Why Mortgage Lenders Are Ignoring Trump’s Rollback on Home Appraisal Reviews
Federal reforms aimed at addressing race disparities in home appraisals face opposition from the Trump administration. But some of the country's biggest banks say they'll keep their policies.
Homes on East Capitol Street in Washington, DC.
Photographer: Eric Lee/BloombergAt one midsized US mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated.
It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier for homeowners to question the valuations assigned by property appraisers. Trump has scrapped some of the guidelines, part of his team’s vow to stamp out what it sees as initiatives that support diversity, equity and inclusion.