St Casimirs Mortgage Minute

FHFA, CFPB to Create First National Mortgage Database



The Federal Housing Finance Agency and Consumer Financial Protection Bureau will team up to create a first-ever national mortgage database to track market trends and support their policymaking and research, the agencies said last week in a press release.

The database will include information spanning the life of a mortgage loan from origination through servicing, the agencies said. They explained that while the database won’t contain personally identifiable information, it will include the borrower’s financial and credit profile; the mortgage product and terms; the property purchased or refinanced; and the loan’s ongoing payment history.

Data will be updated on a monthly basis and go as far back as 1998. The FHFA and CFPB “will build the database 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 database, property valuation models, and other data files to create a comprehensive picture for each mortgage,” the agencies said.
--ABA Daily Newsbytes