WASHINGTON, Nov. 4, 2024 /PRNewswire/ -- Appraisal bias has come under an increasingly bright spotlight as an issue which can marginalize various people groups in their ability to interact with the housing market fairly and equally. There is a general will to address bias, with some efforts focused on training and some on quality control. However, the risk of potential bias can be difficult to identify quickly and clearly. Through AI-driven data analysis, we believe it is possible to shine light upon whether appraisals are being produced equitably across various market areas and neighborhoods, honing in on any troubling trends.
At ValueScape we have developed our bias application over a lengthy period of time, deliberately taking on as much constructive feedback as possible from investigators, fair housing associations, lenders, lawyers, appraisal management companies and regulators, including HUD, Fannie Mae, VA and the CFPB, and other market participants such as appraisers, realtors and homeowners. This process has led us into developing a multifaceted application based on advanced statistical and AI analysis, to arrive at a more thorough, data-driven model than other solutions. Our application gives clients the ability to construct trending models to analyze their appraisal population with precision for disparate treatment across communities, and alert them to any concerns. The application provides powerful inputs to the ROV process, giving it added value to clients.
This application is active with various clients who are benefiting from its use.
To unlock in-depth analysis and AI-driven trending which can help you in your potential bias assessment, in-line quality control and ROV processes, we invite you to download our white paper Appraisal Bias Indicator™.
About ValueScape
ValueScape is An Award-Winning Artificial Intelligence and Data Science company providing Compliance Management Services to the Housing and Mortgage Industries. ValueScape's A.I. capabilities include advanced computer vision, machine learning algorithms and large language models. ValueScape's vast and growing Artificial Intelligence Enhanced property datasets pegged with our super computing resources, allow ValueScape to cover different use cases, including AI Quality Control Review, Appraisal Compliance Reviews, Peer Adjustments Comparison Analysis, Sales Comps and Listing Analysis, AVMs, Property Preservation, etc.
For more information, please visit ValueScape.AI.
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SOURCE ValueScape Analytics Inc.
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