CFPB, FHFA to Create Largest-Ever Mortgage Database

The Consumer Financial Protection Bureau and Federal Housing Finance Agency will team up to compile a common database of mortgage information starting in 2013 to gauge market trends in relation to consumer habits.

The database, the agencies say, will be the largest collection of mortgage data in the country. 

The CFPB and FHFA have agreed to partner for the creation of a National Mortgage Database to better understand mortgage and housing market trends, according to a statement released Nov. 1 by the CFPB. With information dating as far back as 1998, the database aims to be the first comprehensive cache of detailed mortgage loan data. 

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“This partnership between FHFA and CFPB will create a unique resource that benefits the government and public as we seek to answer important question about how the housing finance market is evolving and changing,” said FHFA Acting Director Edward J. DeMarco.

The National Mortgage Database will include information on loan life, from the time of origination, through servicing, also detailing borrower credit and financial profiles. The Database will also include loan-level data about the mortgage; the mortgage product and terms; the property purchased or refinanced; and the ongoing payment history of the loan.

“This database will be a valuable tool for regulators and researchers and we look forward to partnering with FHFA on this important work,” said CFPB Director Richard Cordray. 

The partnership to create a mortgage information database arises from a lack of comprehensive data in the single largest market for consumer finance, the agencies said. Despite various federal and state agencies, as well as private vendors collecting and maintaing mortgage information, there is yet to be a single database that contains everything in one place, that is, until CFPB and FHFA begin compiling data. 

The creation of the National Mortgage Database will be the first step in a broader strategy to help streamline data for market research and policy analysis, while ensuring accurate, extensive information is made easily accessible for market monitoring, said the CFPB in a statement Thursday. 

“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 Cordray. 

Written by Jason Oliva

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  • A mortgage data base of this nature can be a great tool if utilized properly. However, will the CFPB wind up utilizing it properly?

    In the past the CFPB has taking so called data and even information from  our seniors but what has been the results?

    The problem is the the CFPB has always used the data and information to create a negative reaction, such as addition regulations or adverse publicity.

    On the surface this sounds like a good marriage between the two but in reality, I am skeptical and feel we need to watch with a keen eye!

    John A. Smaldone

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