The Consumer Financial Protection Bureau (CFPB) has shifted its focus on ensuring the fair and unbiased use of artificial intelligence (AI) in home appraisals and Automated Valuation Models (AVMs). This move comes as the use of AI becomes more prevalent in the mortgage industry, raising concerns about potential discrimination and lack of transparency in the valuation process.
Key points from the article include:
– The CFPB is using its rulemaking authority to address issues related to the use of AI in home appraisals and AVMs.
– The goal is to promote fairness and prevent discrimination in the valuation process.
– Industry experts are closely monitoring these developments and preparing for potential regulatory changes in the use of AI.
You can read this full article at: https://www.housingwire.com/articles/cfpb-turns-rulemaking-eye-toward-ai-use-in-automated-home-appraisals/(subscription required)
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