Alert November 13, 2012

CFPB and FHFA Announce Partnership to Develop National Mortgage Database

Citing a lack of comprehensive data available on a complete, national scale, the CFPB and the Federal Housing Finance Agency announced that they have entered into an interagency agreement to partner on the creation of a National Mortgage Database, expected to be the first comprehensive repository of detailed mortgage loan information. The database will include information compiled throughout the life of a mortgage loan, such as the borrower’s financial and credit profile and the ongoing payment history of the loan. Personally identifiable information will not be maintained in the database. Data will be updated on a monthly basis, tracking as far back as 1998. The database will allow the agencies to (1) monitor the relative health of the mortgage markets and consumers, (2) provide new insight on consumer decision making, (3) monitor new and emerging products in the mortgage market, (4) view both first and second lien mortgages for a given borrower, and (5) understand the impact of consumers’ debt burden. Development of the dataset is currently underway, with early versions of the full dataset expected in 2013.