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Research & Insights

Mortgage Lender Sentiment Survey Archive

The following is an archived list of Fannie Mae's Mortgage Lender Sentiment Survey® results. The survey is conducted quarterly among senior mortgage executives at Fannie Mae's lending institution partners to track insights into current lending activities and market expectations. Click here for results from the most recent research.

Mortgage Lenders See Immense Value in Simplifying and Standardizing Closing-Cost Descriptions
October 22, 2024​
In late July, we surveyed over 200 senior mortgage executives via our Mortgage Lender Sentiment Survey® to gather insights from lenders about opportunities to simplify and standardize closing cost line-item descriptions, as well as their opinions on which cost areas would benefit from clearer definitions to increase transparency for borrowers.
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Mortgage Lenders Cite Talent Management and Cost-Cutting as Top Priorities
July 9, 2024​
Mortgage lenders cited "talent management and leadership" and "cost-cutting" as their two most important business priorities of 2024, according to our latest Mortgage Lender Sentiment Survey® (MLSS).
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Mortgage Lenders Cite Operational Efficiency as Primary Motivation for AI Adoption
October 4, 2023​
In 2018, Fannie Mae surveyed senior mortgage executives to better understand lenders' views on AI/ML. This year, we re-surveyed mortgage lenders to assess how their views and experiences may have changed.
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Lenders Discuss Loan Costs and Efficacy of Recent Tech Investments
October 28, 2022​
The mortgage lending industry is in a state of transition as it adjusts to the rapidly risen interest rate environment, inflationary pressure, and a general slowdown of domestic and global economic growth.
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Lenders Cite Cost-Cutting as Top 2022 Business Priority
July 27, 2022​
Mortgage lenders' business priorities shifted significantly this past quarter compared to prior years, according to Fannie Mae's Mortgage Lender Sentiment Survey® (MLSS), with cost-cutting now the most frequently cited business priority.
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Mortgage Lenders Remain Bearish on Profits Amid Rising Mortgage Rates, Declining Volume
March 10, 2022
A majority of mortgage lenders continue to expect near-term profitability to decrease amid rising mortgage rates and declining refinance activity, according to Fannie Mae's Q1 2022 Mortgage Lender Sentiment Survey.
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Lenders Foresee Return to a More ‘Normal’ Housing Market in 2022
December 15, 2021
For the fifth consecutive quarter, a plurality of mortgage lenders expect near-term profitability to decrease, according to Fannie Mae's Q4 2021 Mortgage Lender Sentiment Survey.
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Mortgage Lenders Less Bearish on Profit Margins, Expect Improved Refi Volumes
September 9, 2021
For the fourth consecutive quarter, a plurality of mortgage lenders expect near-term profitability to decrease, according to Fannie Mae's Q3 2021 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Profitability Outlook Tightens Further Following 2020 Refi Boom
June 10, 2021
For the third consecutive quarter, an increased share of mortgage lenders expect profit margins to retreat further from last year’s highs, according to Fannie Mae's Q2 2021 Mortgage Lender Sentiment Survey.
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Lenders' Profit Outlook Dips as Mortgage Rates Rise and Competition Heats Up
March 11, 2021
The share of mortgage lenders expecting profit margins to decline in the months ahead increased for the second consecutive quarter, with an even greater share of lenders now expecting profit margins to decrease in the months ahead, according to Fannie Mae's Q1 2021 Mortgage Lender Sentiment Survey.
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Mortgage Lenders Approach 2021 with Cautious Profit Margin Outlook
December 9, 2020
Mortgage lenders' profitability outlook for the next three months declined from last quarter, with a greater share of lenders now expecting profit margins to decrease, according to Fannie Mae's Q4 2020 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Profit Margin Outlook Improves on Reported Continued Strength of Consumer Mortgage Demand
September 10, 2020
Mortgage lenders' profit margin outlook for the next three months increased even further due to strong consumer demand, according to Fannie Mae's Q3 2020 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Demand Expectations for Purchase Mortgages Fall Significantly but Remain Stable and Strong for Refinances
June 11, 2020
Mortgage lenders' profit margin outlook for the next three months fell slightly but remained positive due to strong reported refinance demand, according to Fannie Mae's Q2 2020 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Demand Expectations for Purchase and Refinance Mortgages Hit New Survey Highs as Mortgage Rates Move Lower
March 12, 2020
Mortgage lenders' profit margin outlook for the next three months reached a new survey high based on data collected in the first half of February, according to Fannie Mae's Q1 2020 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Profit Margin Outlook Holds Steady on Strong Consumer Demand
December 12, 2019
Mortgage lenders' profit margin outlook for the next three months remains on solid ground, according to Fannie Mae's Q4 2019 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Profit Margin Outlook Up on Surging Refinance Demand
September 11, 2019
The net profit margin outlook for mortgage lenders hit a survey high, due primarily to strong mortgage demand expectations, particularly in the refinance space, according to Fannie Mae's Q3 2019 2019 Mortgage Lender Sentiment Survey.
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Mortgage Lenders' Profit Margin Outlook Turns Positive on Reported Surge in Consumer Demand
June 12, 2019
The net profit margin outlook for mortgage lenders turned positive for the first time in nearly three years, due primarily to strong demand expectations for both purchase and refinance mortgages, according to Fannie Mae's Q2 2019 2019 Mortgage Lender Sentiment Survey.
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Lenders Show Signs of Optimism as Mortgage Demand Expectations Improve
March 13, 2019
The net profit margin outlook for mortgage lenders, while still negative, improved significantly in the first three months of 2019, due primarily to stronger demand expectations for both purchase and refinance mortgages, according to Fannie Mae's Q1 2019 Mortgage Lender Sentiment Survey.
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Lenders Pessimistic as Reported Purchase Mortgage Demand Hits New Low
December 12, 2018
The profit outlook for mortgage lenders fell for the ninth consecutive quarter in the final three months of 2018 due to a decline in demand for loans to buy homes and refinance existing mortgages, according to Fannie Mae's Q4 2018 Mortgage Lender Sentiment Survey.
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Lenders Still Bearish as Reported Mortgage Demand Erodes Further
September 11, 2018
Mortgage lenders reported a net negative profit margin outlook for the eighth consecutive quarter amid the further erosion of purchase mortgage demand, according to Fannie Mae's Q3 2018 Mortgage Lender Sentiment Survey. On net, lenders' profit outlook this quarter was worse than the outlooks reported last quarter and one year ago, with "competition from other lenders" once again cited by survey participants as the top reason for continued margin compression.
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Reported Mortgage Demand Falls to Three-Year Low, Fueling Lenders' Negative Profit Margin Outlook
June 12, 2018
Mortgage lenders reported a net negative profit margin outlook for the seventh consecutive quarter, as rising home prices and tight housing supply continue to put a squeeze on mortgage demand, according to Fannie Mae's Q2 2018 Mortgage Lender Sentiment Survey. When asked about consumer demand for GSE eligible and government loans, the net share of lenders reporting growth in the past three months – as well as the net share reporting growth expectations looking ahead the next three months – dropped to the lowest reading for any second-quarter period within the past three years.
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Lenders' Profit Margin Outlook, Mortgage Demand Expectations Sink to Survey Lows; Fewer Lenders Now Say They Are Easing Credit Standards Despite Competitive Pressure
March 15, 2018
Mortgage lenders have reported a net negative profit margin outlook for the sixth consecutive quarter, matching the all-time low reading from Q4 2016, according to Fannie Mae’s Q1 2018 Mortgage Lender Sentiment Survey. Those who expect a lower profit margin continued to point to “competition from other lenders” as the primary reason, which set another new survey high for the fifth consecutive quarter, while “market trend changes” were cited as the next biggest reason for the first time in three quarters.
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Mortgage Lenders Approach 2018 with Negative Outlook on Profit Margin, Refinance Activity
December 26, 2017
Mortgage lenders again reported a negative profit margin outlook for the next three months, citing competition as the primary reason and continuing a quarterly trend beginning the same time last year, according to Fannie Mae's Q4 2017 Mortgage Lender Sentiment Survey. On net, the share of lenders who said “competition from other lenders” was the top driver behind their negative outlook reached another new survey high for the fourth consecutive quarter.
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As Market Pressures Mount, Lenders Continue to Ease Mortgage Credit Standards
September 25, 2017
Facing constrained mortgage demand and a negative profit margin outlook, more lenders say they have eased rather than tightened home mortgage credit standards, according to Fannie Mae's third quarter 2017 Mortgage Lender Sentiment Survey. Across all loan types – GSE Eligible, Non-GSE Eligible, and Government – the net share of lenders who reported easing credit standards over the prior three months reached a new high since the survey’s inception in March 2014, after climbing each quarter since Q4 2016.
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As Mortgage Demand Cools and Competition Heats Up, More Lenders Are Planning to Ease Credit Standards
June 26, 2017
More mortgage lenders say they have eased credit standards recently and expect further easing in the coming months, according to Fannie Mae’s second quarter 2017 Mortgage Lender Sentiment Survey. On net, the share of lenders reporting they have eased mortgage credit standards over the prior three months has ticked up gradually since the fourth quarter of 2016. Additionally, when anticipating the next three months, the net share of lenders saying they plan to ease credit standards for GSE eligible, non-GSE eligible, and government loans reached or surpassed survey highs this quarter.
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Lenders' Economic Optimism Reaches Survey High As Profit Outlook Remains Subdued
March 27, 2017
Mortgage lender expectations for the economy and home prices reached survey highs amid challenges to profit margins from competition and a shift toward purchase mortgages, according to Fannie Mae’s first quarter 2017 Mortgage Lender Sentiment Survey. Lenders from institutions of all sizes were optimistic about the direction of the economy, with the share of lenders who think that the economy is on the right track reaching the highest level since the survey’s inception in the first quarter of 2014. However, demand growth expectations for purchase mortgages declined substantially, mostly attributable to unfavorable mortgage rates. On net, mortgage lenders’ outlook for profit margins rose slightly quarter-over-quarter but remains significantly lower than this time last year.
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Post-Election Surge in Mortgage Rates Paints Gloomy Picture for Lenders
December 16, 2016
Mortgage lender expectations for near-term mortgage demand plummeted amid the rapid rise in interest rates following the U.S. presidential election, according to Fannie Mae’s fourth quarter 2016 Mortgage Lender Sentiment Survey. Conducted after the election, the survey results show that the net share of lenders expecting an increase in purchase mortgage demand over the next three months was at or near survey lows across the different loan types – with a majority of lenders citing “mortgage rates are not favorable" for their worsening near-term outlook. Additionally, for refinance mortgage demand, the net share of lenders reporting growth expectations over the next three months fell to a survey low across all loan types. On net, after three straight quarters of a positive profit margin outlook, lenders reported a significant negative profit margin outlook, reaching a new survey low.
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Lender Profit Expectations More Positive as Compliance Cost Concerns Recede
September 15, 2016
Mortgage lenders reported a net positive profit margin outlook for a third consecutive quarter, according to Fannie Mae’s third quarter 2016 Mortgage Lender Sentiment Survey. Conducted in August, the survey results show that 28 percent of lenders said they expect their firm's profit margin to increase over the next three months, compared with 17 percent who expect it to decrease and 55 percent who expect it to remain roughly the same. When asked what they expect to drive the increase, the top two reasons remain operational efficiency and technology, and consumer demand – the same two factors cited in every survey. However, among lenders who expect a decrease in their profit margin, the share citing government regulatory compliance as a driving factor declined significantly, reaching a survey-low 39 percent and compared with 61 percent during the same period last year. This marks the first time in the survey’s history that government regulatory compliance is not the top reason for eroding profit outlook.
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Purchase Mortgage Demand Expected to Grow, Credit Standards to Remain Unchanged, According to Lenders
June 14, 2016
Lender attitudes toward the housing market are positive overall heading into Q3, having recovered from a significant decline in recent quarters, according to Fannie Mae's second quarter 2016 Mortgage Lender Sentiment Survey. Conducted in May, the survey results show that lenders reporting demand growth for GSE eligible purchase mortgages over the past three months rebounded to 70 percent on net, compared with 20 percent in the prior quarter (Q1 2016) and 71 percent one year ago (Q2 2015). Additionally, lenders' purchase demand expectations for the next three months remain near the levels seen during the same period last year - dipping slightly for GSE eligible and non-GSE eligible mortgages to 60 percent and 43 percent, respectively, but ticking up to 58 percent for government loans.
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Fewer Lenders Report Easing of Credit Standards
March 24, 2016
Fannie Mae's first quarter 2016 Mortgage Lender Sentiment Survey, conducted in February, shows that the share of mortgage lenders reporting easing credit standards over the prior three months fell for the second straight quarter. Also, the share of lenders who expect to ease credit standards over the following three months fell from last quarter for all mortgage types. The survey also shows the net share of lenders reporting purchase mortgage demand for all loan types decreased significantly from a year ago. Lenders expecting greater refinance mortgage demand over the following three months increased dramatically since last quarter. In addition, more lenders expect an increase in their sales of mortgage servicing rights, continuing the upward trend from last quarter.
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Further Easing of Mortgage Credit Standards on the Horizon, According to Lenders
December 17, 2015
In Fannie Mae's fourth quarter 2015 Mortgage Lender Sentiment Survey, more lenders reported expectations to ease rather than tighten mortgage credit standards for GSE-eligible loans and government loans over the next three months, which may help mitigate some of the decline of housing affordability moving into 2016. The share of lenders expecting to ease standards for GSE-eligible loans climbed to 16 percent while the share expecting to tighten standards dropped to 2 percent. In addition, more lenders reported easing as opposed to tightening of credit standards over the prior three months
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Mortgage Credit Standards Are Easing, According to Lenders
September 2015
More lenders report easing of mortgage lending standards across all loan types, according to Fannie Mae’s Economic & Strategic Research (ESR) Group’s Q3 2015 Mortgage Lender Sentiment Survey. The survey conducted in August 2015 asked senior mortgage executives questions about their lending organization’s credit standards to determine whether they have eased, tightened, or remained essentially unchanged for GSE eligible, non-GSE eligible, and government loans during the prior three months. Respondents reported that the gap between easing as opposed to tightening over the prior three months jumped to 20 percentage points and 18 percentage points for GSE eligible and non-GSE eligible loans, respectively, reaching new survey highs of “net easing.”
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More Mortgage Lenders Feeling Positive on Purchase Demand, Profit Margin, Credit Standards; Survey Results Reflect Optimistic Outlook for Housing in 2015
June 17, 2015
Fannie Mae's second quarter 2015 Mortgage Lender Sentiment Survey shows that mortgage lenders are optimistic about purchase mortgage demand and their profit margin during the next three months. Conducted in May 2015, the survey shows that lenders’ near-term outlook for both purchase demand and profit margin remains at high levels, and above the 2014 survey results. Additionally, more lenders have continued to report credit loosening than tightening.
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Mortgage Lender Sentiment Survey Results Show Optimistic Mortgage Demand and Profit Outlook with Gradual Credit Easing; Data Support Forecast for Modest Housing Expansion in 2015
March 18, 2015
Fannie Mae's first quarter 2015 Mortgage Lender Sentiment Survey reveals an improving outlook among mortgage lenders regarding their lending activities and market expectations. Compared with last quarter and the same period last year, this quarter's results show that more lenders expect mortgage demand and their profit margin to grow over the next three months. Results also show that credit tightening observed last year has continued to trend down gradually moving into 2015.
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Mortgage Lender Sentiment Survey Results Show Increased Concerns with Mortgage Demand Growth; Data Support Forecast for Modest Housing Expansion in 2015
December 17, 2014
The results from Fannie Mae's fourth-quarter 2014 Mortgage Lender Sentiment Survey show that fewer mortgage lenders are reporting tighter credit while weak consumer demand is increasingly cited as driving lenders’ decreased profit margin outlook. Conducted in November 2014, the survey shows that for GSE-eligible loans, the share of lenders who say they have tightened their credit standards during the prior three months has gradually trended down this year, decreasing to 13 percent in the fourth quarter compared to 28 percent in the first quarter. For non-GSE-eligible loans, more lenders reported easing than tightening of credit standards for the second consecutive quarter. Despite this, consumer demand reported for single-family purchase mortgages over the prior three months declined significantly from Q3 to Q4, and the share of lenders expecting demand to go down during the next three months has climbed, supporting expectations that the housing market will continue to grind its way upward next year.
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Mortgage Lender Sentiment Survey Results Show Large Lenders Expect Credit Standards to Ease During Next Three Months
September 2014
The results from Fannie Mae’s third-quarter 2014 Mortgage Lender Sentiment Survey show that large lenders’ expectations that underwriting standards will ease over the next three months coincide with overall lenders’ expected pullback in the demand for single-family purchase mortgages. Among those surveyed, larger lenders continue to be more likely than their smaller counterparts to say they expect to ease their credit standards during the next three months, in particular for non-GSE-eligible and government loans.
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Fannie Mae Releases New Mortgage Lender Sentiment Survey Results
July 2014
Fannie Mae's new Mortgage Lender Sentiment Survey provides key insights into mortgage lender attitudes toward the housing market and complements Fannie Mae’s consumer-focused National Housing Survey.
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Page last revised: 10/22/24