New Federal Rule Aims to Address Systemic Racism in Home Appraisal Process

Vice President Harris announced a proposal requiring oversight of algorithms used to assess home values in an effort to address racial disparities in the home appraisal system.
The administration will make hundreds of thousands of additional home appraisal records public in an effort to increase transparency.
The proposal sets standards for companies to adopt policies preventing discrimination and ensuring accurate home valuations..
The administration aims to increase diversity in the appraiser profession, which lacks representation from communities of color.
The goal is to make the system fairer and help underserved groups build wealth through homeownership.