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.