This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2019 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Tim Critchfield1, Jaya Dey2, Nuno Mota3, and Saty Patrabansh4
1Consumer Financial Protection Bureau,
3Fannie Mae, and
4Federal Housing Finance Agency
To date, research on rural mortgage markets in the United States has been limited by a lack of data on the specific mortgage experiences of borrowers living in rural areas. To fill this data gap, the National Survey of Mortgage Originations (NSMO) conducted a survey that oversampled people who took out mortgages in completely rural counties in 2014. This paper reports results from this survey, contrasting the characteristics, experiences, and loan terms of mortgage borrowers in completely rural counties to those of borrowers in metropolitan and other non-metropolitan areas. Completely rural counties are those with no urban cluster or an urban population less than 2,500. We find that borrowers in completely rural counties paid slightly higher interest rates on average and were less satisfied that their mortgage was the one with the best terms to fit their needs than borrowers in other areas. These results persist even after controlling for income, credit quality, and other borrower characteristics. Completely rural borrowers were less likely than other borrowers to be satisfied with the mortgage closing process, the timeliness of disclosures, and the disclosure documents themselves. Finally, compared with borrowers in more urban areas, borrowers in completely rural areas tend to be less confident or knowledgeable about some details of mortgages, and they are more likely to initiate contact with their lender.
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