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

IF 3.1 Q2 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE AI (Basel, Switzerland) Pub Date : 2023-10-11 DOI:10.3390/ai4040045
Vanessa G. Perry, Kirsten Martin, Ann Schnare
{"title":"Algorithms for All: Can AI in the Mortgage Market Expand Access to Homeownership?","authors":"Vanessa G. Perry, Kirsten Martin, Ann Schnare","doi":"10.3390/ai4040045","DOIUrl":null,"url":null,"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.","PeriodicalId":93633,"journal":{"name":"AI (Basel, Switzerland)","volume":null,"pages":null},"PeriodicalIF":3.1000,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"AI (Basel, Switzerland)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3390/ai4040045","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE","Score":null,"Total":0}
引用次数: 0

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.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
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。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
7.20
自引率
0.00%
发文量
0
审稿时长
11 weeks
期刊最新文献
Can Artificial Intelligence Aid Diagnosis by Teleguided Point-of-Care Ultrasound? A Pilot Study for Evaluating a Novel Computer Algorithm for COVID-19 Diagnosis Using Lung Ultrasound. Chatbots Put to the Test in Math and Logic Problems: A Comparison and Assessment of ChatGPT-3.5, ChatGPT-4, and Google Bard Deep Learning Performance Characterization on GPUs for Various Quantization Frameworks From Trustworthy Principles to a Trustworthy Development Process: The Need and Elements of Trusted Development of AI Systems Algorithms for All: Can AI in the Mortgage Market Expand Access to Homeownership?
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1