Industry Briefs April 1, 2024

(Image courtesy of Markus Winkler via

FHFA Introduces 2024 Generative AI in Housing Finance TechSprint

The Federal Housing Finance Agency announced its second TechSprint–a team-based problem-solving event hosted by its Office of Financial Technology.

FHFA’s Generative Artificial Intelligence in Housing Finance TechSprint will bring together technology, regulatory, housing and consumer finance experts to identify use cases (or specific scenarios) and associated control measures to support the responsible use of generative AI in the housing finance system.

It will begin July 22 in Washington, D.C., and last for three days. It will culminate in a Demo Day on July 25. Applications to participate in the FHFA Generative AI in Housing Finance TechSprint are due by 5:00 PM ET on May 24. More information and the application can be found here.

ICE Announces Updates, Partnerships

Intercontinental Exchange Inc., Atlanta, announced updates and some partnerships.

Those include new solutions–Validate ROV and Valuation Selector–added to its valuation tools for the real estate markets and housing finance industries.

Validate ROV helps homeowners and buyers seeking reconsideration of an appraised home value, and can reduce manual steps and paperwork for lenders. Valuation Selector allows lenders and investors to instantly identify the complexity of a particular property’s valuation and recommend the most suitable method for determining value.

ICE also announced jointly with Freddie Mac that they’re working together to improve loan quality in the mortgage origination process. The collaboration will leverage both entities’ automation technologies.

Additionally, ICE announced Lennar Mortgage, Miami, has moved its servicing operations to its MSP loan servicing system. Lennar already uses ICE’s Encompass platform and will also utilize Servicing Digital and other features.

Fifth Third Bank, Cincinnati, is moving its origination and servicing operations to ICE’s end-to-end mortgage ecosystem. Fifth Third will use the Encompass and MSP platforms, and will incorporate other ICE data and analytics systems.

Truv to Offer Income, Employment Verifications Through Desktop Underwriter

Truv, New York, announced it is a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter validation service.

Truv anticipates final approval later this yar, and then its consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service.

It will be able to help reduce the risk of fraud and buybacks, lower costs by reverifying a borrower’s income and employment data at no additional expense, accelerate growth by increasing pull-through rates and closing loans faster and reduce time spent collecting data to underwrite loans.

Kriss Law/Atlantic Closing & Escrow Launches Pilot Program With The Closing Exchange

Kriss Law/Atlantic Closing & Escrow, Needham, Mass., launched a pilot program for digital notarizations and closings with The Closing Exchange, Long Beach, Calif.

The pilot will allow Kriss Law/Atlantic Closing to deliver an integrated eClosing and eNotarization option for lenders.

KL/ACE clients will now be able to request remote online notarization and mobile closing appointments provided by a TCX notary who is already trained and set up in Simplifile eSign Events.