Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced its second TechSprint, an in-person team-based problem-solving event hosted by its Office of Financial Technology. FHFA’s Generative Artificial Intelligence (AI) in Housing Finance TechSprint will bring together technology, regulatory, housing, and consumer finance experts to identify use cases (or specific scenarios) and associated control measures to support the responsible use of generative AI in the housing finance system.
“Technology has the power to greatly improve our housing finance markets by reducing barriers, increasing efficiencies, and lowering costs, but it requires proper governance,” said FHFA Director Sandra L. Thompson. “FHFA’s second TechSprint will bring experts together to explore the role generative AI can play in an innovative and sustainable housing finance system.”
The Generative AI in Housing Finance TechSprint will begin on Monday, July 22, in Washington, D.C. The event consists of three days of intensive, in-person collaboration. FHFA will select participants from the applicant pool and place individual participants into TechSprint teams that reflect a diverse set of experiences and expertise. Teams will then work on select problem statements that address the central 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 event will culminate in a Demo Day exhibition on Thursday, July 25, when the teams will present their innovative ideas to an independent panel of judges drawn from experts in government, industry, nonprofits, and academia for evaluation and potential recognition.
Applications to participate in the FHFA Generative AI in Housing Finance TechSprint are due by 5:00 PM ET on May 24, 2024. More information and the application can be found at: 2024 TechSprint Generative AI in Housing Finance
About FHFA’s Office of Financial Technology
FHFA’s Office of Financial Technology (Fintech Office), launched in July 2022, supports the Agency’s efforts to understand technology-driven developments in housing finance and the associated risks. The Fintech Office facilitates the development of responsible innovation at FHFA’s regulated entities, which include Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. The Fintech Office serves as a centralized information clearinghouse and resource for the Agency on mortgage-related innovations, general trends, and emerging risks in the use of fintech.
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.4 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube, Facebook, and LinkedIn.
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