Federal Housing Finance Agency Print
Home / Policy, Programs & Research / Programs / National Mortgage Database

NMDB1.JPG

National Mortgage Database

 

In 2012, FHFA began a major initiative to build a national mortgage database on first-lien single-family mortgages in existence any time from January 1998 forward.

This project is being jointly funded and managed by FHFA and the Consumer Financial Protection Bureau. 

The information will primarily be used to support the agencies' policy making and research efforts and help regulators better understand emerging mortgage and housing market trends in this evolving and changing finance market.

 

We Are Protecting Your Information

Information in the database will not identify any individual and we have put safeguards in place to ensure that information in the database is handled in accordance with federal privacy laws and the Fair Credit Reporting Act.

 

Informing and Educating Federal Agencies about Lending Products and Mortgage Market Health

The database will be comprehensive, and there are many possibilities for how it may be used. Some examples include:

 

  • Subprime mortgage crisis.

    Because the data goes back to 1998, the database can be used to assess the causes of the recent subprime crisis.

  • Monitor new and emerging products in the mortgage market.

    The database will allow the agencies to monitor volume and performance of products in the mortgage market and help regulators to identify potential problems or new risks.

  • Monitor the relative health of mortgage markets and consumers.

    The database will provide detailed mortgage loan performance information including whether payments are made on-time, as well as information regarding loan modifications, foreclosures, and bankruptcies. This will help policy makers better understand how various products are being used and how they are performing.

  • Loss mitigation, borrower counseling, and loan modification programs.

    The database can be used to evaluate the efficacy and potential impact of counseling programs.

  • Suitability and sustainability.

    The database will include a voluntary survey component that measures variables such as borrowers’ expectations, knowledge, and financial circumstances. These data can be used to analyze the suitability of borrowers’ mortgage choices and identify predatory lending. Read more about the National Survey of Mortgage Borrowers.

  • Affordable lending.

    The database will provide information on mortgage access and mortgage terms for low-income borrowers and communities faster than data required by the Home Mortgage Disclosure Act, or HMDA. Currently, HMDA data become available in September of the year following the originations.

  • Stress tests, prepayment, and default modeling.

    The database can be used by policy makers, researchers, and regulators to improve prepayment and default modeling. For example, survey information on “trigger events” coupled with house-price estimates can be used to examine the role of these factors in mortgage default. Data may also be used to implement stress-test scenarios for the entire national mortgage market.

The database will include information about:

  • loan performance from origination to termination;

  • loan terms;

  • property value and characteristics;

  • membership in federal loan programs;

  • sale in the secondary mortgage market; and

  • information on all loan cosigners, including second liens, other past and present mortgages, and credit scores from one year before origination to one year after termination.

 

Related Documents


NMDB Update 8/1/2014

NMDB News Release 11/1/12

 

© 2014 Federal Housing Finance Agency