InfoBytes Blog
FHFA to host “tech sprints” on housing finance fintech solutions
On November 2, FHFA published a notice in the Federal Register announcing plans to hold a series of competitions called “Tech Sprints” to solicit innovative solutions on ways to advance housing finance fintech in a safe, sound, responsible, and equitable manner. Recognizing the significant effects that regulated entities’ potential use of fintech products and innovations could have on the mortgage market and market participants, FHFA said it wants to gather information about new and emerging technologies that may have applications in the mortgage space. Two tech sprints are planned each year over the next three years, with participation expected from housing finance industry members as well as other industries, such as tech companies, mortgage companies, academia, industry groups, and other members of the public. FHFA is accepting comments through January 3, 2023, on the necessity of the information collection, the burden of such collection, and ways to minimize the burden on members and project sponsors when providing information on ways to enhance the quality, utility, and clarity of the information collected from the Tech Sprints.