WASHINGTON—How technology can be better integrated into the home buying process was among the points raised by a NAFCU representative during a recent listening session on fintech and housing finance that was hosted by the Federal Housing Finance Agency (FHFA).
During her remarks, NAFCU Senior Regulatory Affairs Counsel Aminah Moore expressed support for further innovation in the housing finance space, but told the FHFA it must “remain consistent in the integration of fintech for all of its regulated entities and coordinate with the other federal and state financial regulators as appropriate.”
Moore defined fintech in the housing finance sector as “the integration of technology in the home buying process,” specifically noting that integration can happen “at any and all stages from beginning to end.”
New Office
The FHFA in July announced the establishment of the Office of Financial Technology, which will serve as a source of information to support the FHFA in introducing and assessing risks of emerging fintechs. The FHFA also issued an accompanying request for comment (RFC) seeking public input on the role of technology in housing finance to gain a broader understanding of the level of innovation throughout the mortgage lifecycle.
During the listening session, Moore also suggested the FHFA should consider the risks and benefits of fintech in housing finance, as well as parties’ willingness to accept financial innovation, especially underserved, low-income borrowers.
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