FHFA, CFPB Partner on Development of National Mortgage Database
|November 6, 2012|
The Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) have agreed to partner on the creation of a National Mortgage Database. 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.
The National Mortgage Database will include information spanning the life of a mortgage loan from origination through servicing and include a variety of borrower characteristics. Specifically, 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.
The agencies will build the database by matching a nationwide sampling of credit bureau files on borrower’s mortgages and payment histories with informational files such as the Home Mortgage Disclosure Act (HMDA) database, property valuation models, and other data files to create a comprehensive picture for each mortgage.
The agencies said the database will not contain personally identifiable information and appropriate precautions will be taken by the agencies to ensure that individual consumers cannot be identified through the database or through any datasets that may be made available to researchers or the public.
The creation of the National Mortgage Database will be the first step in a broader strategy to help streamline data for research and policy analysis and to ensure accurate, comprehensive information is more easily accessible for monitoring the market, the agencies said.
Examples of how the National Mortgage Database can support the agencies’ work include: