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2024 TechSprint: Generative AI in Housing Finance
The FHFA Generative AI in Housing Finance TechSprint was an in-person, team-based problem-solving event hosted by the Federal Housing Finance Agency’s (FHFA) Office of Financial Technology (OFT). The TechSprint brought 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.
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Affordable Housing & Community Investment
The Federal Home Loan Bank Affordable Housing Program is used to finance the construction, purchase or rehabilitation of housing. Fannie Mae and Freddie Mac have affordable housing goals to purchase low-income and very low-income single-family and multifamily mortgages.
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Duty to Serve Program
Information about Duty to Serve provisions of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. This statute requires Fannie Mae and Freddie Mac to serve three specified underserved markets: manufactured housing, affordable housing preservation and rural housing markets.
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Fannie Mae & Freddie Mac Affordable Housing Goals
Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008, Fannie Mae and Freddie Mac are subject to affordable housing goals covering their purchases of single-family mortgages and multifamily mortgages.
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FHFA's Housing Finance Examiner Commission Program
The main objective of the program is to provide examiners with broad-based knowledge to conduct successful risk-based examinations. A Housing Finance Examiner Commission will indicate whether an examiner is qualified to lead the examination of a major risk area at Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The program combines coursework, on-the-job training, and testing to ensure an examiner has the skills and technical knowledge necessary to evaluate the condition and practices of the entities that FHFA supervises.
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Financial Technology (FinTech)
FHFA’s Office of Financial Technology (Fintech) supports the Agency in developing strategies for FHFA’s regulated entities to advance fintech and innovation in housing finance in a safe and sound and equitable manner. 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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Fraud Prevention
The Federal Housing Finance Agency (FHFA) is committed to combating mortgage fraud. Freddie Mac, Fannie Mae, and the Federal Home Loan Banks (the “regulated entities”) have a statutory obligation to report possible fraud and fraud to law enforcement authorities and regulatory agencies, including FHFA. FHFA’s work to ensure the safety and soundness of the regulated entities includes monitoring their fraud prevention programs and conducting risk-focused reviews of their financial crime risk management and regulatory compliance. FHFA coordinates with fellow regulatory and law enforcement agencies to foster open communication and collaboration in prevention of mortgage fraud.
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Loss Mitigation
Fannie Mae and Freddie Mac have a number of aligned loss mitigation programs that are aimed at preventing foreclosures for delinquent borrowers. These programs include options for staying in or leaving their home.
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National Mortgage Database Program
The National Mortgage Database program is jointly funded and managed by the Federal Housing Finance Agency and the Bureau of Consumer Financial Protection Bureau. The program is designed to provide a rich source of information about the U.S. mortgage market.
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Natural Disaster Risk
The purpose of Federal Housing Finance Agency’s (FHFA) Natural Disaster Risk Committee is to ensure the Agency makes strategic and tactically sound decisions concerning the impacts of and response to the risks posed by climate change in a coordinated, collaborative, and informed manner in furtherance of FHFA’s mission. The goal of the Climate Risk Committee is to better understand the impact of climate change on the housing and mortgage markets, including the disparate impacts on disadvantaged communities, and facilitate the sharing of climate-related financial risk data and information.
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Neighborhood Stabilization Initiative (NSI)
The Neighborhood Stabilization Initiative (NSI) was designed to stabilize neighborhoods hardest hit by the housing downturn. It was jointly developed by the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac and includes strategies for disposing of the inventory of real estate owned (REO) properties held by Fannie Mae and Freddie Mac. Some particular markets have large concentrations of distressed and low-value REO properties as well as large volumes of loans that had been delinquent for more than one to two years that are likely to become REO.