A.I. Could Be the New Play to Increase Minority Homeownership
Dec 30, 2019
AI is being used to reduce discrimination against certain minority groups who are applying for home loans. A recent study found that while in-person mortgage lenders tend to reject minority applicants at a rate 6% higher than non-minority applicants with similar backgrounds, AI algorithms that handle online applications approved minority and non-minority applicants at the same rate. Algorithms like this one can go a long way towards closing the wealth gap.