RFI-Mortgage Data Revised

Request for Information (RFI) - RElated to prior RFI: CFP-25-RFI-00001 - Revised items/questions/ requests in red font in the attached PDF.

NOTE: any vendors that responded prior, please respond to PDF items in red font only. thank you.

NOTE: Due date reviesed to December 12, 2024 at 12:00 PM ET.

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.