Magazine article Mortgage Banking

CFPB and FHFA Partner to Create a New National Mortgage Database

Magazine article Mortgage Banking

CFPB and FHFA Partner to Create a New National Mortgage Database

Article excerpt

On Nov. 1, the Consumer Financial Protection Bureau (CFPB) announced it was partnering with the regulator of Fannie Mae and Freddie Mac to create what it called "the first comprehensive repository of detailed mortgage loan information."

The CFPB said it would join forces with the Federal Housing Finance Agency (FHFA) to build the new database to support the agencies' policymaking and research efforts. It will also be used to help regulators better understand emerging mortgage and housing market trends, according to the CFPB.

FHFA Acting Director Edward DeMarco said in the press release, "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." DeMar-co added, "This collaborative effort is a great way to pool expertise and leverage resources for the benefit of regulators and the public."

The database will be built by matching a nationwide sampling of credit bureau files on borrowers' mortgages and payment histories with informational files such as the Home Mortgage Disclosure Act (HMDA) database, property valuation models and other data files to create a comprehensive picture for each mortgage, according to the Nov. J. press release.

The database will include information that spans the life of a loan from origination through servicing and it will include a variety of borrower characteristics, according to CFPB. …

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