The Federal Housing Finance Agency (FHFA) recently announced its first TechSprint, a team-based problem-solving event targeting securing the fair flow of data within the housing finance system.
“Over the past decade, mortgage origination costs have doubled, while delivery times have remained largely unchanged,” FHFA Director Sandra L. Thompson said. “When used responsibly, technology has the potential to improve borrowers’ experiences by reducing barriers, increasing efficiencies, and lowering costs.”
Per the FHFA, Velocity is hosted by the agency’s Office of Financial Technology, uniting technology and mortgage finance sector
experts and practitioners as a means of proposing solutions resulting in reduced mortgage costs and delivery times while creating a more inclusive and transparent process.
The three-day event is slated to kick off on July 10 in Washington, DC. It would involve intensive, in-person collaboration in addition to publicly available live-streamed panels and presentations.
According to the FHFA, participating teams will be charged with addressing how data digitization drives transparency while increasing mortgage lending access, fairness, affordability, and sustainability.
Velocity wraps up with a Demo Day exhibition on July 13, according to the FHFA, with teams presenting their ideas to a panel of judges composed of industry experts, the nonprofit sector, and the government.