PropMix announced the launch of appraisal industry’s first fully automated appraisal validation service. The new service uses PropMix’s proprietary image recognition platform and machine learning to analyze an appraisal report in any format – PDF or XML. The service is able to extract images from the PDF and ensure that all the required subject and comparable photos are included. For example, the photos of the property should cover the front view of the house, living area, kitchen, bedroom, bathroom, etc. It can also verify if the photos in fact belong to the subject or not. The images extracted include photos, maps, sketches, and all other attachments. In addition, it can also ensure that all appraiser related attachments such as license, insurance, etc. have been included.
The service also leverages PropMix’s unique centralized real estate data store to compute and validate the comparable properties selected for the appraisal. An automated similarity scoring algorithm identifies the best comparables. The service validates using all the Freddie Mac and Fannie Mae appraisal validation rules and also provides the option to customize the validation rules as required.
These checks ensure that any appraisal report from ACI or Ala Mode or other forms providers go through a thorough validation process and is compliant to known rules before submission for underwriting. The automation saves cost and minimizes the effort required to accomplish these as part of the loan origination workflow.
PropMix.io LLC, an Innovation Incubator Inc portfolio company, offers a ground-breaking Real Estate Smart App Development Platform that enables the Real Estate ecosystem to easily consume and monetize data and insights and build Smart Solutions. PropMix’s platform and solutions are widely used by mortgage lenders, appraisers, realtors, and investors. Built on industry open standards for global scale, PropMix.io empowers users to engage with data, make decisions using insights and build the real estate technology of the future. Headquartered in New York, we also have presence in Boston MA, Leesburg VA, Freehold NJ in USA and Trivandrum, Kerala in India.
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