In 2012, the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) began “a major initiative to build a national mortgage database on first-lien single-family mortgages” to provide the agencies useful data for “policy making and research efforts and help regulators better understand emerging mortgage and housing market trends.”
The database will be comprehensive, and could be used in a number of ways, including:
The database will contain information including:
A National Mortgage Database can be a comprehensive tool for federal regulators to help ensure that the residential mortgage market is safe, sound and stable for consumers. It also serves as a resource for research and analysis of the mortgage market, helping to forecast and avoid future crises. At the same time, these tools should not replace the title industry’s ability to insure and facilitate state law governance of transfer of interests in real property.
ALTA Policy Statement on Recording Interests in Real Property (adopted February 2012):
“The American Land Title Association supports state law governance of transfer of interests in real property.”
ALTA Policy Statement on Reforming the Housing Finance System (adopted February 2011):
“The American Land Title Association supports the following principles as part of the housing finance reform and restructuring process: ensure a national mortgage market that provides equal access to credit for all Americans; help consumers with mortgage credit through standardization; lower costs of providing credit to consumers; encourage liquidity through the secondary market; provide market responsive regulation. The title industry strongly urges the Congress and the Administration to preserve the uniform standards currently provided by the GSEs, including title insurance, in a newly developed housing finance system.”
August 1, 2014 FHFA Update About the National Mortgage Database
November 1, 2012 FHFA press release on NMDB
A New Government Database Would Know Almost Everything About You
ABC News | June 8, 2014
Millions of Americans may soon become part of an expanded database that would give two federal regulatory agencies an up-close and personal (perhaps too up-close and personal) view of their private financial lives that, if breached, could make for a really bad day for a whole lot of people. The seed for this proposed database expansion was buried in the 261-page Housing and Economic Recovery Act of 2008; a requirement that the Federal Housing Finance Agency monitor the National Mortgage Database, and expand it, to provide a monthly report on the state of the mortgage market.
Republicans Call Federal Mortgage Database an ‘Unwarranted Intrusion’
The Wall Street Journal | May 15, 2014
Congressional Republicans are taking aim at a national database of mortgage information being developed by two federal regulators, arguing it doesn’t provide enough privacy protections for consumers. The GOP lawmakers are seizing on a notice placed in the Federal Register last month, in which the Federal Housing Finance Agency detailed plans to collect a wide range of information on U.S. mortgage borrowers.
CFPB, FHFA to Create Largest-Ever Mortgage Database
Reverse Mortgage Daily | November 5, 2012
The Consumer Financial Protection Bureau and Federal Housing Finance Agency will team up to compile a common database of mortgage information starting in 2013 to gauge market trends in relation to consumer habits. The database, the agencies say, will be the largest collection of mortgage data in the country.