Artificial Intelligence and its inherent bias seems to be an ongoing contributing factor in slowing minorities home loan approvals. An investigation by The Markup found lenders were more likely to deny home loans to people of color than to white people with similar financial characteristics. Specifically, 80% of Black applicants are more likely to be rejected, along with 40% of Latino applicants, and 70% of Native American applicants are likely to be denied. How detrimental is the secret bias hidden in mortgage algorithms? It's important to note that 45% of the country's largest mortgage lenders now offer online or app-based loan origination, as FinTech looks to play a major role in reducing bias in the home lending market, CultureBanx reported.
Sep-4-2021, 07:15:04 GMT