Mortgage lenders stick with Biden-era reappraisal guidance

(Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated.

It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier for homeowners to question the valuations assigned by property appraisers. Trump has scrapped some of the guidelines, part of his team’s vow to stamp out what it sees as initiatives that support diversity, equity and inclusion.

Many financial professionals agree that home appraisals can be unreliable, and that Black homeowners and other minorities are often put at a significant disadvantage. This can be especially…