Industry NewsMortgage

Regulators teaming up to build national mortgage database

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Two federal agencies are teaming up to create a national mortgage database they say will help them track emerging mortgage and housing market trends and support policymaking and research.The Federal Housing Finance Agency (FHFA), which regulates mortgage giants Fannie Mae and Freddie Mac, and the Consumer Financial Protection Bureau (CFPB) have signed an agreement outlining the terms of the database's development, maintenance and funding. An early version of the database, which will aggregate data spanning the life of a mortgage loan, is expected to be complete in 2013."This partnership between FHFA and CFPB will create a unique resource that benefits the government and public as we seek to answer important questions about how the housing finance market is evolving and changing," said Edward J. DeMarco, FHFA's acting director, in a statement. CFPB Director Richard Cordray said the database would be a valuable tool for regulators and researchers."In order to understand...