CFPB launches new mortgage tool
Offering highlights current trends in the marketplace
The Consumer Financial Protection Bureau released a new online tool to provide consumers with easy access to public mortgage information collected under the Home Mortgage Disclosure Act.
The tool allows for greater transparency and offers an interactive heat map and graphs to make mortgage information more accessible to the public.
“Just as the real estate motto ‘location, location, location’ was true before the recent financial crisis, it was true for the crisis. Every community was affected differently,” said CFPB Director Richard Cordray. “Our tool puts valuable information into the hands of the public in an accessible way, so they can understand what is happening in their local mortgage markets. A more transparent mortgage market will lead to a better marketplace and better outcomes for consumers.”