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Improving Mortgage Underwriting and Pricing Outcomes for Protected Classes Through Distribution Matching
A Joint Study by the National Fair Housing Alliance and FairPlay AI Mortgage underwriting disparities for historically underserved groups remain essentially unchanged despite several decades of legislative and policy interventions to improve them. Now with artificial intelligence, including machine learning, poised to augment or take over decision making across a range of domains, including in […]
NFHA and MBA Launch Online Toolkit to Help Lenders Develop Special Purpose Credit Programs for Underserved Communities
The National Fair Housing Alliance (NFHA) and Mortgage Bankers Association (MBA) announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs (SPCPs). SPCPs permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their […]
How People-Based Special Purpose Credit Programs Can Reduce the Racial Homeownership Gap
Rapid home price appreciation has built considerable wealth for homeowners, but it has made homeownership less attainable for first-time homebuyers. This concern is especially acute for Black households because the Black-white homeownership gap is as large today as it was before the passage of the Fair Housing Act. Read the full article here.
How Place-Based Special Purpose Credit Programs Can Reduce the Racial Homeownership Gap
Special purpose credit programs (SPCPs)—which allow banks to offer credit on favorable terms to borrowers who have suffered economic disadvantage and share common characteristics (e.g., race or income)—could provide the kind of homeownership boost to Black communities today that the New Deal provided to white people in the 20th century. Read the full article here.
NFHA’s President and CEO Discusses Groundbreaking Report on Appraisal Bias in Real Estate (ABC7 San Francisco)
A groundbreaking report released by the National Fair Housing Alliance on January 19, 2022, is calling for sweeping reforms in the appraisal industry and highlights a lack of diversity in the field, among other challenges.
LendingTree: “32% of Black Homeowners Believe Their Home’s Value Was Unfairly Appraised”
Written byDENNY CEIZYK | Edited by DAN SHEPARD and PEARLY HUANG Updated on: February 15, 2022 | READ THE FULL ARTICLE HERE Black Americans frequently face challenges achieving homeownership, even in areas with large Black populations, according to a 2021 LendingTree study. Those fortunate enough to overcome financial hurdles to become homeowners may face a different […]
CFPB: “Appraisal discrimination is illegal under federal law”
Patrice Alexander Ficklin | Feb. 4, 2022 View the full blog on CFPB’s website Home ownership is one of the best paths for building intergenerational wealth. But for some homebuyers and owners, a home’s valuation may be skewed by one’s skin color or the demographics of the surrounding community. A biased home appraisal can worsen […]
Special Purpose Credit Programs Virtual Forum Overview
On September 1, 2021, the National Fair Housing Alliance (NFHA), in partnership with Urban Institute and the Mortgage Bankers Association (MBA), hosted a virtual forum on Special Purpose Credit Programs (SPCPs). This event was intended to provide the audience with an overview of SPCPs and a clear understanding of the barriers to credit access and […]
Using Special Purpose Credit Programs to Expand Equality
Special Purpose Credit Programs (SPCPs) are made available by the Equal Credit Opportunity Act. Building more affordable housing is important, but much more must be done to advance credit equity. Our markets are structurally unfair and we need intentionality to effectively address the racial wealth and homeownership gaps. SPCPs are an important tool in expanding […]