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September 1, 2014

2 Gov’t Agencies to Create National Mortgage Database

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2 Gov’t Agencies to Create National Mortgage Database

The Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) announced that they are partnering up to create a National Mortgage Database, which will be filled with detailed mortgage loan information. 

The database will include information that spans the life of a mortgage, including its origination and servicing, as well as information on the borrower’s financial and credit profile, the loan terms, the property purchased or refinanced, and payment history of the loan. The database will not have personally identifiable information in it, so individuals will not be able to be identified by anyone accessing it. 

The purpose behind the database is for policymaking and research efforts to better outline emerging mortgage and housing market trends, according to the agencies. 

“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,” says 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.”    

Source: Federal Housing Finance Agency

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