WASHINGTON Nov 1 U.S. regulators have begun
developing a national database of mortgage loan information in
order to better keep track of trends in the housing market.
The Consumer Financial Protection Bureau and Federal Housing
Finance Agency said the data will help regulators understand how
consumers are making borrowing decisions, spot potential risks
from new loan products, and monitor the health of mortgage
markets and consumers.
"In order to understand what is going on in the mortgage
marketplace and develop appropriate consumer protections, we
must have the best facts and data," CFPB Director Richard
Cordray said in a statement on Thursday.
The FHFA supervises the mortgage-finance giants Fannie Mae
and Freddie Mac. The 2010 Dodd-Frank
financial reform law created the consumer agency and charged it
with overseeing mortgages and other consumer financial products.
In the wake of the 2007-2009 financial crisis, when poor
lending standards and other problems in the mortgage market led
to millions of foreclosures, regulators have attempted to boost
standards for mortgage lenders and to improve market
While many agencies and private groups collect information
about home loans, regulators do not have access to comprehensive
data about mortgage lending across the country, the agencies
The new mortgage database will go as far back as 1998 and
will show borrowers' credit profiles, mortgage products and
terms, and information about properties and loan payments.
Early versions of the database are expected to be finished
in 2013, and the data will be updated each month.
The database will not contain information that could be used
to identify individual borrowers, the regulators said. It will
not be accessible to the public right away, but some data may
eventually be released to researchers or the public once the
database is complete.