The office will serve as an agency resource for housing finance technology
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has set up a new office that will enable FHFA to expand its focus on financial technology.
FHFA recently announced the establishment of the Office of Financial Technology, which the agency describes as a “centralized source of information” that will help accelerate FHFA’s adoption and deployment of fintech.
“When used responsibly, fintech has the potential to improve borrowers’ experiences with the mortgage process by reducing barriers, increasing efficiencies, and lowering costs,” said FHFA director Sandra Thompson.
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Thompson highlighted the importance of effective risk management as FHFA evaluates applications of fintech in housing finance, compliance, and regulatory activities.
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, sound, responsible, and equitable manner.
Additionally, the office was created to serve as an agency resource for innovations, general trends, and emerging risks in housing finance fintech. It’s also tasked with facilitating interagency collaboration with other regulators to enable information sharing and partnership opportunities, as well as promoting awareness and understanding of housing finance fintech and innovation.
FHFA is currently soliciting public input on the role of technology in housing finance to understand the current landscape of innovation throughout the mortgage lifecycle. The call for feedback will remain open for 90 days after publication, no later than October 16, 2022. Input can 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.
