Bloomberg, June 12, 2023, Reforms to Home Appraisal Bias Target Algorithms and Tech
National Community Reinvestment Coalition President Jesse Van Tol said in a press statement that the new AVM rule was “welcome news.”
“As the financial industry experiments with powerful tools at the bleeding edge of technology’s new reach, our government has a duty to ensure that these tools serve the public,” said Van Tol. “Evolving such sensible safeguards is especially urgent in the appraisal space, which has famously been an opaque, under-regulated business policed only by its own participants.”
