The Mortgage Collaborative Participates In Fhfa 2024 Techsprint Showcasing Innovative Generative Ai Solutions For Housing Challenges

September 03, 2024 05:31 AM PDT | By Send2Press

The Mortgage Collaborative Participates In Fhfa 2024 Techsprint Showcasing Innovative Generative Ai Solutions For Housing Challenges — Image source: Send2Press

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WASHINGTON, D.C., Sept. 3, 2024 (SEND2PRESS NEWSWIRE) — Represented by its president and COO, Melissa Langdale, The Mortgage Collaborative’s (TMC) “Open Angels” team were among the notable solutions recognized for their impact and potential at The Federal Housing Finance Agency (FHFA)-hosted Velocity TechSprint, spotlighting the transformative potential of generative AI in addressing the current housing market’s pressing challenges.

TMC The Mortgage Collaborative
Image caption: The Mortgage Collaborative (TMC).

TMC’s supported entry, Domino.AI, earned Most Promising Use Case for Consumer Experience. An innovative app designed to streamline the multifamily renting process. Domino.AI offers a personalized readiness rating by integrating credit reports and background checks, enabling renters to connect seamlessly with property managers.

“FHFA’s 2024 TechSprint highlighted the immense potential of generative AI to drive innovation in housing, offering valuable insights and actionable roadmaps for industry players,” said Melissa Langdale, TMC president and COO. “As AI continues to evolve, these cutting-edge solutions could play a pivotal role in addressing the affordability and operational challenges facing renters and homebuyers today.”

“The Mortgage Collaborative understands the role played by a robust housing continuum that meets America’s need for rental-through-ownership solutions,” she added. “We applaud our supported entry, Domino.AI, and FHFA for its leadership in housing innovation through AI.”

FHFA’s TechSprint was an in-person, team-driven event focused on responsible generative AI use in housing finance. Over three days, participants collaborated in teams to tackle the 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?”

Twelve teams presented their solutions to a panel of technology, regulation, and housing experts. The use cases were organized around four focus areas in which one team could win per category:

Consumer experience
Assessing creditworthiness
Operations and risk management
Compliance

OTHER SPRINT DAY WINNERS INCLUDED:

Homeowners Assistance Model (HAM) – Most Promising Use Case for Assessing Creditworthiness HAM focuses on early intervention for distressed borrowers, providing a structured review and intervention plan to support homeowners before they reach critical delinquency stages.

Fraud Detection Tool – Most Promising Use of Gen AI for Operations This solution leverages AI to detect and combat fraud in multifamily operations, enhancing the speed and accuracy of fraud detection.

ADA Comply – Most Promising Use of Gen AI for Risk and Compliance ADA Comply uses image assessment to ensure multifamily units meet ADA compliance standards, offering visual before-and-after comparisons and cost estimates for necessary adjustments.

About FHFA: The Federal Housing Finance Agency (FHFA) is an independent federal agency responsible for regulating and supervising Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA’s mission is to ensure that these institutions operate in a safe and sound manner, supporting a stable and affordable housing finance system.

About The Mortgage Collaborative: The Mortgage Collaborative (TMC) is a membership-driven* organization dedicated to empowering mortgage lenders across the United States through networking, education, and advocacy. Our goal is to support the success of our members by fostering an environment of collaboration and innovation. For more information, visit https://www.mortgagecollaborative.com/.

News Source: The Mortgage Collaborative

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