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Velocity: A Tech Sprint from the Federal Housing Finance Agency

Securing the free and fair flow of data​​​​​​​​​​

About the FHFA Velocity TechSprint​​​​

The FHFA Velocity TechSprint will be an in-person team-based problem-solving event hosted by the Federal Housing Finance Agency’s (FHFA) Office of Financial Technology (OFT). Named “Velocity,” the TechSprint will bring together experts and practitioners from the technology and the mortgage finance sectors to propose solutions for reducing mortgage costs and delivery times while creating a more inclusive and transparent process.

Participants will be organized into TechSprint teams that will work over a three-day period to solve for problem statements centered around the question:

“How might data digitization drive transparency and increase access, fairness, affordability, and sustainability in mortgage lending?”

The TechSprint culminates in a Demo Day where each team will present their ideas to a panel of judges drawn from subject matter experts in industry, the nonprofit sector, and government. This event will bring together leaders and experts in the mortgage industry to explore bold, yet practical ideas in the application of technology to make the mortgage process smoother, faster, and more inclusive.

FHFA, through its Office of Financial Technology, seeks to explore and demonstrate the use of technology as a tool in driving transparency, improving efficiency, and increasing access, fairness, affordability, and sustainability in mortgage processes.

FHFA’s Velocity TechSprint will be held at FHFA’s Constitution Center headquarters in Washington, DC and will run from July 10 to July 13, 2023.

FHFA Velocity TechSprint: Register to Observe

​FHFA invites all interested individuals to register to observe the Velocity TechSprint. The Observer Track includes livestreaming access to the opening speakers on Day 1 of the Sprint, ongoing panel discussions with top mortgage and financial thought leaders throughout the week, and the entirety of Demo Day, including team presentations and the announcement of awards.

FHFA Velocity TechSprint: Problem Statements​

Umbrella Statement

How might data digitization drive transparency and increase access, fairness, affordability, and sustainability in mortgage lending? Adoption of data digitization can unlock the mortgage ecosystem. This can be especially beneficial in the current economic environment where profit margins are compressed while regulatory requirements remain a top priority. The adoption of data digitization can serve as a competitive advantage for participants in the mortgage ecosystem as market conditions evolve.

How might borrowers, lenders, loan aggregators, and infrastructure providers be better equipped and motivated to leverage data-driven digital approaches in front end-mortgage processes?

  • To improve borrower experience and transparency?
  • To drive simplification?
  • To improve cycle times?
  • To improve equitable access, fairness, affordability, and sustainability?
  • To better manage risk?
  • What are the tradeoffs or unanticipated consequences (if any) across these sets of goals?

How might regulators consider current barriers to greater adoption of financial technology in mortgage processes, responsible alternatives, system impacts, and options for streamlining requirements?

Any technologies adopted should reduce cycle times, lower the cost to originate, allow savings to be passed to the consumer, open opportunities to underserved borrowers, or increase ease and transparency to borrowers. Additionally, these same technologies should seek to mitigate risks, such as data security and privacy risks that may arise, while also including viable strategies to engage borrowers, drive adoption, and build trust in a more digital mortgage process.

Focused Statements​

  1. Direct-to-Source Data: How might we leverage and enhance the process of data verification during the loan origination process to reduce loan origination costs, improve cycle times, and streamline quality control processes, while maintaining safe and sound practices?
  2. Data Quality: How might technology support the verification, standardization, and validation of data from varied traditional sources during the loan origination process in order to reduce loan origination costs and improve cycle time, while maintaining safe and sound practices?
  3. Adoption and Implementation: How can we increase the adoption of digitized mortgage processes in loan origination so that both lenders and borrowers can achieve optimized mortgage cycle times and reduced loan origination costs and risks?
  4. Alternative Data: How might we better identify sources of alternative data that could be used in mortgage lending processes and facilitate the availability, accessibility, collection, certification, and usage of that data for loan origination and underwriting purposes, so that mortgage access can be expanded, costs can be reduced, and cycle times can be improved, while maintaining safe and sound practices?
  5. Digital Experience and Trust: How might we enhance the use of technology and data in the digital mortgage experience, so that borrowers have greater access to, are better prepared for, and have greater confidence in the use of technology in the mortgage process and so that lenders and other industry participants are trained in a more digitized mortgage process?

Additional questions regarding the FHFA Velocity TechSprint can be addressed by contacting the Office of Financial Technology at FinTech@FHFA.gov.

Page Last Updated: May 31, 2023​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

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