Valuation Equity Task News Today

Last week, Vice President Kamala Harris announced a new rule developed by the Biden administration to cease racial and ethnic bias in home valuations.

The Biden administration is developing a rule to require banks to ensure their home appraisal algorithms aren't racially biased, Kamala Harris said Thursday.

More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."

More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."

The Biden administration's Property Appraisal and Valuation Equity Task Force is working to eliminate race-based bias in the assessment of home values.

Lawmakers also asked officials to include more perspectives from Veterans Affairs and USDA representatives and increase focus on manufactured home valuations.