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Friday, November 2, 2012

CFPB & FHFA to Create National Mortgage Database

The Federal Housing Finance Agency (FHFA) and CFPB have agreed to partner on the creation of a National Mortgage Database—the first comprehensive repository of detailed mortgage loan information. 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 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.

Development of the dataset is currently underway and the agencies expect early versions of the full dataset to be complete in 2013.

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