U.S. Consumer Officials Seek Input on Improving Mortgage Data

February 7, 2014
mortgage lending news
The Consumer Financial Protection Bureau (CFPB) wants feedback from small businesses on how to improve the public data that is used to identify mortgage abuses such as discriminatory lending. It wants to bolster that data in order to detect more potential problems in the markets and to track how its sweeping new rules for lenders affect borrowers' ability to get credit, but it also plans to ask for recommendations on how to make collecting that data less of a burden for small firms.

The Dodd-Frank law requires lenders to disclose the length of loans, total fees, any teaser rates, and borrowers' credit scores; but the CFPB additionally wants lenders to share the interest rates they charge and total origination fees as well as justify why an applicant is turned away. To make new rules easier for smaller businesses, the CFPB wants to know how to align the new data reporting with information that banks already track.

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