The Consumer Financial Protection Bureau (CFPB) has reportedly launched a new, updated version of its online mortgage tool to help home hunters explore the Home Mortgage Disclosure Act (HMDA) with ease and give them information about credit availability and resources in their area.
The online tool was launched by the CFPB in the fall of 2013. The web-based application allowed users to look up mortgage-based information on counties and cities around the United States compiled in the HMDA.
The HMDA was passed in 1975 and requires banks and financial institutions to submit information about their lending practices to the government. The act was passed in order to ward off discriminatory and predatory lending activities.
The HMDA records all mortgage applications, whether rejected or not, in a given area. In 2012, the HMDA had about 18.7 million records gathered from more than 7,400 mortgage lenders, according to an official CFPB release.
The new features of this tool will enable a user to customize filters, choose and create custom tables, and download, share and save data. Check the tool out here.
According to Realtor.com, the bureau is looking to add cues from public feedback in the tool. However, the requirements won't be incorporated this year.
"We are considering asking financial institutions to include more underwriting and pricing information, such as an applicant's debt-to-income ratio, the interest rate, the total origination charges, and the total discount points of the loan. This will help regulators spot troublesome trends in mortgage markets around the country," Richard Cordray, CFPB director said.
Home buyers now not only have a tool to explore mortgage rates, but have also grown dependent on web-based applications for home decor and searching. In 2013, the National Association of Realtors released a report that claimed online real estate searches on Google went up 253 percent in the past four years.
Check out some of the must-have real estate apps here, and some of the best home decor apps here.
