At the urging of their regulator, Fannie Mae and Freddie Mac are expanding their data collection on loans and appraisals using new uniform standards.
"This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data," said Federal Housing Finance Agency director Edward DeMarco. "Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system."
The new data standard will be phased in through a common platform and structured to use existing originator and appraiser technologies, FHFA said. Fannie and Freddie both issued statements in support of the new initiative.
"We applaud FHFA on this important effort to improve appraisal and loan data quality," said Freddie chief executive Charles Haldeman. "The additional loan and appraisal data requirements, standard data definitions and a common framework for capturing these new data sets will support the mortgage industry's efforts to manage risk, reduce costs and respond more efficiently to market changes," he said.