Mortgage Data RFI V2 11.26.24.pdf

CONSUMER FINANCIAL PROTECTION BUREAU

Request for Information Regarding Mortgage Interest Rate Explorer Data

Agency: Consumer Financial Protection Bureau

Action: Request for Information (RFI)

Background:

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203) established the Consumer Financial Protection Bureau (CFPB) to regulate the offering and provision of consumer products or services under federal consumer financial laws. Consistent with the purposes of the Dodd-Frank Act, CFPB’s mission is to establish and enforce clear, consistent rules for the financial marketplace, protect American families from unfair financial practices, and develop and implement a strategy to improve the financial literacy of consumers.

The CFPB is charged with “developing and implementing initiatives intended to educate and empower consumers to make better informed decisions” (12 U.S.C. § 5493(d)). As part of its work to fulfill this educational mandate, the CFPB has developed a set of tools and resources to help consumers navigate the uncertain financial terrain between themselves and their goals.

One of such tools is called Mortgage Interest Rate Explorer (Explorer), which helps consumers (homebuyers or homeowners) understand what interest rates they can expect to receive on their mortgage loan, based on their personal characteristics, including credit score, physical location, and loan amount. The tool helps consumers be better prepared to shop for a loan by giving them a greater understanding of the current market. It also helps them evaluate their loan offers to see if they have gotten a good deal relative to what would be expected in the market for someone with their personal characteristics.

Purpose of RFI:

The objective of this RFI is to conduct market research to find potential data and service providers to power the Explorer tool from a cost-efficiency perspective.

The CFPB wants to identify vendors who can provide the scope of the data and service that falls into the following categories: data requirements, data coverage, data quality and technical delivery.

Data requirements This data will power the Explorer tool on the CFPB’s public website at www.consumerfinance.gov/owning-a-home/explore-rates/ that outputs a visualization of the range of interest rates a borrower can expect in the market based on his or her personal characteristics.

In order to achieve the nuanced output variation required, the CFPB requires interest rate and discount point data for each lender in the provider’s database on a full range of input variables.

These variables are described in detail in Exhibit A: Data Coverage Table on Page 4.

For each lender, it is desired that the vendor can provide data that would allow the CFPB to mix and match to see what all the possible interest rate/discount point outputs might be if inputting any combination of these variables.

Finally, it is desired that the data will include any material institution that the vendor adds to its database that drives the CFPB solution during the anticipated period of performance for the contract.

Data coverage In order to provide representative options to consumers and ensure that consumers in a wide variety of situations will see outputs, the CFPB has set minimum data coverage requirements.

The provided data shall meet the following minimum requirements:

Coverage shall not be less than 75 percent of mortgage market Includes at least 25 major institutions Has coverage in all 50 states

Data quality CFPB requires the transmission of accurate data that conforms to the technical specifications below.

Technical delivery It is desired that the vendor will have the capability to deliver data that meets the CFPB’s technical specifications:

Task Requirement Format .csv file to CFPB specifications to be provided after contract award OR authenticated API endpoints to CFPB specifications to be provided after contract award

Method of delivery

Push to designated CFPB server OR available via an authenticated API call

Time of delivery Updated 2X weekly (or more frequently) within one hour of specified delivery time, set by CFPB after contract award

Redundancy Contingency plan for cases of data delivery failure Filename Unique filename for each delivery (if pushed to the CFPB server) OR a field or header that would include the data delivery date if delivered via

API

Delivery Notification

Automated electronic notification that delivery has been completed successfully (ex. email)

RFI Questions

1. As part of the RFI response, please:

a. Provide a sample of your interest rate (locked and offered) and discount point data on the full range of input variables as described in Exhibit A. The data sample should be included in the RFI response as a file attachment.

b. Confirm that you can provide data for all fields in Exhibit A.

c. Specify your Data Coverage for offered and locked rates per:

i. Percent of Mortgage Market covered

ii. Number of major institutions covered

iii. Number of states covered

d. Specify any restrictions or additional costs for data use as part of a public facing tool (raw data will not be released publicly).

2. What other data and service would you provide to CFPB to meet the objectives stated above? Please be specific about how well you meet the criteria for data requirements, data coverage, data quality and delivery.

3. Describe the contract and cost breakdown structure of your data and service.

For each relevant variable, please insert an estimated cost range into the table below.

More precise estimates are welcome, if available.

Cost Variables Estimated Cost, Interest Rate Offered

Estimated Cost, Interest Rate Locked

Data coverage

Delivery frequency (including daily and biweekly)

Other (please specify)

Submission Instructions

If your organization has the requisite expertise and can provide information, services, or products to address the above questions, please submit a capabilities statement in accordance with the instructions below. The capabilities statement should also address the following:

1. Vendor’s name, address, Unique Entity Identifier (UEI), SAM.gov registration status (e.g. Active / Inactive / Unregistered), point of contact, phone number, and e-mail address;

2. Vendor’s existing federal contract vehicles (e.g. GSA Schedule(s), FEDLINK, NASA SEWP, NIH CIO-SP3/4, etc.) and/or relevant information pertaining to reseller partners or alternative methods of solution procurement;

3. A description of your firm’s expertise to perform the functions described herein, including examples of relevant experience addressing similar requirements for other clients (examples of federal clients preferred) to those described herein. If possible, provide details such as a point of contact, contract value, period of performance, and a description of services provided.

4. Responses to the questions listed in the Request for Information section;

5. Vendor’s small-business size status, including whether the vendor is a woman-owned, minority-owned, or Service-Disabled Veteran-Owned Small Business (SDVOSB)

The written response to the RFI questions should not exceed 10 pages, not including any relevant attachments. Please be advised that all submissions become government property and will not be returned. Responses shall be submitted to Vanessa del Toro, Contracting Officer, at vanessa.deltoro@cfpb.gov by 12pm ET on December 5, 2024

Exhibit A: Data Coverage Table

DATA COVERAGE

Field Name Details Comments

Institution FI1, FI2, FI3, etc.

State-ID

AK,AL,AR,AZ,CA,CO,CT,DC,DE,FL,GA,HI,IA,ID,IL,IN,

KS,KY,LA,

MA,MD,ME,MI,MN,MO,MS,MT,NC,ND,NE,NH,NJ,NM,N

V,NY,OH,

OK,OR,PA,RI,SC,SD,TN, TX,UT,VA,VT,WA,WI,WV,WY

All States

Property Occupancy Owner Occupied

Field does not exist within data files

Property Type

Single Family Residence; Condo* (< =4 stories) / COOP*

(NYC)

Data includes both an eligibility indicator to indicate whether a given rate/product is available to borrowers with Condo/COOP properties, as well as any pricing adjustments.

Document Type Full Doc Field does not exist within data files

Loan-Purpose PURCHASE, REFI

Loan-Term 15, 30

FIXED = 15 & 30

ARM = 30

Payment-Type ARM, FIXED

IntAdjTerm 3, 5, 7, 10

FIXED = 0

ARM = 3, 5, 7, 10

Product-type

CONFORMING, AGENCY HIGH BALANCE,

JUMBO, FHA, VA, FHA-HB, FHA-VA

CONFORMING = ARM, FIXED

AGENCY HIGH BALANCE = ARM, FIXED

JUMBO = ARM, FIXED FHA = FIXED, HIGH BALANCE

VA = FIXED, HIGH

BALANCE

RateLock

30, 45, 60

30 = (>=20 and <=30) 45 = (>=35 and <=45) 60 = (>=50 and <=60)

Interest Only (IO) ARM products

Index Name LIBOR, UST

Index Value All proprietary lender index values

Margin All proprietary lender margins

Intital Cap All proprietary lender initial caps

Annual Cap All proprietary lender annual caps

Loan Cap All proprietary lender loan caps

Rates All proprietary lender rates

Points All proprietary lender points

MinLTV All proprietary lender LTV <=100

MaxLTV All proprietary lender LTV <=100

MinFICO All proprietary lender FICO

MaxFICO All proprietary lender FICO

MinLoanAmt All proprietary lender loan amounts

MaxLoanAmt All proprietary lender loan amounts