WASHINGTON—The Federal Housing Finance Agency (FHFA) has established the Office of Financial Technology.
The office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing agency priorities related to the adoption and deployment of financial technology (fintech), the FHFA said.
“When used responsibly, fintech has the potential to improve borrowers’ experiences with the mortgage process by reducing barriers, increasing efficiencies, and lowering costs,” said Director Sandra L. Thompson. “The new office will help advance effective risk management as FHFA evaluates applications of fintech in housing finance, as well as in compliance, and regulatory activities.”
What Office Will Do
According to the FHFA, the office will:
- Support the agency in developing strategies for FHFA’s regulated entities to advance housing finance fintech and innovation in a safe and sound, responsible, and equitable manner
- Engage with market participants, industry, nonprofits, consumer groups, and academia to facilitate the sharing of best practices of housing finance fintech and innovation
- Establish ongoing outreach through the regulated entities, promoting awareness and understanding of housing finance fintech and innovation
- Facilitate interagency collaboration with other regulators to enable information sharing and partnership opportunities
- Serve as an Agency resource for innovations, general trends, and emerging risks in housing finance fintech
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