To help better understand borrowers' access to credit, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market.
Its initial step involves assembling a panel of small businesses to provide feedback on potential changes to data reported under the Home Mortgage Disclosure Act (HMDA). In addition, the agency is taking the wraps off a new online tool that makes it easier to navigate the publicly available HMDA data.
CFPB director Richard Cordray remarks, "We want there to be better information, better collection, and better access to this important information." Enacted in 1975, HMDA requires lenders to disclose information about the mortgages they sell to consumers. It was later expanded to capture information useful for identifying possible discriminatory lending patterns.