The Federal Housing Finance Agency (FHFA) has established of the Office of Financial Technology, the agency announced this week.
The office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing FHFA priorities related to the adoption and deployment of financial technology (fintech), the agency said.
“When used responsibly, fintech has the potential to improve borrowers’ experiences with the mortgage process by reducing barriers, increasing efficiencies, and lowering costs,” FHFA Director Sandra L. Thompson said. “The new office will help advance effective risk management as FHFA evaluates applications of fintech in housing finance, as well as in compliance and regulatory activities.”
In particular, FHFA said the office will:
- Support the agency in developing strategies for FHFA’s regulated entities to advance housing finance fintech and innovation in a safe and sound, responsible, and equitable manner;
- Engage with market participants, industry, nonprofits, consumer groups, and academia to facilitate the sharing of best practices of housing finance fintech and innovation;
- Establish ongoing outreach through the regulated entities, promoting awareness and understanding of housing finance fintech and innovation;
- Facilitate interagency collaboration with other regulators to enable information sharing and partnership opportunities; and
- Serve as an agency resource for innovations, general trends, and emerging risks in housing finance fintech.
In conjunction with establishing the Office of Financial Technology, FHFA also is soliciting public input on the role of technology in housing finance, broadly seeking to understand the current landscape of innovation throughout the mortgage lifecycle and related processes, risks, and opportunities.
Read more about the Request for Information here.
FHFA said it invites feedback on all aspects of the request for Information within 90 days of publication, no later than Oct. 16, 2022. Input should be submitted electronically or via mail to the Federal Housing Finance Agency, Office of the Director, 400 7th Street, S.W., 10th floor, Washington, D.C., 20219.
