Nationwide Property & Appraisal Services LLC (NPAS) has launched BiasSHIELD, an AI-driven process designed to combat bias in property valuations and help move the industry towards a more compliant tomorrow.
Breaking Down Bias with BiasSHIELD:
- AI-Powered Bias Detection: BiasSHIELD employs state-of-the-art AI technology to detect and eliminate unacceptable terminology and ensure no bias-inducing images appear in appraisal reports. It’s currently being utilized for select clients as a premium service for those who want to elevate their valuation process.
- Comprehensive Quality Control Workflow: After leveraging AI detection, NPAS performs 100% manual review to ensure accuracy and thoroughness.
- Unparalleled Bias Training: NPAS stands committed to addressing biases head-on. Every employee undergoes mandatory bias training delivered by leading industry experts.
- Panel Management: Screening, scrutinizing, and addressing bias in reports is a critical step, but it is not the last step. The NPAS Vendor Management team tracks vendor performance and takes the appropriate next steps, ranging from coaching, formal training, and panel removal to reporting to state regulators.
The launch of BiasSHIELD comes at a pivotal moment in the real estate industry. Recent updates from Fannie Mae and Freddie Mac emphasize addressing bias and subjective language in property valuations. BiasSHIELD is positioned to meet these new requirements effectively. Additionally, NPAS clients have sought increased protection against bias and subjective language in appraisal reports. BiasSHIELD represents NPAS’s commitment to combining machine intelligence with manual intervention to address these needs.
With BiasSHIELD, NPAS clients can expect peace of mind, knowing that there’s an additional layer of protection against bias in their appraisal reports. This innovative solution helps safeguard against various risks associated with the heightened concern for potential bias, ultimately enhancing the accuracy and fairness of property valuations.
“The industry is changing for the better, and we are proud to be at the forefront of this transformation by offering innovative products that help mitigate potential bias. We believe BiasSHIELD can help our clients further reduce bias risk, and the best part is that it can be added to any workflow without sacrificing turn time,” says Sri Velamati, CEO of Nationwide Property & Appraisal Services.
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