As part of a new bank-wide commitment to fight housing inequality, JPMorgan is for the first time outlining specific legislation that can fight appraisal bias, backing the study of innovative ways to value homes and promoting efforts to boost sorely needed diversity in the appraisal industry.Beyond appraisals, America's biggest bank is promising to ease obstacles that make it harder for Black and Latinx households to buy homes, build wealth and access affordable housing.
"Appraisal industry 'needs to be revamped'JPMorgan said other potential reforms to the appraisal industry include establishing new"anti-bias training requirements" for appraisers, allowing equal access to valuation data and techniques and creating new national standards for valuation methods. "It's an industry that really needs to be revamped, utilizing less judgment and more data," Mark O'Donovan, CEO of Chase Home Lending, told CNN Business.
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