The Chicago Tribune looks at the private data that mortgage applicants must reveal in their loan applications:

Some of the 26 types of data from every mortgage application that’s reported annually to regulators, with much of it made public, includes a property’s general location and loan amount, the race, ethnicity, sex and annual income of the applicant, certain loan price information and whether the loan was approved. Even more data, including a borrower’s age and credit score, is about to be collected as part of the Wall Street Reform and Consumer Protection Act.

Now regulators are discussing whether further revisions to the 35-year-old Home Mortgage Disclosure Act, ones requiring even more personal information on loan applicants, would better ensure adherence to fair lending laws. […]

Lenders say they’re worried about consumer privacy. They warn that if enough data on a borrower is made public, it will be easier to identify that person and property, exposing them to the risk of fraud. […]

Some community organizations, however, would like to see data on borrower debt-to-income ratios, loan performance and loan servicers. The data, they argue, would make it easier to track abusive lending patterns and foreclosures.

This entry was posted on Tuesday, September 28th, 2010 and is filed under Anonymity, Identification. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.