UI Urges CFPB, Don't Limit Access to Loan Information

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Posted To: MND NewsWire

The Urban Institute (UI) is urging the Consumer Financial Protection Bureau (CFPB) to rethink its plans for Home Mortgage Disclosure Act (HMDA) reporting. The HMDA, passed in 1975, requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. According to CFPB, the data "help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory." In an article on the UI Urban Wire blog, researchers Laurie Goodman and Ellen Seidman say the HMDA data is the nation's most complete record of mortgage origination activity. It helps industry experts and researchers gauge market activity...(read more)

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Source: http://www.mortgagen...

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