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Home Mortgage Disclosure Act Virtual Tech Sprint

On March 22-26, 2021, the CFPB will host its Home Mortgage Disclosure Act Virtual Tech Sprint.

Background

The Home Mortgage Disclosure Act (HMDA) data provide the most comprehensive publicly available information on nationwide mortgage market activities. HMDA annual data, submitted by more than 5,000 financial institutions for more than 15 million transactions, are used by regulators, consumer groups, industry and others to assist in identifying possible discriminatory lending patterns in mortgage lending, to help the public assess how financial institutions are serving the housing needs of their local communities, and for other purposes.

The Consumer Financial Protection Bureau (CFPB) on behalf of the Federal Financial Institutions Examination Council (FFIEC) and the U.S. Department of Housing and Urban Development (HUD), have embarked on a multiyear effort to develop an open and transparent code base for the collection and publication of HMDA data (HMDA Platform). The HMDA Platform satisfies the regulatory requirements for submission, processing, and publication with an entirely web-based, open source system , using a container-based microservices approach and modern cloud architectures. It was designed to be continuously improved to incorporate evolving technologies and better serve HMDA data users.

Potential Innovations

Opportunities to improve the data submission process; expand the utility of HMDA data and consumer and industry facing tools; and increase utilization of existing or new APIs, are all possible in this exciting Tech Sprint.

Tech Sprint participants can choose between two options: HMDA data submission and HMDA data publication.

Data Submission Tools and APIs

The HMDA Platform offers a variety of filing tools to assist financial institutions - particularly smaller lenders - collect and submit the required data. Current tools include the Loan/Application Register (LAR) Formatting Tool and the File Format Verification Tool. Tech Sprint participants may want to create additional tools for users on the HMDA Platform that may include, for example, a tool to combine lender data files generated from different product lines or tracking systems.

Tech Sprint participants may also want to further develop and document HMDA Platform Applicant Programming Interfaces (APIs). The APIs are used by HMDA filers and software providers to integrate their data collection and submission systems into the HMDA Platform in order to lower compliance costs and increase data accuracy. Tech Sprint participants could, for example, extend or enhance existing APIs, create new APIs that could further automate industry compliance systems and align them with filing requirements, better document API specifications and provide guidance on how they can be used, or develop middle-ware to interface with APIs and the HMDA Platform.

Data Publication and Data Products

Alternatively, Tech Sprint participants may want to further develop HMDA data publication capabilities or HMDA data products.

Currently, the HMDA Platform offers a variety of data products, available to the public, that include the HMDA Modified LARs, the Snapshot and Dynamic National Loan-Level Datasets, Aggregate and Disclosure Reports, and the HMDA Data Browser, providing users the ability to generate custom datasets and summary tables through a web interface or API .

Tech Sprint participants, particularly those new to HMDA or large datasets in general, could identify and scope additional enhancements to HMDA data products and services, visualizations, or the development of our resources. These enhancements could focus on, for example, a specific geographic area or lender or data trend. Additionally, they might include new products, new ways to interact with existing products, data analysis capabilities, interfaces to other datasets, or guidance and aids to understanding and using HMDA data.

Others may be more experienced in using HMDA data and producing their own HMDA data analysis, sometimes in conjunction with other datasets. Such Tech Sprint participants may be interested in improving how the HMDA Platform delivers and documents available data to improve the interaction with the products users develop.

How to Participate

There are two application options:

(1) apply as an individual to participate on a team assembled by the CFPB to include a range of legal, policy, and technological expertise; or

(2) apply to participate as a pre-formed team. We expect teams, whether CFPB-formed or self-formed, to have around five members.

The application period will open at Noon ET February 2, 2021 and close at 11:59 p.m. ET February 9, 2021. Apply to participate here.

Applicants will be asked to provide some indication of the kind of innovation they intend to demonstrate at the end of the sprint. Participants will be selected based on expertise and, potentially, on the type of solution they want to develop.

If you have a disability and will require a reasonable accommodation in order to participate in this Tech Sprint event, please contact CFPB_TechSprints@cfpb.gov.

Pre-sprint collaboration

After the application period closes on February 9, 2021, the CFPB will review applications and notify applicants of next steps, via email.

Successful applicants will have the opportunity to review pre-sprint materials and share ideas via a collaboration platform provided by the CFPB during the week of March 9-12, 2021. All participants will work with publicly available HMDA data and data products.

Each successful applicant must sign a participants agreement in order to participate in the Tech Sprint.

Tech Sprint week

The week of March 22-26, 2021 we will sprint! The Tech Sprint will be conducted remotely via a CFPB-provided collaboration platform. Participants will provide their own technology and equipment suitable to their chosen project, data and processing needs, and use of Slack and other required tools.

During Tech Sprint week, teams will interact with one or more members of a panel of experts including CFPB staff, to provide feedback on ideas as they are developing. Also, as needed the CFPB can provide each team with a dedicated scrummaster to support scrum ceremonies. Teams are not required to use these resources.

If you require a reasonable accommodation in order to attend this event, please contact the reasonable accommodation’s team at CFPB_ReasonableAccommodations@cfpb.gov.

Post-sprint activities

Each sprint team that the CFPB approved to participate should be prepared to demonstrate its proposed innovation at Demo Day, on Friday, March 26, 2021, which is the final day of Tech Sprint week. Innovations will be presented to an Evaluation Panel consisting of select outside experts. There is no prescribed format for demonstrations, but the CFPB expects them to provide a clear depiction of how the innovation represents an improvement. The CFPB expects to make these innovations publicly available and anticipates the issuance of one or more reports that describe and analyze Tech Sprint proceedings.

Each sprint team will maintain control over any intellectual property it creates in the course of the Tech Sprint that it does not otherwise share with the public. A sprint team that wants to enter into a non-disclosure agreement (NDA) among its members covering the intellectual property developed during the Sprint may do so. Depending on the solutions to the problem statement they develop, teams may also consider making all or a part of any intellectual property they develop during the Tech Sprint available to the public through open source code or other means.

Publicity

Each participant in the Tech Sprint grants the CFPB permission to use his/her/their name, likeness, photograph, voice, statements, or innovation demonstration presentation on the CFPB’s website and for promotional purposes in any form of media, worldwide, including print materials, outreach materials, and social media without further permission, payment, or consideration.