Opinion: Black Mortgage Denials Are Increasing. We Need Tech-Based Solutions To Reverse The Trend
By KEVIN B. KIMBLE Editor’s Note: This article was written by a contributor and contains the individual’s views, opinions, or personal experiences. The Biden administration recently unveiled an action plan to address racial bias in home appraisals and other areas of the American housing system. As new research from Zillow shows, this couldn’t come at a better time. Zillow found that there is a widening mortgage approval gap along racial lines. Specifically, Black applicants are denied a mortgage at a rate 84 percent higher than white applicants. This figure has been worsening, representing an increase of 10 percentage points since 2019. The approval disparity has contributed to declining Black homeownership, a crucial aspect of wealth building. The negative trend in Black mortgage denials is…