Algorithms for All: Can AI in the Mortgage Market Expand Access to Homeownership?

IF 3.1 Q2 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE
Vanessa G. Perry, Kirsten Martin, Ann Schnare
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Abstract

Artificial intelligence (AI) is transforming the mortgage market at every stage of the value chain. In this paper, we examine the potential for the mortgage industry to leverage AI to overcome the historical and systemic barriers to homeownership for members of Black, Brown, and lower-income communities. We begin by proposing societal, ethical, legal, and practical criteria that should be considered in the development and implementation of AI models. Based on this framework, we discuss the applications of AI that are transforming the mortgage market, including digital marketing, the inclusion of non-traditional “big data” in credit scoring algorithms, AI property valuation, and loan underwriting models. We conclude that although the current AI models may reflect the same biases that have existed historically in the mortgage market, opportunities exist for proactive, responsible AI model development designed to remove the systemic barriers to mortgage credit access.
面向所有人的算法:人工智能在抵押贷款市场能否扩大住房所有权?
人工智能(AI)正在改变抵押贷款市场价值链的每一个阶段。在本文中,我们研究了抵押贷款行业利用人工智能克服黑人、棕色人种和低收入社区成员拥有住房的历史和系统性障碍的潜力。我们首先提出在开发和实施人工智能模型时应该考虑的社会、伦理、法律和实践标准。基于这一框架,我们讨论了正在改变抵押贷款市场的人工智能应用,包括数字营销、在信用评分算法中纳入非传统“大数据”、人工智能房地产估值和贷款承销模型。我们得出的结论是,尽管目前的人工智能模型可能反映了抵押贷款市场历史上存在的相同偏见,但存在积极、负责任的人工智能模型开发机会,旨在消除抵押贷款信贷准入的系统性障碍。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.20
自引率
0.00%
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0
审稿时长
11 weeks
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