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Common Ground: The Need for a Universal Mortgage Loan Identifier

Author

Listed:
  • Matthew McCormick

    (Office of Financial Research)

  • Lynn Calahan

    (Office of Financial Research)

Abstract

The U.S. mortgage finance system is a critical part of our nation's financial system, representing 70 percent of U.S. household liabilities. It is also highly complex, with many finance channels, participants, and regulators. The data produced by this system reflect that complexity; unfortunately, no single identifier exists to link the major loan-level mortgage datasets. The establishment of a single, cradle-to-grave, universal mortgage identifier that cannot be linked to individuals using publicly-available data would significantly benefit regulators and researchers by enabling better integration of the fragmented data produced by the U.S. mortgage finance system. Such an identifier could additionally serve as the foundation of a system that could benefit private market participants, as long as such a system protected individual privacy.

Suggested Citation

  • Matthew McCormick & Lynn Calahan, 2013. "Common Ground: The Need for a Universal Mortgage Loan Identifier," Working Papers 13-12, Office of Financial Research, US Department of the Treasury.
    • Handle: RePEc:ofr:wpaper:13-12
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    File URL: https://financialresearch.gov/working-papers/files/OFRwp0012_McCormickCalahan_CommonGroundNeedforUniversalMortgageIdentifier.pdf
    File Function: First version, 2013
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    More about this item

    Keywords

    Mortgage Loan; Data Standards;

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