Fed Seeks to Change Mortgage Data Reporting

The Federal Reserve proposed the most significant changes in more than a decade to its rules requiring banks and other lenders to collect and report data about home mortgage loans. The changes, which the Fed hopes will give it a clearer picture of developing trends in the mortgage market and aid enforcement of fair-lending laws, would bring more lenders under the requirements of the 1975 Home Mortgage Disclosure Act and require the reporting of more details of individual loans. The Fed board voted unanimously to issue the proposal for public comment. If adopted, it would represent the first major overhaul of the requirements since 1989.