U.S. Federal Housing Finance Agency and Consumer Financial Protection Bureau Announce Plans for a New National Mortgage Database

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The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have agreed to collaborate to create a National Mortgage Database to chart housing market trends and support policy making and research efforts. The database is also intended to fulfill a requirement under the Housing and Economic Recovery Act of 2008 for the FHFA to conduct a monthly mortgage market survey.

The mortgage database, which will date back to 1998, will be updated on a monthly basis and will include information such as 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. The database will create data sets on mortgages by matching informational files, such as property valuation models, to a nationwide sampling of credit bureau files on borrowers’ mortgages and payment histories.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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