According to the 2021 survey results, a majority of borrowers expressed satisfaction with their property appraisals. Specifically, 70% of respondents reported being very satisfied, while 23% were somewhat satisfied. Only 6% indicated they were not at all satisfied with their appraisal.
The survey also shed light on borrowers’ willingness to relocate. Half of the respondents reported being unwilling to move from their primary residence, while 20% were unsure about moving. Among those open to relocation, 25% stated they were both willing and able to move, and 5% expressed willingness but cited an inability to do so.
In findings related to accessibility, 8% of respondents identified accommodations for people with disabilities as an important factor in their choice of mortgage broker or lender.
“The NSMO provides a unique view of mortgage borrowers, helping illustrate underlying trends that can identify emerging issues in mortgage lending,” said Saty Patrabansh, associate director for FHFA’s Office of Data and Statistics. “The data released today will provide insights into consumer behavior and borrowers’ experiences, leading to better analysis of how mortgage processes could be improved for future borrowers.”
Read next: Getting on the front lines with first-time buyers
Source: mpamag.com