With the secondary market pushing for greater appraisal accuracy, a new collaboration between a leading appraisal review platform and an innovator in computer vision technology promises to not only improve the veracity of reports but advance valuation workflow.
The two companies are award-winning mortgage technology firms. And their partnership is expected to help modernize the appraisal process.
By integrating Restb.ai’s advanced image recognition solution into HomeVision’s collateral underwriting and appraisal review platform, the two companies say they will be able to improve the accuracy of appraisers’ work as well as enhance productivity and reduce expensive revisions to the finished product.
With Restbi.ai’s visual insights, HomeVision will provide an AI-powered solution to instantly aggregate and analyze all relevant details and deliver a comprehensive risk assessment and summary report.
Called MIRA, which stands for Machine Intelligence Review Assistant, HomeVision’s platform leverages machine learning, optical character recognition and natural language processing to identify discrepancies in appraisal reports.
With the addition of Restb.ai’s image recognition and property intelligence program, MIRA will provide an additional layer of automation that can detect inconsistencies between appraisal data and property imagery and confirm that the condition and quality of the subject property and comparables used for the appraisal align with one another.
Restb.ai’s visual insights also compliments MIRA’s native image models to ensure that appraisal reports meet compliance standards and maintain the highest quality.
“Our partnership accelerates our mission to give customers everything they need to complete their reviews,” said Charlie Horton, HomeVision’s general manger for collateral underwriting. “By incorporating Restbi’s AI capabilities, we are helping lenders and AMCs identify critical defects.”
By instantly analyzing photos of the subject property, Restbi.ai’s solution can detect discrepancies between data and imagery, flag non-compliant images for revision before the appraisal report is submitted, extract photo-based condition and quality scores for the property as well as comparables, and mitigate loan repurchases.
“Our collaboration underscores the transformative power of AI in the mortgage industry,” said Tony Pistilli, general manager of valuation at Restbi.ai. “We are enabling appraisers, lenders and AMCs to operate more efficiently.”
