Reported 6 months ago
Mortgage lenders will soon face new regulations aimed at ensuring the accuracy and fairness of automated valuation models used in home appraisals. This measure, announced by the Federal Reserve and several federal agencies, is intended to prevent the incorporation of biases that could lead to discriminatory practices against borrowers. The rules build upon previous proposals and are part of ongoing efforts to improve consumer protection in the wake of the Dodd-Frank Act post-2008 financial crisis.
Source: YAHOO