Geocoding Provision in the Home Mortgage Disclosure Act
Financial Reform Includes Geocoding Provision
Source: GeoPlace.com, September 13, 2010
The financial regulatory reform legislation recently signed into law by President Barack Obama includes a parcel geocoding provision that would provide an “early warning system” that could help detect anomalies related to mortgage activity. The new law amends the Home Mortgage Disclosure Act (HMDA) to include a provision requiring the newly created Bureau of Consumer Financial Protection (part of the Federal Reserve) to collect the “parcel number to permit geocoding” on mortgage transactions. Specifically, Section 1094 of the accompanying conference report for the legislation calls for the new bureau to collect the “parcel number that corresponds … [to] … real property pledged or proposed to be pledged as collateral,” which should help track the number and dollar amount of mortgage loans as well as completed applications, grouped according to measurements such as parcel-level data. …
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