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71 71 71 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal Follow Us At: @DSNewsDaily FHFA, CFPB UNVEILS UPDATED NATIONAL SURVEY OF MORTGAGE ORIGINATIONS DATA e Federal Housing Finance Agency (FHFA) and the Consumer Financial Pro- tection Bureau (CFPB) published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). e data also provides updated mort- gage performance and credit information for a nationally representative sample of mortgage borrowers from 2013–2020. Key highlights from the updated data are: • e COVID-19 pandemic shaped the mort- gage borrower experience in 2020. A higher share of borrowers reported that a paperless online mortgage process was important to them in 2020 (48%) than in 2019 (42%). More borrowers reported that the mortgage closing did not occur as originally scheduled in 2020 (21%) than in 2019 (17%). • Mortgage borrowers, particularly those refi- nancing a loan, responded to the low interest rates in 2020. e share of borrowers who rated themselves as very familiar with available interest rates increased from 55% in 2019 to 69% in 2020. e share who reported being very satisfied that they got the lowest interest rate for which they could qualify increased from 67% in 2019 to 75% in 2020. • Borrowers who refinanced in 2020 were more well off financially than those who refinanced in 2019: » A higher share reported their household income was $175,000 or higher in 2020 (29%) than in 2019 (20%). » Similarly, a higher share indicated that they owned stocks, bonds, or mutual funds in 2020 (53%) than in 2019 (43%). » Additionally, some 76% of borrowers who refinanced were not at all concerned about qualifying for a mortgage in 2020, up from 66% in 2019. "e data released today provide a clear view of borrower sentiment about the mortgage pro- cess during the COVID-19 pandemic in 2020," said Saty Patrabansh, FHFA Associate Director for the Office of Data and Statistics. "is data should be helpful to analysts and policymakers in understanding the complete experience of mortgage borrowers and identifying what chal- lenges may still exist in mortgage lending." "is year's survey clearly shows both the im- pact of the pandemic and low interest rates on the mortgage market in 2020," said Mark McArdle, CFPB Assistant Director for Mortgage Markets. "As with past years, this data can help us better understand underlying trends, identify potential issues as well as possible opportunities for indus- try to better serve consumers."