This story appeared in Bank Digest.
The Consumer Financial Protection Bureau and Federal Housing Finance Agency have released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations that provides insights into borrowers' experiences in getting a residential mortgage. According to the CFPB's press release, the NSMO is a component of the National Mortgage Database, launched by the Bureau and FHFA in 2012, which is the first comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends.
According to FHFA Deputy Director Sandra Thompson, "The goal of the survey is to obtain information to help improve lending practices and the mortgage process for future borrowers." CFPB Acting Director Mick Mulvaney said the data collected through the survey "will allow greater transparency, accountability, and effectiveness around borrowers' mortgage experiences."