Stewart Valuation Intelligence and Restb.ai bring AI power to VALIDITY Pro inspection application, advancing appraisal modernization movement
- Partnership between Stewart Valuation Intelligence and Restb.ai to integrate Generative AI and computer vision technology into SVI VALIDITY Pro.
- SVI aims to improve property valuation quality and consistency in the industry by embedding advanced AI solutions into its inspection applications.
- Restb.ai's image recognition technology will enhance data collection process for SVI, expanding Restb.ai's reach in the market.
- SVI and Restb.ai focus on appraisal modernization and industry efficiency through innovative technology integration.
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Insights
The partnership between Stewart Valuation Intelligence (SVI) and Restb.ai to integrate advanced generative AI and computer vision into SVI's VALIDITY Pro app represents a significant step in the appraisal modernization movement within the residential real estate sector. This collaboration is poised to streamline the property valuation process by enhancing the consistency and quality of valuations, which could lead to increased reliability for lenders, investors and other stakeholders relying on property appraisals.
The integration of AI and computer vision technology is expected to reduce turnaround times for reports, potentially lowering costs for SVI's partner network and improving service standards. This technological advancement aligns with the broader trend of digital transformation in the real estate industry, which is increasingly leveraging data analytics and machine learning to improve operational efficiencies and decision-making processes.
From a financial perspective, SVI's adoption of Restb.ai's AI-powered computer vision solutions could have a positive impact on their competitive positioning in the market. By offering a more advanced and efficient valuation service, SVI may gain a larger market share and attract new clients within the real estate industry. The move could also potentially lead to cost savings through improved operational efficiencies and reduced need for manual labor in the appraisal process.
Furthermore, SVI's initiative may serve as a catalyst for other companies in the industry to adopt similar technologies, potentially leading to broader market changes and increased expectations for technological capabilities in real estate services. Companies that fail to innovate may find themselves at a competitive disadvantage, highlighting the importance of technological investment in maintaining market relevance.
The implementation of generative AI and computer vision in real estate appraisal processes is a transformative development. These technologies can analyze and interpret property images with a high degree of accuracy, identifying features and conditions that may affect property values. For example, computer vision can detect structural elements, property conditions and even compare features against a database to ensure GSE compliance.
This level of detail and objectivity in property analysis can lead to more accurate appraisals, potentially reducing the risk of human error. Moreover, it aligns with initiatives like Fannie Mae's use of 'image recognition' for quality and condition ratings, indicating a trend towards standardization and increased regulatory compliance in the industry.
Restb.ai, real estate’s leading AI-powered computer vision solutions provider, will initially integrate its advanced generative AI and computer vision software solutions into SVI VALIDITY Pro, utilizing its latest technology to improve property valuation quality. SVI services an extensive partner network with more than 37,000 active appraisers, brokers and agents in the field.
"By embedding Generative AI and computer vision directly into VALIDITY, we are not just innovating; we are raising the bar for the entire industry," said Aaron Fowler, President of Stewart Valuation Intelligence. "Generative AI and computer vision will significantly improve consistency in the valuation process, ultimately enhancing the overall valuation. This technology delivers a game-changing approach, ensuring that consistency in valuations is not an ideal but table stakes," he added.
"By utilizing computer vision, we can improve turnaround times while providing exceptional quality reports," said Matt Jenkins, VP Valuation Services at SVI. "Integrating the newest technologies drives the industry to adopt new ways to provide better quality and service standards to clients."
Last summer, Fannie Mae announced it would use "image recognition" to detect incorrect quality and condition ratings. With SVI incorporating Restb.ai image recognition into their data collection process, VALIDITY Pro will significantly expand the reach of Restb.ai’s GSE-compliant image validation solution.
"SVI's reputation as an early adopter of transformative technologies is well-earned,” said Nathan Brannen, Chief Product Officer at Restb.ai, adding, “Their deployment of cutting-edge solutions has consistently elevated industry efficiency. Our shared vision for leading innovation and commitment to appraisal modernization is not just about keeping pace but about setting the pace. Integrating AI into the VALIDITY exemplifies our mutual dedication to advancing the future of valuation.”
Tony Pistilli, General Manager, Valuations for Restb.ai, an appraisal industry veteran and respected valuation expert, noted, "Image recognition technology is proving to be a must-have tool for everyone in the valuation chain, and SVI is leading the way.”
More information about SVI’s VALIDITY applications can be found here (stewartvaluation.com/products/validity-inspection). Restb.ai computer vision solutions and its Valuation Product Suite are online here (restb.ai/customers/appraisals-inspections).
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
About Stewart Valuation Intelligence
Stewart Valuation Intelligence, LLC (SVI) is a national provider of appraisal management and residential real estate valuation services. SVI works with lenders, loan servicers and investors to improve risk management through superior real estate collateral information. Learn more at stewartvaluation.com. SVI is a member of the Lender Services Division of Stewart (NYSE-STC), a global real estate services company.
About Restb.ai
Restb.ai, the leader in AI-powered computer vision for real estate, provides image recognition and data enrichment solutions for many of the industry's top brands and leading innovators. Its advanced AI-powered technology automatically analyzes property imagery to unlock visual insights at scale that empower real estate companies with relevant and actionable property intelligence. Restb.ai is like having a real estate expert instantly research and provide a deep insight into each of the 1 million property photos uploaded daily. For more information on Restb.ai, visit its website.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213128138/en/
STEWART CONTACT
John Chattaway, Stewart Media Relations
(713) 625-8180; mediarelations@stewart.com
Restb.ai CONTACTS
Maya Makarem, maya@restb.ai
Kevin
Source: Stewart Information Services Corporation
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