PropMix Announces Automated Appraisal Review Powered by AI

MANHASSET HILLS, N.Y., Oct. 2, 2019 /Appraisal Buzz/ – 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.

About PropMix

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.

Media Contact: Sakeer Hassan, sakeer@propmix.io

News distributed by Appraisal Buzz: https://www.appraisalbuzz.com/propmix-announces-automated-appraisal-review-powered-by-ai/

PropMix at Valuation Expo

PropMix at Valuation Expo, Las Vegas, Sept 30 to Oct 2, 2019

Dr. Umesh Harigopal, CEO of PropMix, and Danny Mancino, VP – Data Solutions, attended the Valuation Expo 2019 in Las Vegas from Sept 30 to Oct 2, 2019. The highlight from PropMix was the launch of the Appraisal QC product and how it can benefit the Appraisal community. Check out https://www.propmix.io/lender-appraiser/#appraisalqc to learn more about how Appraisal QC can support Appraisers. There was a lot of interest around Market Conditions Advisor (MCA) as well with the new features that were introduced in the latest release.

EB-5 Investment Discussions at PropMix

Dr. Umesh Harigopal, CEO of PropMix.io LLC, and Sakeer Hassan, CMO, attended a series of investor meetings related to the EB-5 investment program recently in India. They attended the events in Hyderabad, Chennai, Bengaluru, and Kochi from Sept 18 to 25, 2019. Anil Kumar, Head of Marketing, also attended the Chennai event. The PropMix team was able to present the vision and plans for PropMix to potential investors, and why PropMix would make an ideal option for their EB-5 investment. The team met more than 100 potential investors from these cities, and are following up with them to close the investments by Nov third week when new rules from the USCIS take effect. Queries regarding the legal aspects of EB-5 and immigration timelines were also handled by the team.The PropMix team also attended the Global Investor Immigration Summit in Bengaluru on Sept 21, 2019, where Umesh was a panelist on an EB-5 focused discussion.

A press meet was also held at the Ernakulam Press Club for local and national newspapers highlighting the fact that PropMix is the first Kerala-based technology company to qualify for receiving EB-5 investment, and how the growth plans for the company create job opportunities in the state of Kerala. This is a conscious decision by the founders of the company to give back to the community which nurtured their formative years. Unnikrishnan, Program Director of IIH, and Saran Chand from PropMix coordinated the press meet. See the link to the video from the press meet below. All the collateral for EB-5 events were created by Aby Dominic.

PropMix.io Launches Cognitive Fabric for Real Estate with new Insights and Instant CMA for Agents and Brokers

MANHASSET HILLS, N.Y., Jan. 17, 2017 /PRNewswire-iReach/ — PropMix.io, an Innovation Incubator portfolio company, announced the general availability of RE CogFab – Real Estate Cognitive Fabric, the first Artificial Intelligence platform-as-a-service for Real Estate. Using the cognitive fabric PropMix is making available new cognitive insights such as Propensity to Sell/Buy, Best Fit Home, and deep analytics for agents and brokers, adding Instant CMA to its next-gen IDX and live CMA app – iCMALive, and providing PropMix Glocal Bridge APIs and international property insights.

RE CogFab is developed in partnership with CogNub Decision Solutions – a cognitive analytics and decision solutions provider. Leveraging the fabric, PropMix has released insights and analytics for agents and brokerages to understand their market performance and competitive positioning, to determine Propensity to Sell/Buy – customers who are going to sell/buy a home soon, and to identify the best fit homes. Propensity to Sell/Buy scores assigned to each home owner helps the agent focus on the leads that really matter. PropMix also announced the availability of variants of its CMA Comps insight such as Best Fit Home, Similar Homes, and Match My Home, all of which enable a user or agent focus on the right homes among the hundreds of listings that are available within a target geography.

“PropMix’s Real Estate Cognitive Fabric will enable us to combine data from various sources – local, listings, public records, and more to generate deeper insights that we can deliver to real estate professionals nationwide.” said Jonathan Bednarsh, President and COO at Onboard Informatics.

The new Instant CMA feature of iCMALive App enables an agent to create an interactive and live CMA report and deliver it to a client in a single click with no manual intervention. Predefined agent specific customizations and branding are automatically incorporated along with a Fair Market Value for the home determined using PropMix’s cognitive insights engine. An automated CMA such as this can be followed up later with a detailed customized CMA report if the lead advances to the next stage in the selling process. This new feature builds on iCMALive’s fundamentally different perspective to CMAs – live CMAs that react to market activity and interactive and collaborative CMAs that engage the seller.

With a strategic partnership with Indunia International, PropMix is enabling non-resident Indians in the US to leverage their local realtor relationship to make investment decisions about properties in India. Similarly, investors in India will be able to invest in the US real estate market using recommendations from big data and cognitive insights.

“We use the PropMix glocal bridge to extend the reach of builders and brokerages who have signed up on our Indunia marketplace. The integration enables us to surface Indian property information and insights to millions of realtors in USA and empower them to leverage the relationship with their local non-resident Indian clients”, said DK Aggarwal Co-founder of Indunia International and Chairman and Managing Director SMC Investment & Advisors. “The integration of PropMix glocal bridge also powers permission based USA property information along with big data and cognitive insights on our marketplace, which enables HNIs in India to make informed real estate investments in USA. PropMix is an ideal solution that has opened up the markets for both Indian and US buyers, brokers and builders”

Realtors will now be able to tap into their local ethnic community relationships by providing property insights across continents in their portals using the PropMix Glocal Bridge API.

“PropMix is leading the new wave of innovation in global housing and mortgage industries by amplifying high value apps that leverages cognitive insights from real estate big data and realtor knowledge”, said Dr. Umesh Harigopal, CEO of PropMix.io LLC. “This strategy will help realtors, brokers, appraisers and lenders become essential as we augment collective human intellect with machine cognition”.

About PropMix.io LLC USA

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 Apps. Strategic partners include Software Incubator and Cognub Decision Solutions the first decision science company in Real Estate. Built on industry open standards based Platform as a Service (PaaS) for global scale and bulk sync, PropMix.io empowers users to engage with data, make decisions using insights and build the Real estate future. Headquartered in New York, we also have presence in Boston MA, Leesburg VA, Freehold NJ in USA and Trivandrum, Kerala in India.

Media Contact: Sakeer Hassan, PropMix.io, 7329799507, sakeer@innovationincubator.com

Read more about ‘Cognitive Fabric for Real Estate’

Innovation Incubator launches iCMALive beta, the next generation online CMA powered by PropMix

New offering will boost real estate agent productivity, buyer/seller engagement and sales

MANHASSET HILLS, N.Y., April 19, 2016 /PRNewswire-iReach/ — Innovation Incubator, Inc., a New York based startup incubator, has launched iCMALive beta, a next generation Comparative Market Analysis platform with direct integration into MLS data and an automated comparable property recommender. Real estate agents can now generate fully customized and branded CMA presentations from a single platform without having to go through the cumbersome exporting and importing of data from various MLS systems.

“iCMALive successfully leverages RESO Data Dictionary standards normalizing MLS Data to create an innovative CMA solution for agents,” said Jeremy Crawford, Executive Director Real Estate Standards Organization (RESO). “The new platform by Innovation Incubator, Inc. allowing the creation of CMAs in 3 simple steps demonstrates the power of industry standards and is precisely what RESO encourages — the implementation of data standards that facilitate software innovation and helps maximum efficiencies for real estate brokerages and their agents.

PropMix, a real estate big-data, deep learning, and smart app building platform, serves as the backend engine for iCMALive. PropMix’s key insights that power iCMALive include an automated comparable property identifier based on over 50+ RESO standardized parameters and a fair market value calculator customized to the comparable properties chosen by the agent. These along with many other insights such as an AVM, Price Trends, and propensity to sell/buy are also delivered by PropMix via APIs to empower the community to build more such apps.

In the spirit of empowering the real estate community, iCMALive is also available in a white labelled version for branded delivery by any MLS or broker to their members. Thus iCMALive and PropMix are opening new doors for MLS to monetize their data.

Matt Kumar, Chairman and Co-founder of Innovation Incubator provided a glimpse into the next version of iCMALive due to release in May 2016: “The next version will also provide seller and buyer tools to allow agents to actively engage and collaborate with their customers and will recommend CMA adjustments based on changing market conditions. These capabilities will challenge the status quo and create new ways for agents to improve customer satisfaction and provide end-to-end transaction support to their clients.”

About Innovation Incubator, Inc. USA

Focused on incubating to accelerate the first mile and guiding the journey to the last mile, Innovation Incubator creates and spins off IT solution companies with very large market valuation potential. Its portfolio companies include Cognub (aka Kreara Solutions). Innovation Incubator is a member of the IBM Global Entrepreneur Program and is headquartered in New York, with presence in Boston MA, Leesburg VA, Freehold NJ in USA and Trivandrum, Kerala in India.

Media contacts:

Antony Satyadas,
Innovation Incubator Inc.,
7819530902,
antony@innovationincubator.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Software Incubator Accelerates RESO Data Dictionary Compliance

Launches New Automated Testing System to Speed Up New Standards Adoption in Real Estate

MORRISVILLE, NC–(Marketwired – Apr 5, 2016) – The real estate industry’s Real Estate Standards Organization (RESO) is launching a new automated data standard compliance testing platform and certification accelerator tool in partnership with the real estate big data tech company Software Incubator Inc. USA.

Believed to be the first of its kind automated testing platform for Data Standards and Compliance for the real estate industry, the new service was specifically created for the RESO Data Dictionary, which is now available to more than 1,000,000 members of Multiple Listing Services (MLSs) nationwide. “This new accelerator testing platform will help rapid adoption of current and future data standards,” says Jeremy Crawford, Executive Director of the nonprofit organization. “More than 770 MLS organizations will benefit from this innovation, providing cost savings and reducing their time to market as they can more rapidly test and then deploy new Data Dictionary standards.”

Crawford explained that the new platform will allow for “anonymous, guest, and vendor testing prior to submitting for certification” and that RESO staff will also be using this as a testing tool.

RESO engaged Software Incubator Inc. to create this new testing tool. “REDataCloud APIs, which are offered through Innovation Incubator’s PropMix, is going to be huge for MLS and real estate software vendors,” Crawford adds. “It allows MLSs to test against all levels of our Data Dictionary certification program, including bronze, silver, gold and platinum.”

Matt Kumar, CEO of Software Incubator Inc. and Chairman of Innovation Incubator Inc., notes that the new compliance test and verification tool simplifies the challenges around proactively addressing compliance gaps by providing powerful gap analysis and easy to follow and prescriptive remediation steps.

“RESO is a game changer in the real estate industry, thanks to RESO’s vision and leadership,” said Matt Kumar, CEO of Software Incubator Inc. “We are excited about the opportunities that will emerge as we partner with MLS firms. Software Incubator’s goal is to play a key role in helping to transform real estate’s ecosystem by helping to innovate and rapidly implement RESO standards globally.”

About RESO

The mission of the Real Estate Standards Organization (RESO) is to create and promote the adoption of standards that drive efficiency throughout the real estate industry. RESO incorporated in November 2011, as an independent, not-for-profit trade organization that was previously a section of the National Association of REALTORS®. The RESO has more than 500 active members, including NAR, multiple-listing services, real estate associations, brokerages and industry technology providers. For more information, visit www.reso.org.

Media contacts:

Kevin Hawkins
WAV Group for RESO
Email Contact 
206-866-1220