Black Knight Launches Tool To Prevent Minority Bias In Appraisals
Summary
By identifying discrepancies between the two lists and by analyzing certain patterns, CA Risk Profiler Plus can alert customers when an appraisal may contain potential bias. "Todays appraisers must balance market demand for speed and efficiency with their obligation to support home valuations that are objective, equitable, and accurate," said Mike Sklarz, executive vice president, managing director of collateral analytics. Also, an action plan published last month by the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) called on housing industry stakeholders to take affirmative steps to advance equity in the valuation process by addressing potential bias in appraisals and AVMs. "U.S. policymakers are actively working to address valuation bias and its impact on Americas racial wealth gap. "Black Knight is responding to this emerging trend by investing in tools like CA Risk Profiler Plus that help position lenders and appraisers to address valuation bias in a proactive manner that is grounded in objective data."