Just a little over a year ago, we published an article regarding a “Nationwide Survey of Mortgage Borrowers throughout the United States” conducted by the FHFA and the CFPB.
To summarize what it’s all about, the FHFA says that they “randomly” review credit reports (they have a contract with Experian) and choose borrowers whose report shows that they recently took out a mortgage. They do not distinguish between purchases or refi’s.
The borrower receives the survey in the mail—along with $5 as an incentive to complete the survey. They get to keep the five bucks—regardless if they complete the survey or not. In fact, the first question on the survey is:
“Within the last 18 months, did you take out or co-sign for a mortgage loan, including refinance of an existing mortgage?”
If they answer NO, the survey tells them they can KEEP the money enclosed.
So, recently, Vicki Williams, Anchor Mortgage, sent me an updated survey that one of her clients passed on to her, and when you read this article, you can download the updated survey version.
In addition, the FHFA just published the results from the first 18 months since the survey was created—and subscribers will find a link to download the results.
The first survey contained 100 questions. The new one has 93 questions.
In reviewing the survey results, I will outline some of the more significant answers that loan officers and mortgage companies may want to consider when marketing to consumers – and then translate some of the answers as to what they might mean to you and how you conduct your mortgage business.
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