NEW YORK, NY, September 9, 2024 – Today, the National Housing Conference (NHC) and Intercontinental Exchange (ICE) hosted “Revolutionizing Homeownership: Innovations in Mortgage Tech, AI, and Data,” a forum that brought together policymakers and industry leaders to explore the transformative impact of technology on the housing industry, focusing on advancements in mortgage platforms, Artificial Intelligence (AI), and data transparency.
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra keynoted the event as he discussed changes the CFPB is considering to mortgage regulations to simplify the refinancing process, lower closing costs, and encourage competition in closing fees. “The CFPB is exploring whether we should make certain changes to the existing mortgage regulations to streamline the refinancing process and to reduce closing costs,” said Chopra. “We are especially interested in the costs and time taken to refinance a mortgage that are exclusively related to complying with federal mortgage law, rather than steps that are demanded by investors. We will also be identifying ways to jumpstart competition in various closing costs, which can also help spur refinancing activity.”
Alongside CFPB Director Chopra, participants engaged with experts and industry leaders who delved into the latest innovations automating and simplifying the home buying process, reshaping banking and finance, and broadening access to homeownership. Panelists shared their insights on AI’s growing application in housing, discussing its role in market sustainability and its impact on fair and accurate property valuation and lending practices. The discussions also highlighted how enhanced data transparency is empowering consumers to make more informed decisions throughout their homeownership journey.
“At ICE, we believe the path to homeownership – and the experience from then on – should be as simple, accessible, and as transparent as possible,” said Tim Bowler, president of ICE’s mortgage technology division. “The largest investment most will make in their lives, owning a home is also key to building generational wealth and helping narrow historic income inequalities. The thoughtful application of technological innovation has a critical role to play here. An integrated, end-to-end, digital housing finance ecosystem removes friction from the complex process of buying a home – reducing time and costs for all involved, increasing the flow of liquidity, and expanding access to the American Dream.”
“Technical innovations are crucial for identifying housing needs, driving tools to sustain a vibrant homeownership market, empowering consumers, and supporting efforts to combat housing discrimination,” said David M. Dworkin, President and CEO of the National Housing Conference. “It is essential that we bring together key stakeholders to discuss how AI and technological innovations can shape a more sustainable and equitable future for the housing market while being mindful of unintended consequences of new technology.”
The event marked a significant step in the ongoing dialogue about the future of homeownership, emphasizing the importance of technological advancements in making the process more efficient, transparent, and accessible.
For further details about the event, please visit www.nhc.org/event/revolutionizing-homeownership-innovations-in-mortgage-tech-ai-and-data, where you can expect updates in the coming days, featuring event photos and videos.
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About Intercontinental Exchange (ICE): Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity. To learn more about ICE, visit www.ice.com.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).” Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.
About the National Housing Conference (NHC): Founded in 1931, the National Housing Conference is the oldest and broadest housing coalition in America. NHC is a diverse continuum of affordable housing stakeholders who convene and collaborate through dialogue, advocacy, research, and education, to develop equitable solutions that serve our common interest—an America where everyone is able to live in a quality, affordable home in a thriving community. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization. To learn more about NHC, visit www.nhc.org.