U.S. regulators plan to seek input on how to improve public data used to spot discriminatory lending and other possible abuses in the mortgage market, the
Lenders already must report loan amounts and some information about borrowers and their homes under a 1975 law. That data, parts of which are made public, help regulators spot possible unfair lending patterns.
The consumer bureau, or
"One of the main purposes of this effort is to gain greater insight into issues about access to credit," CFPB Director
After the crisis, experts said regulators often did not have enough insight into housing markets to spot abusive practices before the bubble burst. So lawmakers also directed the bureau to update data reporting rules to get a better picture of current conditions.
Under the Dodd-Frank changes, lenders need to disclose the length of loans, total fees, any teaser rates and borrowers' credit scores, in addition to the mortgage information they already hand over.
On top of those required changes, the consumer bureau wants lenders to share the interest rates they charge and total origination fees, and to explain any rejected applications.
These basic loans are carved out from some of the bureau's new rules for mortgage lending. Some critics of the bureau have said lenders might only issue loans that fit this definition, preventing some worthy borrowers from getting a mortgage.
"This information would help regulators and the public determine how the bureau's rules are affecting the mortgage market," Cordray said.
The bureau plans to run all these ideas by a small business panel before formally proposing any changes, he said.
In order to make the new rules easier for small firms, the
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