On July 19, the Federal Housing Finance Company (FHFA or the Company) introduced the institution of the Workplace of Monetary Expertise to function a supply of knowledge, Company help in addressing rising dangers, and avenue to advance Company priorities as to the adoption and deployment of economic expertise (fintech). On the similar time, the FHFA issued a request for data (RFI), looking for details about using fintech within the housing finance market. The tone of the FHFA’s announcement and the accompanying RFI is notable for its steadiness — highlighting each the potential benefits of fintech in making housing finance extra accessible and environment friendly, in addition to the potential dangers revolving round honest lending, privateness, and knowledge safety points.

Director Sandra L. Thompson described the position of the brand new fintech workplace as “assist[ing] advance efficient danger administration as FHFA evaluates purposes of fintech in housing finance, in addition to in compliance, and regulatory actions.”

Particularly, the Workplace will:

• Help the Company in growing methods for FHFA-regulated entities to advance housing finance fintech and innovation in a secure and sound, accountable, and equitable method;
• Have interaction with market contributors, business, nonprofits, shopper teams, and academia to facilitate the sharing of greatest practices of housing finance fintech and innovation;
• Set up ongoing outreach by way of the regulated entities, selling consciousness and understanding of housing finance fintech and innovation;
• Facilitate interagency collaboration with different regulators to allow data sharing and partnership alternatives; and
• Function an Company useful resource for improvements, common developments, and rising dangers in housing finance fintech.

The RFI deadline to reply is not any later than October 16, and focuses on the next classes:

• Fintech and innovation;
• Figuring out fintech alternatives within the housing finance ecosystem;
• Equitable entry to mortgage credit score;
• Figuring out and mitigating fintech dangers; and
• Workplace of Monetary Expertise actions and stakeholder engagement.

Public enter could also be submitted electronically by way of the FHFA response type.