National Mortgage Database

Overview

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:

  • measuring effects of the subprime mortgage crisis
  • how to monitor new and emerging products in the mortgage market
  • how to monitor the relative health of mortgage markets and consumers
  • loss mitigation
  • borrower counseling
  • loan modification programs
  • suitability and sustainability
  • affordable lending
  • stress tests
  • prepayment
  • default modeling

The database will contain information including:

  • loan performance from origination to termination
  • loan terms
  • property value and characteristics
  • membership in federal loan programs
  • sale in the secondary mortgage market
  • information on all loan cosigners, including second liens, other past and present mortgages, and credit scores from one year before origination to one year after termination.

Impact to the Industry

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 Advocacy

For more information about the National Mortgage Database, click here.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.