Housing Market

FHFA to expand national mortgage database, collect more loan info

fhfaThe Federal Housing Finance Agency said recently it plans to expand the national mortgage database it created with the CFPB next month to collect additional information on borrowers and loans.

The FHFA said, beginning May 27, it would begin collecting more detailed demographic and personal contact information on borrowers and their households, as well as loan-level data on mortgage performance and other accounts held by borrowers.

Additionally, the FHFA said it would include characteristics of transactions, properties and mortgage products. The agency will take comments on the proposal until May 16.

“In most cases, records will not contain personal identifiers,” the FHFA said in its filing, adding that the agency will only use personal identifiers to match individual records with other datasets.

The database was created to address reporting inadequacies in the Home Mortgage Disclosure Act and other reporting outlets. It is managed and funded by the FHFA and CFPB based on a prototype from Freddie Mac.

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