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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.