Sec. 224. Uniform mortgage database
255 words·~1 min read·
/bill/113/s/1217/rs/section-224·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Corporation shall establish, operate, and maintain a database for the collection, public use, and dissemination of uniform loan level information on eligible mortgages relating to— loan characteristics; borrower information; the property securing the eligible mortgages; loan data required at the time of application for insurance from the Corporation under this title; the quality and consistency of appraisal and collateral data on eligible mortgages; industry-wide servicing data standards; and such other data, datasets, information, facts, or measurements as the Corporation determines appropriate to improve and enhance loan quality and operational efficiencies within the secondary mortgage market.
In establishing the database required under subsection (a), the Corporation shall take into consideration, build upon, and adopt to the extent the Corporation determines appropriate, the existing data standards set forth under the Uniform Mortgage Data Program initiative established by the Federal Housing Finance Agency. The Corporation shall, by regulation— establish the manner and form by which any loan level information collected under subsection
(a)may be accessed by the public, including whether or not to establish a fee for such access; require that such loan level information be made available to the public in a uniform manner, in a form designed for ease and speed of access, ease and speed of downloading, and ease and speed of use; and ensure the protection of any personally identifiable information contained in any information, or mix of information, collected and made available for public access. The database required under subsection
(a)shall be updated not less frequently than once a month.