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2024 TechSprint: Generative AI in Housing Finance

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Generative AI in Housing Finance

Register to Livestream FHFA’s Generative Artificial Intelligence (AI) in Housing Finance TechSprint

Register here to livestream Opening Day and Demo Day of FHFA’s Generative AI in Housing Finance TechSprint.

  • Opening Day, beginning at 10:30 am EST on Monday, July 22, will feature remarks from FHFA leadership and keynote speakers.
  • Demo Day, beginning at 9:00 am EST on Thursday, July 25, will feature remarks from FHFA leadership and keynote speakers and presentation​s from the TechSprint teams.

About th​e FHFA Generative AI in Housing Finance TechSprint

The FHFA Generative AI in Housing Finance 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). The TechSprint will bring together technology, regulatory, housing, and consumer finance experts to identify use cases and associated control measures to support the responsible use of generative AI in housing finance.​

Partici​pants are organized into TechSprint teams and work over a three-day period to solve for problem statements centered around the question:

“How might the responsible use of generative AI promote a transparent, fair, equitable, and inclusive housing finance system, while fostering sustainable homeownership and rental opportunities?”

The TechSprint culminates in a Demo Day where each team will present its ideas to an independent panel of judges drawn from subject matter experts in government, industry, nonprofits, and academia.

The Generative AI in Housing Finance TechSprint will be held at FHFA’s Constitution Center headquarters in Washington, DC, and will run from July 22 to July 25, 2024. The application period to participate in-person at the TechSprint was open from March 20 through May 24, 2024.

FHFA Generative AI in Housing Finance TechSprint: Problem Statements

Umbrella Stateme​​nt​

Generative artificial intelligence (AI) has captured the imagination and interest of a diverse set of stakeholders, including industry, government, and consumers. For the housing finance system, the transformative potential of generative AI extends beyond technological advancement. Generative AI presents an opportunity to promote a housing finance system that is transparent, fair, equitable, and inclusive and fosters sustainable homeownership. Realizing this potential, however, is contingent on a commitment to responsible innovation and ensuring that the development and use of generative AI is supported by ethical considerations and safety and soundness.

FHFA’s Generative AI in Housing Finance TechSprint challenges participants to address the question, “How might the responsible use of generative AI promote a transparent, fair, equitable, and inclusive housing finance system while fostering sustainable homeownership and rental opportunities?”​

TechSprint participants will demonstrate:

  • A key use case for generative AI in one of the four areas of focus provided below; and
  • Recommended control measures, incorporating​ careful consideration of the associated risks.

Focused Statements

The four areas of focus are as follows:

  1. Consumer Experience: How might generative AI be used to further educate and empower prospective homebuyers in evaluating, comparing, and obtaining a mortgage loan and in sustaining their homeownership over time?
  2. Assessing Creditworthiness: How might generative AI be used to improve the evaluation of homebuyer credit, as well as the fairness of the credit decisions related to mortgage loans, particularly for homebuyers from underserved communities?
  3. Operations: How might generative AI be used to enhance the efficiency and effectiveness of operational processes within the housing finance system, from origination to servicing and secondary market activities?
  4. Risk Management and Compliance: How might generative AI be used to enhance the effectiveness of risk management and compliance processes within the housing finance system?

Have additional questions about the 2024 TechSprint? Please contact OFT at FinTech@FHFA.gov. To learn more about OFT, please visit the OFT home page. And to learn more about FHFA’s inaugural TechSprint held in 2023, please visit the Velocity TechSprint webpage.​​

 

 

Page Last Updated: May 28​​, 2024​​​​​