A quarter of customers disputing property appraisals at a midsized US mortgage lender find their home values miscalculated. The problem disproportionately affects minority groups. President Trump has rolled back guidelines aimed at making it easier for homeowners to challenge appraisals. While changes could hinder efforts for diversity and equity, major lenders like JPMorgan Chase and Bank of America indicate they won't change current valuation policies. New American Funding, one of the lenders contacted, reported that about 22% of disputed appraisals reveal discrepancies, but it did not provide racial breakdowns of those affected.
Almost a quarter of customers who dispute property appraisals at one US mortgage lender find the value of their home miscalculated, impacting mainly minority groups.
Home appraisals are often unreliable, leaving Black homeowners and other minorities at a disadvantage, particularly as home ownership is a key wealth-creation tool.
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