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Velocity: A TechSprint from the Federal Housing Finance Agency
Securing the free and fair flow of data
FHFA Velocity TechSprint
In July 2023, FHFA held its first-ever TechSprint. Named “Velocity,” the TechSprint brought together experts and practitioners from the technology and the mortgage finance sectors to solve a common challenge: How might data digitization drive transparency and increase access, fairness, affordability, and sustainability in mortgage lending?
FHFA’s Velocity TechSprint was held at FHFA’s Constitution Center headquarters in Washington, DC and ran from July 10 to July 13, 2023.
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?
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.
Observer Track Panel Discussions
During the four-day TechSprint, the Observer Track convened panelists from across the finance and technology sectors to debate and explore the tough issues underlying the TechSprint’s activities. Links to the panels are provided below, and videos of the panels can be viewed on FHFA’s
An overview of the agenda is shown below.
View / download the
Opening Remarks by Sandra L. Thompson, FHFA Director
Keynote Address by John Hope Bryant, Founder, Chairman, and CEO, Operation HOPE
Panel: The Growing Role of Data Science in Housing Finance
Participants: Michael Akinwumi, Chief Tech Officer, NFNH; Pete Carroll, Executive Public Policy and Industry Relations, CoreLogic; Melissa Koide, CEO, FinRegLab; Joanna Smith Ramani, Co-Executive Director, Aspen Institute Financial Security Program; David Ehrich - Moderator, Co-Founder and Executive Director, Alliance for Innnovative Regulation (AIR)
Panel: Fintech Founders’ Perspectives: Using Experience to Drive Change
Participants: Wemimo Abbey, Co-Founder and Co-CEO, Esusu Financial, Inc.; Erin Allard, General Manager, Petal/Prism Data; Misha Esipov, Co-Founder & CEO, Nova Credit; Amias Gerety - Moderator, Partner, QED Investors
Panel: Using Data as a Competitive Advantage: Lenders in the Age of Fintech
Participants: David Battany, Executive VP, Guild Mortgage; Jennifer Kouchis, Chief Mortgage Banking Officer, VyStar Credit Union; Steve Majerus, CEO, Synergy One Lending, Inc.; Erik Schmitt, CFA, CPA, Managing Director, Head of Marketing Transformation, Chase Consumer and Community Banking; Faith Schwartz - Moderator, Founder and CEO, Housing Finance Strategies
Panel: Surviving the MortgageTech Winter: Where Do We Go from Here?
Participants: Nate Levin, Managing Director, Parker89; Frank Rotman, Founding Partner, QED Investors; Jeremy Soloman, Partner, NYCA; Simon Taylor, Head of Strategy, Sardine; Peter Renton - Moderator, Co-Founder and Chairman, Fintech Nexus
Panel: Building the Pipes: The Partnership Between Fintechs and Data Aggregators
Participants: Shmulik Fishman, Co-Founder & CEO, Argyle; Meredith Fuchs, General Counsel, Plaid; Kurt Lin, Co-Founder & CEO, Pinwheel; Lynn Sheck, Senior Vice President, Open Banking, Mastercard; Don Cardinal - Moderator, Managing Director, Financial Data Exchange
Opening Remarks by Jason Cave, Deputy Director, Division of Conservatorship Oversight and Readiness (DCOR), FHFA
Fireside Chat: Keeping Tech Fair for the Consumer
Participants: Delicia Hand, Director, Financial Fairness Advocacy, Consumer Reports; Lisa Rice, President & CEO, National Fair Housing Alliance (NFHA); Jo Ann Barefoot - Moderator, Co-Founder, Alliance for Innovative Regulation (AIR)
Panel: Data and Access Opportunities andChallenges: The Regulators’ Perspectives
Participants: Ann Epstein, Assistant Director Office of Competition and Innovation, CFPB; Grovetta Gardineer, Senior Deputy Comptroller of Bank Supervision Policy, OCC; Sunayna Tuteja, Chief Innovation Officer, Federal Reserve System; Anne Marie Pippin - Moderator, Associate Director, Financial Technology Office, FHFA
Awards and Closing
Exploring Ideas and Solutions
Over the four days of the TechSprint, 80 participants from 60 companies – together with FHFA and industry experts – worked together to explore ideas and solutions to the Velocity problem statements.
The TechSprint culminated on “Demo Day,” when each team delivered a five-minute presentation before an independent judging panel. The presentations explored themes, such as:
For additional information, please see
FHFA’s summary of the key themes from the Velocity TechSprint. FHFA’s thematic summary offer readers an understanding of the insights that were uncovered through the TechSprint, including stakeholder feedback on key avenues through which technology and data can be harnessed to enhance mortgage origination processes.
Recognitions in four categories were presented to three teams:
Find Out More
A blog post from FHFA Deputy Director Jason Cave
Recapping FHFA’s Inaugural TechSprint provides more detail on the four days of the Velocity TechSprint.
Videos from the Velocity TechSprint, including Opening Day, Demo Day, and the Observer Track panel sessions are available on FHFA’s
For more information on FHFA’s Office of Financial Technology, please visit FHFA’s
Financial Technology page.
For further information, please contact the FHFA Office of Financial Technology at
Page Last Updated: December 22, 2023
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