Credit.com – By Christine DiGangi
Successful problem solving often depends on the tools you’re given: The better your information, the more equipped you are to identify and solve an issue. That’s the idea behind the Consumer Financial Protection Bureau’s new mortgage data tool and the new data-reporting requirements it plans to propose this year.
The CFPB on Friday announced the release of its new online tool for exploring Home Mortgage Disclosure Act data , which allows people to sift through the data available on home loans made in their communities and compare it to other locations. The tool is meant to help people gain a better understanding of consumer access to credit in their areas, CFPB officials said.
The Dodd-Frank Act tasked the CFPB with expanding the data collected through HMDA, which the bureau is tackling this year. The bureau will seek public feedback on what should be included in the data and plans to determine the new data points mortgage lenders must report, though the requirements won’t need to be met in 2014