Editor’s Note: For more information on federal database failures, see The Report of the Administrative Conference of the United States (ACUS) on the Oversight of Federal Databases.
From: National Mortgage News
CFPB Must Address Lenders’ HMDA Data Privacy Concerns
The implementation date of the Consumer Financial Protection Bureau’s final Home Mortgage Disclosure Act Rule is fast approaching and the mortgage industry still has not received any answers in regard to their data privacy concerns.
The CFPB simply states that at a later date, the bureau will provide a process for the public to provide input regarding the application of this balancing test to determine the HMDA data that will be publicly disclosed. That “later date” is rapidly approaching. Currently there is a lot of public data on the internet and more is added daily. The CFPB also publishes the HMDA data which they collect, and makes it all downloadable and searchable through their online HMDA tool. The National Mortgage Database, a separate joint project between the CFPB and the Federal Housing Finance Agency, is in the works and will also house a lot of loan-specific and possibly personally identifying data. Then there are online county records systems, such as the one used in the five boroughs of New York City, called Automated City Register Information System. All of these databases offer different, identifiable data points about a property and its owner.