This originally ran in Inman
Mortgage lenders who rely on artificial intelligence and algorithms risk running afoul of fair lending laws if they discriminate against minority groups, women or other protected borrowers — even if that bias is unintentional.
FairPlay™️, which today announced raising $4.5 million in seed funding, says its “Fairness-as-a-Service” solutions are already being used by lenders including Figure Technologies to help ensure fair lending compliance.
The New York-based startup offers two application programming interfaces (APIs), Fairness Analysis and Second Look, that are designed to help lenders discover bias in algorithms and take a second look at rejected applicants using “cutting edge AI fairness techniques.”
The bottom line is that “more applicants of color, women and other historically disadvantaged people are approved,” the company says.
“FairPlay™️ turns fairness into a business advantage, allowing our users to de-bias digital decisions in real-time and prove to their customers, regulators and the public that they’re taking strong steps to be fair,” FairPlay™️ founder and CEO Kareem Saleh said in a statement.
