bias

Biden-Harris Tackle Equity In Lending And Appraisals

Posted on by TMN Editor
By KIMBERLEY HAAS Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan designed to dismantle racial bias in the home lending and appraisal process. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan submitted to President Joe Biden will, when enacted, represent the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process, according to a press release. During her speech, Harris described how a home ensures future financial security and peace of mind for families. “Imagine a young couple that saves enough money to put a down payment on a home. The day they…

Racial Bias in Mortgage Biz? New Data Says No, Researchers Find

Posted on by TMN Editor
By Randall Bloomquist In the mortgage public-policy cosmos, studies alleging racial bias in lending are like comets. They blaze across the industry skyline on a regular basis, drawing attention from the media and outrage from fair housing activists. The latest flare came from a report alleging Black applicants are nearly twice as likely to be denied a conventional mortgage as compared to White applicants with similar financial profiles. The study, which claims to advance the case for widespread lending discrimination through the analysis of newly available data about loan applicants, was generated by the non-profit investigative website The Mark-Up in partnership with the Associated Press. But according to some industry analysts, The Mark-Up’s j’accuse! moment comes up short. Those data crunchers say the…