WASHINGTON (9/19/13)--The Consumer Financial Protection Bureau (CFPB) announced yesterday a new Web-based tool that has been launched to help consumers easily navigate complex public mortgage data collected by the Home Mortgage Disclosure Act (HMDA).
It is the complexity of the information that inspired the tool's creation.
The Consumer Financial Protection Bureau's new Web-based tool for consumers helps draws a clearer picture of mortgage lending trends.
The CFPB states the tool organizes the 18.7 million records from the 7,400 financial institutions that HDMA collects from and translates the data into an easily understood and simple form for consumers to use. (See related story: HMDA Report Shows 2012 Reporting Down, Mortgage Lending Up.)
"By helping get this valuable information into the hands of consumers in accessible formats, they will more easily understand what is happening in their communities, because, again, these markets can be so very different from one place to another," Cordray went on to say.
"We simply do not have one national real estate market in this country; nor do we have 50 state markets. Instead, we have a very large number of localized markets that may act quite differently from one another at any given time, for a variety of reasons that can be hard to identify and hard to explain."
Use the resource link below to experience the new tool.