The Consumer Financial Protection Bureau and Federal Housing Finance Agency announced plans to create a new mortgage database, more comprehensive and streamlined than existing state and federal databases, to guide policy decisions.
The database "will include loan-level data about each mortgage, including the borrower's financial and credit profile, the loan terms, the property purchased or refinanced and the ongoing payment history of the loan," writes American Banker’s Kate Davidson. It will not include any personally identifiable information.
"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 CFPB Director Richard Cordray.
CFPB officials say the database will draw on existing information and not impose new reporting requirements on lenders.
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