Earlier this month the consumer finance bureau announced that they had released a mortgage visualization tool. The purpose of this tool is to provide consumers with easier access to public mortgage data collected under the Home Mortgage Disclosure Act. The new tools will help consumers to understand the mortgage impact in their local markets. This is a great thing as it provides some great data for people that want to be savvy about mortgages. According to the CFPB
“It can help show whether lenders are serving the housing needs of their communities. It gives public officials information that helps them make decisions and policies, and can shed light on lending patterns that could be discriminatory.”
Earlier this year President Obama endorsed a reform plan that will eliminate Fannie Mae and Freddie Mac programs, the primary lending programs that facilitated loans for several decades.
The fate of these two government-sponsored agencies, which back or guarantee most home mortgages in the United States will determine how private lenders are able to participate in mortgage economy.
That makes tools like this and any other mortgage information gathering tool something to pay attention to.