NEWS PROVIDED BYFoxyAI
May 29, 2024, 08:00 ET
Leading PropTech Solutions Company Deploys the Latest in AI Technology to Further Advance Innovation within the US Appraisal Industry
NEW YORK, May 29, 2024 /PRNewswire/ — FoxyAI, a B2B PropTech leader in real estate visualization and property intelligence, announced today that it had been selected by Ascent Software Group, an Opteon sister company, the leader in software solutions for the appraisal and mortgage industries, to automate the quality and condition scoring for its appraisers’ sales comparable property selections. With FoxyAI’s API-accessible models now incorporated into Ascent’s technology stack, appraisers searching for comparable properties can add automated quality and condition scores to their search field options, resulting in comps with super-human accuracy for appraisals.
The FoxyAI Quality and FoxyAI Condition Scores are proprietary AI models that analyze property media. From property images, including video, the FoxyAI Quality Score determines the quality of a property’s finishes, using a continuous 6-point scale ranging from Luxury to Basic. The FoxyAI Condition Score also analyzes property media and provides a continuous condition score, using a 6-point scale ranging from Brand New to Heavy Damage/Not Livable. The 6-point scale is based on a 6-point scoring system from the Uniform Appraisal Dataset used by Fannie Mae, Freddie Mac, and others for underwriting.
“We are always energized and are honored to work with like-minded partners like Ascent Software Group, who are spearheading innovation in our space,” said Vin Vomero, co-founder and CEO of FoxyAI. “Our teams had the pleasure of meeting in person, and we left inspired by the work Ascent is doing to support appraisers and enhance the appraisal valuation process at scale.”
Drew Meyers, the founder of GEM, a real estate tech think-tank composed of 600+ founders, executives, VCs, and practitioners, including Ascent Software Group and FoxyAI, added, “I founded GEM to spur innovation in the real estate industry. The Ascent Software Group and FoxyAI relationship is the perfect example of two leaders coming together to innovate for the betterment of our industry. FoxyAI customers within a varied range of sectors, e.g., Public Entities, AVM providers, Financial Institutions, and Tech Providers, have seen clear success in providing solutions that serve the real estate ecosystem, and Ascent Software Group is a proven appraisal tech solutions player in the market. I am thrilled for appraisers and look forward to seeing future innovations made possible by this collaboration.”
About FoxyAI
Founded in 2018, FoxyAI is a leading B2B proptech in real estate visualization and property intelligence. The company utilizes cutting-edge artificial intelligence and computer vision to convert everyday real estate photos into actionable data. FoxyAI’s suite of Property Intelligence tools, all available through its API, can instantly compute quality and condition, renovation costs, detect objects and materials, and more. For more information on FoxyAI, visit https://foxyai.com/.
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SOURCE FoxyAI