Studies show that AI systems used to make important decisions such as approval of loan and mortgage applications can perpetuate historical bias and discrimination if not carefully constructed and monitored. (Seksan Mongkhonkhamsao/Getty Images)In a recent study evaluating how chatbots make loan suggestions for mortgage applications, researchers at Pennsylvania’s Lehigh University found something stark: there was clear racial bias at play. With 6,000 sample loan applications based on data from the 2022 Home Mortgage Disclosure Act, the chatbots recommended denials for more Black applicants than identical white counterparts. They also recommended Black applicants be given higher interest rates
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