Author: Kori Hale
Publisher: Forbes
Publication Year: 2021
Summary: The following article describes a specific instance of an unethical artificial intelligence (AI) program where across the board minorities are being rejected from mortgage requests at higher rates than their white counterparts. Black Americans were 80% more likely to be denied, Latinos 40% more likely to be denied, and 70% of Native Americans are more likely to be denied. Furthermore, minorities are more likely to receive worse lending conditions than white Americans. With the continued rise of Fintech in the mortgage lending industry, this article describes the need for fairer business practices in the industry because home ownership is a key driver of the economic divide.