About the Office of Financial Technology
Introduction: Fintech in Housing Finance and FHFA
FHFA’s Office of Financial Technology (Fintech) supports the Agency’s efforts to understand technology-driven developments in housing finance and the associated risks, and to facilitate the development of responsible innovation in FHFA’s regulated entities, which include Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Bank System. The Fintech Office serves as a centralized information clearinghouse and resource for the Agency on mortgage-related innovations, general trends, and emerging risks in the use of fintech.
FHFA views fintech as the application of new technologies to the production or provision of financial products and services. Fintech in the mortgage finance space can include, among other things, the application of new technologies and digital processes to:
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mortgage tech
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mortgage origination, underwriting, servicing, investment, and other associated business activities, also known as “mortgage tech”;
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proptech
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researching, transacting, and managing real estate, also known as “proptech”; and
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regtech
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regulation and compliance, also known as “regtech”.
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The Office of Financial Technology incorporates the principle of “responsible innovation” into its activities, balancing the value of new ideas, products, and operational approaches with the need for effective risk management and governance. The Fintech Office engages internally through the FHFA Fintech Working Group, consisting of Agency leadership and experts across divisions and offices. The Fintech Office will be looking to engage externally with market participants, industry, non-profits, consumer groups, and academia in the coming months to facilitate the sharing of best practices and establish ongoing outreach and dialogue.
FHFA’s Inaugural Housing Finance TechSprint
On April 4, 2023, FHFA announced its inaugural TechSprint, a team-based problem-solving event hosted by FHFA’s Office of Financial Technology, designed to secure the free and fair flow of data in a safe and sound housing finance system.
Named “Velocity,” the TechSprint brought together experts and practitioners from the technology and the mortgage finance sectors to propose solutions that can reduce mortgage costs and delivery times while creating a more inclusive and transparent process.
“Over the past decade, mortgage origination costs have doubled, while delivery times have remained largely unchanged,” said Director Thompson. “When used responsibly, technology has the potential to improve borrowers’ experiences by reducing barriers, increasing efficiencies, and lowering costs.”
The FHFA Velocity TechSprint ran from July 10 to July 13, 2023, at Constitution Center. The event consisted of three days of intensive, in-person collaboration, along with several publicly available live-streamed panels and presentations.
Learn more at the
TechSprint Velocity webpage.
Public Listening Session
On Thursday, October 6, 2022, FHFA’s Fintech Office hosted a virtual public listening session to solicit public input on the role of technology in housing finance and how the Agency can most constructively interact with other stakeholders to facilitate responsible innovation. A transcript and materials presented during the session will be available soon.
The agenda and video of the session can be viewed online.
Request for Information
In conjunction with the establishment of the Office of Financial Technology, FHFA is soliciting public input on the role of technology in housing finance, broadly seeking to understand the current landscape of potential innovations throughout the mortgage lifecycle and related processes, risks, and opportunities. FHFA also seeks input on how the Agency can most constructively interact with other stakeholders to facilitate responsible innovation, including the identification of any barriers to or challenges in implementing fintech in the housing finance ecosystem, while also focusing on supporting equity in the housing finance landscape for both homeowners and renters.
Connect with Us
To ask questions or request a meeting with the FHFA Office of Financial Technology, please email
[email protected].
News
Meet the Team
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Contact Information
Page last updated: July 18, 2023
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