CFPB Releases Review of Mortgage Lending Sources – RISMedia |

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The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have released an update on the level of public loans collected as part of the National Survey of Sources of Mortgage (NSMO). These data provide insight into the experience of borrowers in obtaining home mortgages.

Since 2014, the FHFA and CFPB have sent out quarterly surveys to borrowers who have recently received mortgages. These surveys collect feedback on the experience of borrowers in the process of obtaining a mortgage, their perception of the mortgage market and their expectations for the future. The release adds new mortgage data for two years to 2019.

Basic moments:

– The percentage of respondents who said they were not worried about eligibility for a mortgage during the application process increased slightly from 2018 to 2019 (from 48 to 51% for home mortgages and from 57 to 66% for refinancing).

– The percentage of respondents who reported that paperless online mortgages play an important role in choosing a mortgage lender / broker remained relatively high and did not change from 2018 to 2019 (40% for home-buying mortgages and 44% for refinancing).

– The proportion of respondents who applied for a mortgage loan through a mortgage broker increased from 2018 to 2019 (from 42% to 46% for home loans and from 30% to 38% for refinancing). On the other hand, the percentage of respondents who applied directly through a bank or credit union fell from 2018 to 2019 (from 54 to 49 for home mortgages and from 67 to 61 for refinancing).

“The NSMO data released today sets a baseline for how borrowers viewed the mortgage process shortly before the COVID crisis,” said FHFA Deputy Director Lynn Fisher. “The release of this data helps to better understand the specific challenges and successes that borrowers have faced in the mortgage lending process.”

“Getting information directly from borrowers is key to helping us better understand mortgage market trends,” said Mark McArdle, CFPB’s Assistant Director of Mortgage Markets. “The data gathered in this survey will give us a more complete picture of the borrower experience and improve the lending process for future borrowers.”

NSMO is an integral part of National Mortgage Database (NMDB®).

Source: CFPB



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