The Federal Housing Finance Agency (FHFA) today 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 will bring 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 FHFA Director Sandra L. Thompson. “When used responsibly, technology has the potential to improve borrowers’ experiences by reducing barriers, increasing efficiencies, and lowering costs.”
The FHFA Velocity TechSprint will begin on Monday, July 10, in Washington, DC. The event consists of three days of intensive, in-person collaboration, along with several publicly available live-streamed panels and presentations. FHFA will select participants from the applicant pool and place them into TechSprint teams. Teams will then work on selected problem statements that address the central question: “How might data digitization drive transparency and increase access, fairness, affordability, and sustainability in mortgage lending?” The event will culminate in a Demo Day exhibition on Thursday, July 13, when the teams will present their innovative ideas to a panel of judges drawn from experts in industry, the nonprofit sector, and government.
Applications to participate in the FHFA Velocity TechSprint are due by 5:00 PM ET on May 31, 2023. More information and how to apply can be found at the TechSprint Velocity webpage.
About FHFA’s Office of Financial Technology
FHFA’s Office of Financial Technology (Fintech Office), launched in July 2022, supports the Agency’s efforts to understand technology-driven developments in housing finance and the associated risks. The Fintech Office facilitates the development of responsible innovation at FHFA’s regulated entities, which include Fannie Mae, Freddie Mac, 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.
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