Trump Rolls Back Biden-Era Appraisal Rules, Lenders Push Back
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Homes on East Capitol Street in Washington, DC.
Photographer: Eric Lee/BloombergAcross the US, homes in neighborhoods of color have historically been appraised at lower values than comparable homes in white neighborhoods. Guidance introduced during the Biden era allowed homeowners to challenge appraisals and root out bias, but the Trump administration has recently taken steps to roll that back.
It turns out, the shift in Trump’s policy may not have that much impact on the industry: Some of the biggest US mortgage lenders say they won’t change their own practices. One bank, New American Funding, reports that about 22% of customers who take the opportunity to dispute their property appraisals find that the value of their home had been miscalculated.