Take out cash

Remove private mortgage insurance

To buy a property

To refinance or modify an

To add/remove co-signer(s)/co-owner(s)

To finance a construction loan

To take out a new loan on a

Some other purpose (specify)

earlier mortgage

mortgage-free property

Approximately how much was owed, in total, on

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

37.

$ .00

Zero (the property was mortgage-free)

Other (specify)

$ .00 Don't know

$ .00 Don't know

% Don't know

Skip to 39

% Don't know

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42. Which one of the following best describes how you

decided on the interest rate of your mortgage?

Paid higher closing costs to get lower interest rate

Paid lower closing costs with a higher interest rate

Got a balance between closing costs and interest rate

44. At any time after you made your final loan

application did any of the following change?

Higher Same

Monthly payment

Interest rate

Other fees

Amount of money needed

 to close loan

Lower

Yes No

Mortgage lender/broker

Trusted friend or relative who is not

 a co-signer on the mortgage

Settlement/closing agent

Real estate agent

Personal attorney

Title insurance agent

Housing counselor

Other (specify)

Did you seek input about your closing documents

from any of the following people?

49.

Loan documents not ready at closing

Closing did not occur as originally

 scheduled

Three-day rule required re-disclosure

Mortgage terms different at closing than

 expected, e.g. interest rate, monthly

 payment

More cash needed at closing than

 expected, e.g. escrow, unexpected fees

Less cash needed at closing than

 expected

Yes No

Asked to sign blank documents at closing

Asked to sign pre-dated or post-dated

 documents at closing

Did you face any of the following at your loan

closing?

50.

Felt rushed at closing or not given time

 to read documents

After closing on this mortgage, how much cash

reserves in checking, savings, and other similar

assets did you have remaining?

48.

Less than one month’s mortgage payment

1-2 months’ worth of mortgage payments

3-6 months’ worth of mortgage payments

7 months’ worth or more of mortgage payments

47. Were the loan costs you paid similar to what you

had expected to pay based on the Loan Estimates

or Closing Disclosures you received?

Yes No

Don't

Know

43. Does this mortgage have...

Yes No

An escrow account for taxes and/or

 homeowner insurance

A prepayment penalty (fee if the

 mortgage is paid off early)

An adjustable rate (one that can

 change over the life of the loan)

A balloon payment

Interest-only payments

Private mortgage insurance

Lender-required flood insurance

45. The "Closing Disclosure" statement you received

at closing shows the loan closing costs and other

closing costs separately. What were the loan

closing costs you paid on this loan?

$ .00 Don't know

Is there any additional problem you encountered

while getting this mortgage that you’d like to tell

us about?

51.

Loan had no closing costs

How were the total closing costs (loan costs and

other costs) for this loan paid?

Yes No

Don't

Know

By me or a co-signer with a check

 or wire transfer

Added to the mortgage amount

By mortgage lender/broker

By seller/builder

Other (specify)

46.

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52. At the same time you took out this mortgage,

did you also take out another loan on the

property you financed with this mortgage (a

second lien, home equity loan, or a home equity

line of credit (HELOC))?

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

Not

At All

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

Difference between lender's and

 owner's title insurance

Very Somewhat

Relationship between discount

 points and interest rate

Reason payments into an escrow

 account can change

53. What was the amount of this loan?

This Mortgaged Property

What was the purchase price of this property, or

if you built it, how much did the construction

and land cost?

56.

57. Which one of the following best describes how

you acquired this property?

Don't know

$ .00



Yes

No Skip to 54



Don't know $ .00

Purchased an existing home

Purchased a newly-built home from a builder

Had or purchased land and built a house

Received as a gift or inheritance

Other (specify)

58. Which one of the following best describes

this property?



59. Does this mortgage cover more than one unit?

Yes No



Do you rent out all or any portion of this

property?

61.



62. How much rent do you receive annually?

60. About how much do you think this property is

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

$ .00 Don't know

Yes

NoSkip to 63

$ .00 per year

63. Besides you, the mortgage co-signers, and

renters, does anyone else help pay the expenses

for this property?

Yes No

64. Which one of the following best describes how

you use this property?

(where you

spend the majority of your time)

Skip to 67

on page 7



Primary residence

It will be my primary residence soon

Seasonal or second home

Home for other relatives

Rental or investment property

Other (specify)

65. If primary residence, when did you move into

this property?

/

month year

/

month year

When did you first become the owner of this

property?

55.

Single-family detached house

Mobile home or manufactured home

Townhouse, row house, or villa

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

Condo, co-op, or apartment in a

Unit in a partly commercial structure

Other (specify)

 building with 5 or more units

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66. Which one of the following best describes your

willingness or ability to move from your

primary residence?

Willing and able to move

Willing but unable to move

Unwilling to move

Unsure/Don’t know at this time

Your Household

71. What is your current marital status? 

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.

73. Age at last birthday:



Married

Separated

Never married

Divorced

Widowed



years years

Spouse/

You Partner

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

you will...

Sell this property

Move but keep this property

Refinance the mortgage on

 this property

Somewhat

Not

Very At All

Pay off this mortgage and own

 the property mortgage-free

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

the overall desirability of living in this

neighborhood to change?

Become more desirable

Stay about the same

Become less desirable

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

homes in this neighborhood over the next

couple of years?

Increase a lot

Increase a little

Remain about the same

Decrease a little

Decrease a lot

77. Race: Mark all that apply.

White

Black or African American

American Indian or Alaska Native

Asian

Native Hawaiian or Other Pacific

 Islander

You

Spouse/

Partner

76. Hispanic or Latino:

No

Yes

You

Spouse/

Partner

75. Highest level of education achieved:

Some schooling

High school graduate

Technical school

Some college

College graduate

Postgraduate studies

You

Spouse/

Partner

Sex:74.

Male

Female

You

Spouse/

Partner

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

changed in the neighborhood where this

property is located?

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

Little/No

Change

Significant

Decrease

Significant

Increase

Number of homes impacted

 by natural disasters

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78. Current work status: Mark all that apply.

You

Spouse/

Partner

79. Ever served on active duty in the U.S. Armed

Forces, Reserves or National Guard?

Besides you (and your spouse/partner) who else

lives in your household? Mark all that apply.

80.

You

Spouse/

Partner

Children/grandchildren under age 18

Children/grandchildren age 18 – 22

Children/grandchildren age 23 or older

Parents of you or your spouse or partner

Other relatives like siblings or cousins

Non-relative

No one else

81. Do you speak a language other than English at

home? 

Yes

No

82. Was it important to get your mortgage

documents in this language? 

83. Did you get mortgage documents in this

language? 

Yes No

Yes No



Skip to 84

Employed full time

Self-employed part time

Unemployed, temporarily laid-off

 or on leave

Not working for pay (student,

 homemaker, disabled)

Retired

Employed part time

Self-employed full time

Only on active duty for training in

 the Reserves or National Guard

Now on active duty

On active duty in the past, but

 not now

Never served in the military

Less than $35,000

$35,000 to $49,999

$50,000 to $74,999

$75,000 to $99,999

$100,000 to $174,999

$175,000 or more

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)? 

84.

Higher than normal

Normal

Lower than normal

How does this total annual household income

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

85.

86. Does your total annual household income

include any of the following sources?

87. Does anyone in your household have any of the

following?

88. Which one of the following statements best

describes the amount of financial risk you are

willing to take when you save or make

investments?

Take substantial 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

Wages or salary

Business or self-employment

Interest or dividends

Alimony or child support

Yes No

Social Security, pension or other

 retirement benefits

401(k), 403(b), IRA, or pension plan

Stocks, bonds, or mutual funds (not in

 retirement accounts or pension plans)

Certificates of deposit

Investment real estate

Yes No

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8
Owning a home is a good financial

 investment

Agree Disagree

Most mortgage lenders generally

 treat borrowers well

Do you agree or disagree with the following

statements?

89.

Late payments will lower my

 credit rating

Lenders shouldn't care about any late

 payments, only whether loans are

 fully repaid

It is okay to default or stop making

 mortgage payments if it is in the

 borrower's financial interest

Most mortgage lenders would offer

 me roughly the same rates and fees

I would consider counseling or taking a

 course about managing my finances if

 I faced financial difficulties

92. In the last couple of years, how have the following

changed for you (and your spouse/partner)?

In the last couple of years, have any of the

following happened to you (or your

spouse/partner)?

91.

Layoff, unemployment, or reduced

 hours of work

Yes No

Promotion

Starting a new job

Starting a second job

A personal financial crisis

Business failure

Retirement

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

following happened to you?

Separated, divorced or partner left

Married, remarried or new partner

Death of a household member

Addition to your household

 (not spouse/partner)

Person leaving your household

 (not spouse/partner)

Disaster affecting your (or your

 spouse/partner's) work

Moved within the area (less than 50 miles)

Disaster affecting a property you own

Moved to a new area (50 miles or more)

Disability or serious illness of

 household member

Yes No

Significant

Increase

Household income

Housing expenses

Non-housing expenses

Little/No

Change

Significant

Decrease

In the next ten years, what do you think could

decrease the value of a property you own?

96.

94. 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 

Retirement

Somewhat

Not

Very At All

95. 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

Get significant financial help

 from family or friends

Significantly increase your

 income

Borrow a significant amount

 from a bank or credit union

Somewhat

Not

Very At All

93. 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

Little/No

Change

Significant

Decrease

Significant

Increase

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

FHFA

1600 Research Blvd, RC B16

Rockville, MD 20850

Thank you for completing this survey and sharing your experiences to help improve

the processes of getting a mortgage.

We have provided space below for any additional comments.

Is there anything else you would like to tell us about your experience getting a mortgage to

purchase or refinance your property?

Please do not put your name or address on the questionnaire.

For any questions about the survey or online access you can call toll free 1‐855‐531‐0724.

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