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Discrimination and Bias in Residential Lending
Manage episode 421652342 series 3352301
Вміст надано Dean Stockford - Len Suzio. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Dean Stockford - Len Suzio або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
In this podcast episode, Dean and Len discuss the timely issue of appraisal discrimination and bias within the context of Fair Lending. Dean highlights the FFIEC's recent guidance on mitigating risks related to discriminatory practices in property valuations and ensuring credible appraisals. Appraisal bias, which can result in minorities receiving lower property valuations, affects credit access and terms and violates anti-discrimination laws like the Equal Credit Opportunity Act and Fair Housing Act. The guidance is relevant for both financial institutions and examiners, emphasizing the importance of internal controls and compliance to avoid legal risks and ensure fair lending practices. Dean provides practical suggestions for lenders, including thorough vendor due diligence, risk assessments, training on bias red flags, and establishing clear processes for appraisal reviews and complaints. Both hosts stress the necessity for financial institutions to address and mitigate appraisal bias actively.
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76 епізодів
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