WASHINGTON (4/21/14)--The Federal Housing Finance Agency is considering expanding the scope of a planned national mortgage database, and is seeking public comment on the potential expansion, Politico reported last week.
The database expansion would provide space for specific loan information and details on mortgage borrowers.
The FHFA will accept comment on the database expansion until May 16. The agency plans to begin collecting the additional loan and borrower information on May 27, but that date could be moved back, Politico said.
The FHFA and Consumer Financial Protection Bureau joined to develop the National Mortgage Database in late 2012, saying it would be the first comprehensive repository of detailed mortgage loan information.
The database, once completed, 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:
Data will be updated on a monthly basis and track as far back as 1998.
The agencies have said 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.