FHFA Announces New Office of Financial Technology
The Federal Housing Finance Agency, Washington, D.C., established the Office of Financial Technology to serve as a centralized source of information to support the agency in addressing emerging risks and advancing agency priorities related to fintech.
“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, the new FHFA Financial Technology 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 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. FHFA invites feedback on all aspects of the Request for Information no later than October 16, 2022. Click here for more information.