Thursday, November 1, 2012

CFPB and FHFA joining together to build national mortgage database

The Consumer Financial Protection Bureau (CFPB) and the FHFA announced that they are joining together to build a national mortgage database.

Regular readers know that your humble blogger is a recognized expert in this area having designed and patented the information infrastructure that a national mortgage database would require.  Clients include, among others, financial regulators and consumer credit bureaus.

My firm and I look forward to supporting the CFPB and FHFA in developing and operating the national mortgage database.

The Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) have agreed to partner on the creation of a National Mortgage Databasethe first comprehensive repository of detailed mortgage loan information. 
The database will primarily be used to support the agencies’ policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. 
“This partnership between FHFA and CFPB will create a unique resource that benefits the government and public as we seek to answer important questions about how the housing finance market is evolving and changing,” said FHFA Acting Director Edward J. DeMarco. “This collaborative effort is a great way to pool expertise and leverage resources for the benefit of regulators and the public.” 
“In order to understand what is going on in the mortgage marketplace and develop appropriate consumer protections, we must have the best facts and data,” said CFPB Director Richard Cordray. “This database will be a valuable tool for regulators and researchers and we look forward to partnering with FHFA on this important work.” 
The National Mortgage Database will include information spanning the life of a mortgage loan from origination through servicing and include a variety of borrower characteristics. Specifically, the database will include loan-level data about the mortgage including: the borrower’s financial and credit profile; the mortgage product and terms; the property purchased or refinanced; and the ongoing payment history of the loan. Data will be updated on a monthly basis and track as far back as 1998. Additionally, this database fulfills an FHFA requirement under the Housing and Economic Recovery Act of 2008 (HERA) to conduct a monthly mortgage market survey.

1 comment:

Jane said...

Informative post. I learned a lot. Thanks for sharing.