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Another priority gaining traction is to eliminate bias in the home pricing system, a scourge that has prompted some firms to install artificial intelligence software into their processes to eliminate inequities. “Then you have other things like the CFPD [Consumer Financial Protection Bureau] that is looking at what they can do to ensure underwriting and valuation engines are devoid of any real or perceived biases that can impact minorities.”
Beyond understanding issues better, the influx of industry representatives making the trek to the nation’s capital is also driven by the need to make important connections and build relationships, Rood said.
“But of course, they’re also looking for the opportunity to advocate, for lack of a better term, for any sort of policy adjustments, amendments, anything the industry believes the administration might have gotten wrong or [where it] might not fully appreciate the unintended consequences of those policies,” he said. “They’re looking for an audience so that it can rationalize those things and make sure they have a point of view that can be heard.”
It’s a whole new world, with attendant paradigm shifts and shifting moral hazards spurred by forbearance agreements as mortgage moratoriums in an age gripped by a pandemic. But for the uninitiated, the guide also addresses more familiar paths across the rocky D.C. landscape, with insights gained from past treks while traversing each pitfall, road bump and traffic-calming device along the way.
“I think people approach D.C. with too much of a commercial orientation and a little bit of naivety,” Rood said. “Sometimes, it was difficult to get across to people that just because you had a good meeting doesn’t mean you accomplished anything.”
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