WASHINGTON (11/2/12)--The Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB) announced Tuesday they have formed a partnership to create a National Mortgage Database—saying it will be the first comprehensive repository of detailed mortgage loan information.
The FHFA regulates Fannie Mae and Freddie Mac, as well as the 12 Federal Home Loan Banks. The agency reports that these government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.
The new database will primarily be used to support the two agencies' policymaking and research efforts and to help regulators "better understand emerging mortgage and housing market trends." The designers said it 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:
- A 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.
The agencies assure that the database will not contain personally identifiable information and that precautions will be taken 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.
Development of the database currently is underway and early versions could be completed in 2013. The partner agencies said they are exploring ways to share the database information with other federal agencies, academics, and the public once the database is complete.
Use the resource link to read more about the coming database.