What’s in a name.
Your name can say a lot about who you are. It’s often an accurate indicator of race, gender, ethnicity and religion. When we present a loan package to our lenders we remove key information, including your name, to eliminate the possibility of any implicit bias from influencing the decision. Along with name, we also remove data points such as date of birth, marital status, income and debt types such as alimony and child-support.
No redline.
The power of data.
We go to great lengths to ensure that only valuable financial and credit data are being used when evaluating a loan, however, we still collect all of the data. This is necessary both to proceed with processing and closing a loan, as well as for reporting and analyzing the state of disparity within US mortgages. In fact, organizations like Achroma use this data collection process to hone in on the prevalence of disparity in the market. It’s for this reason that we ask you to accurately fill out your demographic information. We don’t supply this information within our loan decision package but we do use it in our data analysis to ensure that we are consistently living up to our mission of the world’s fairest mortgage marketplace.