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Published 4 months ago

Harris announces new actions to tackle racial bias in home appraisals

  • Vice President Harris announced a new rule to prevent racial bias in home appraisals by ensuring that financial institutions' automated home valuation algorithms are fair and accurate. The rule would require AVMs to adopt quality control standards, safeguards against data manipulation and conflicts of interest, and conduct random sampling.
  • The administration will make it easier for consumers to appeal biased property valuations and seek reconsideration of value policies. It will also update a public dataset on home appraisal records, add more records, and reduce unnecessary barriers to increase diversity in the appraiser profession.
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