WASHINGTON - Four banking associations want further details on the type of loan information the Department of Housing and Urban Development is asking Fannie Mae and Freddie Mac to collect from lenders.
In a proposal published Nov. 8 in the Federal Register, HUD asked the government-sponsored enterprises to increase the amount of data they submit for the department's midyear and yearend mortgage reports, which measure Fannie and Freddie's compliance with mandated housing goals.
However, in a letter dated Jan. 5, the American Bankers Association, America's Community Bankers, the Independent Community Bankers of America, and the Mortgage Bankers Association of America wrote that the proposal does not adequately describe what additional data would be required.
The associations wrote that they are concerned because Fannie and Freddie would turn to lenders to supply the additional data.
"It has been rumored that HUD has proposed to collect a considerable number of new loan-level data elements and that these go well beyond the expanded data reporting proposed recently by the Federal Reserve Board in its Home Mortgage Disclosure Act proposal, which also is directed at identifying predatory lending," the letter stated.
Comments on the proposal were due Monday.