REFinBlog

Editor: David Reiss
Brooklyn Law School

November 10, 2012

FHFA and CFPB To Create a National Mortgage Database

By David Reiss

This is a very big deal.  Data on mortgages is very fractured and imcomplete and it is hard for researchers to access in many cases.  Private companies that collected such data often are unwilling to share it and some types of information that would be useful to know has not been collected at all.  The press release indicates that 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.”  It continues, “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.“

 

Complete Press Release here:  http://www.consumerfinance.gov/pressreleases/federal-housing-finance-agency-and-consumer-financial-protection-bureau-to-partner-on-development-of-national-mortgage-database/

 

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