The Consumer Financial Protection Bureau (CFPB) recently unveiled a new online tool designed to "make it easier to navigate the publicly available" Home Mortgage Disclosure Act (HMDA) dataset, which is the leading source of information about the mortgage market. The Dodd-Frank Act transferred HMDA rulemaking authority to the CFPB and mandated that the bureau "expand the HMDA dataset to include additional loan information that would be helpful in spotting troublesome trends." To do this, the bureau is convening a Small Business Review Panel to help expand the data that financial institutions are required to provide. The CFPB is looking to add information related to: the length of the loan; total points and fees; the length of any teaser or introductory interest rates; and the applicant or borrower's age and credit sore. In addition, the agency is considering asking financial institutions "to include more underwriting and pricing information, such as the interest rate, the total origination charges, and the total discount points of the loan." Finally, the bureau is considering requiring institutions to include an explanation of rejected loan applications, information as to whether the lender considered the loan a Qualified Mortgage, and the borrower's debt-to-income ratio.

The bureau is asking for feedback on ways it can streamline reporting by aligning HMDA data requirements "with well-established data standards already in use by a significant portion of the mortgage market." It is also requesting feedback on a proposal to require all banks and nonbanks to report if they make 25 or more loans in a year, and is developing a way to streamline data submission and editing processes for lenders by "creating an interface that will allow lenders to connect their software to a CFPB intake system." For more, read the full news release.