Article originally published on MortgageOrb.com on June 23, 2021
PERSON OF THE WEEK: Since October 2020, the Consumer Financial Protection Bureau (CFPB) has been engaging the mortgage industry through a number of “tech sprints.” Designed to connect CFPB staff and industry technologists with consumer, financial, and regulatory stakeholders for short, intense problem-solving sessions. These events culminate in a Demonstration Day where each sprint team shares their innovation with a panel of evaluating experts.
MortgageOrb recently caught up with Melissa Kozicki, director of compliance for Mortgage Cadence, who participated in the CFPB’s second tech sprint in March.
Q: The first tech sprint, last October, focused on electronic disclosures. What did the March event focus on?
Kozicki: The most recent CFPB tech sprint, the one I participated in, took place March 22-26 and focused on the Home Mortgage Disclosure Act (HMDA) and the data lenders must gather from consumers for their reports, much of which is made public. As you know, thousands of financial institutions submit annual HMDA data for millions of transactions.
The CFPB has stated that the goal of the sprints was to show how advanced technology can strengthen compliance, encourage innovation, drive down cost and burden, and promote transparency.
Read the full conversation here.
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