New Mortgage Database

Filed under: Market Comentary, Mortage Industry News

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databaseIn a move to stay on top of the rapid changing world of technology, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have collectively agreed to produce a National Mortgage Database containing comprehensive mortgage loan information. “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,” said the CFPB in a press release.

This database will included detailed information regarding a mortgage loan, including all aspects from the origination through the servicing, and it will also include specific borrower characteristics. In the database, loan-level data about the mortgage, including the borrower’s credit profile, the terms of the mortgage, the property financed, and the payment history of the loan will be available. Dating back to 1998, the data will be updated monthly.

It is important to note that the database will not contain any personal identification, and appropriate cautionary measures will definitely be taken by the agencies to ensure that individual consumers can’t be identified through the database. The agencies will use the information to hopefully better monitor the mortgage industry and develop more consumer protection.

It is the hope of the database that agencies will allow the data to track the ‘health’ of the mortgage markets and that of the consumers by showing if payments are being made on time, and will also have pertinent information focusing on loan modifications, foreclosures, and bankruptcies.

In addition, the database will be used to conduct surveys to better understand consumer decision making and how consumers shop for mortgages and even deal with the problems of foreclosure and ‘underwater’ loans. The agencies will be able to monitor the performance of various products to identify any possible problems or risks that may arise. It will also allow policy makers to see how many mortgages consumers may have and how these are performing.

This database will be the first comprehensive database to permit such an analysis and will also include information about a borrower’s other debts, such as auto and/or student loans.

It is expected that the early versions of the full database will be complete in 2013. And hopefully, once the database is complete, the agencies will be able to share database information with other federal agencies, academics, and the public.

If you have any questions or comments, please feel free to contact me!


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