A Note from the CEO
Hello and welcome to this 3rd newsletter of 2024. It’s really an exciting time at PropMix. We are growing and I am delighted to share some fantastic updates with you.2024 has seen its share of market shifts – the economy turning around and the NAR settlement that changes the landscape of real estate transactions. While we wait for the housing market to grow in volume PropMix has been investing in our technology including generative AI and new assistive solutions for many industry participants.
We launched Profet Valuation NextGen to help us incorporate generative AI more seamlessly and also prepare for UAD 3.6. The NextGen platform will soon be unveiling full support for UAD 3.6 starting with Single Families and Condo properties.We also expanded the bias analysis and detection capabilities in Profet Review to go beyond detecting explicit language based bias indicators to help analyze and detect implicit bias in the valuation models.After the NAR settlement related changes went into effect in August listing agents are at the center of the transactions. Agents who predominantly represent buyers need to expand their services and move into the listing business. Prospektr.ai launched a new edition called Prospektr Engage to help agents nurture homeowner relationships with a suite of capabilities to manage and maintain their home and finances.As we look to the next few quarters – we are on a path to implementing full support for UAD 3.6 with the ability to generate the necessary URAR reports directly from Profet Valuation. We are also launching a unified platform for valuation and review while also supporting various API based integrations with other software providers. Prospektr will be unveiling loan origination solutions for loan officers with new partnership models with real estate agents.
Thank you for being part of the PropMix family and we look forward to playing a role in your business growth.
Sincerely,
Umesh Harigopal
CEO, PropMix
introduces implicit valuation bias analysis
Profet, a leading provider of AI-driven valuation solutions, has announced the release of powerful new bias analysis features within its Profet Review platform. These capabilities go beyond just detecting explicit biases in appraiser comments and remarks, and instead tackle the challenge of identifying more implicit forms of bias in the valuation process.
Key features of Profet Review’s bias analysis include:
Explicit Bias Detection in Natural Language Profet Review utilizes natural language processing to scour appraiser comments, addendums, and other textual content for any language that could indicate explicit bias. This goes beyond simple keyword searches to truly understand the appraiser’s intent and identify potentially problematic phrasing.
Implicit Valuation Bias Analysis in Comps and Adjustments But Profet Review doesn’t stop there. The platform also analyzes the core elements of the valuation itself, including the selection of comparable properties and the accuracy of adjustments made to those comps.
Profet Review combines data from sources like census.gov, BLS, MLS, and public records to automatically compute neighborhood-level indicators. This allows it to identify cases where the comparables differ significantly from the subject property in terms of demographics, economics, or property values – potential signs of implicit bias.
The platform also scrutinizes the adjustments made to comparables, ensuring they accurately account for variations from the subject. Insufficient or inappropriate adjustments could be a red flag.
By surfacing these implicit bias indicators, Profet Review empowers appraisers, lenders, and AMCs to proactively address potential valuation issues before they impact lending decisions. This data-driven approach helps uphold the objectivity and transparency that are essential for fair property valuations.
Valuation – NextGen Platform is rolling out soon
We are excited to announce the upcoming release of Profet Valuation NextGen, the new version of our comprehensive valuation platform, formerly known as Market Conditions Advisor (MCA).
Profet Valuation NextGen is designed ground-up to rapidly leverage the fast-changing technology landscape driven by AI, as well as scale to new challenges in the real estate industry. We built the new platform for the following key reasons:
- Prepare for the new UAD standards
- Provide a one-stop shop for valuation needs – including form generation
- Easily deliver generative AI capabilities to assist appraisers and brokers
Profet Valuation NextGen is rolling out soon, and we are committed to ensuring a smooth transition for our customers, maintaining accessibility to all previous orders throughout the process.
Additionally, Profet Valuation NextGen is part of a comprehensive suite of products under the Profet brand, which features deep and seamless integration across the following systems:
- Profet Orders: An order management system with customizable workflows, panel management, reporting, auto-assignment, and much more.
- Profet Review: A robust appraisal review system that automates quality control using NLP, Image Analysis, Floor plan analysis, and a customizable rule library.
- Profet Portal: A unified platform that integrates all products to provide a single point of management and business-wide dashboards.
We’re excited about the future and the enhanced capabilities Profet Valuation NextGen will bring to the table. Stay tuned for more updates!
SWBC Lending Solutions Chooses Profet Review for Valuation Quality Control
SWBC Lending Solutions has selected PropMix’s Profet Review platform to automate and streamline their valuation reviews. By leveraging Profet Review, SWBC enhances its BPO verification process and expands to other valuation products, further improving delivery quality and efficiency.
Profet Review utilizes advanced technologies like natural language processing, photo analytics, image processing (including floor plan analysis), OCR, and market insights from a comprehensive data lake of nationwide real estate market data. This allows for a customizable rule engine that automates the review of even 2nd or 3rd generation appraisal PDFs without a MISMO XML.
About SWBC
SWBC provides a wide range of financial services, including insurance, mortgages, wealth management, and employee benefits. For more information, visit SWBC’s website.
See what’s new in Prospektr
Prospektr introduces features for homeowners to start the listing process online with their favorite agent.
This streamlined approach saves homeowners time and effort, allowing them to initiate the listing process from the comfort of their homes. By using the DIY form, communication between homeowners and their agents becomes smoother and more efficient. The agent can quickly access the necessary details and move forward with personalized support, ensuring the property is listed with minimal hassle. With Prospektr, getting your property on the market has never been easier or more convenient.
Prospektr Launched Prospektr Engage edition to help agents and loan officers engage past clients to grow new business
Agents and loan officers can now upload their past client contacts into the system, including property addresses. The system will validate both the email addresses and property addresses to ensure accuracy. Once validated, agents and loan officers can launch financial strategy campaigns for these contacts. These campaign emails will include valuable information such as the property’s current value, loan balance, and equity. Additionally, a CTA button will be included in the email, allowing clients to easily navigate to the application and set up their free account.
PropMix Launches CompCheck.ai for Mortgage Lenders
We are excited to announce the launch of CompCheck.ai, a free, AI-powered appraisal troubleshooting and Reconsideration of Value tool for loan officers. This service uses public record property sales and our market-tested machine learning models to provide accurate property value validations.
CompCheck offers sales comparable reports to validate online values and borrower expectations, addressing potential appraisal issues during and after contract negotiations. Additionally, it includes timed equity reviews for homeowners, using our AVM models and nationwide mortgage data to deliver periodic real estate position reviews.
Our goal is to reduce surprise appraisal gaps and improve the mortgage process with the automation capabilities of CompCheck.ai.
Data & API Enhancements
Introduced Agent Activity Monitoring
We are now offering a service for monitoring agent activities such as new listings, price or status changes, and participation on the buy side of a transaction. The monitoring supports APIs to register a new agent to be monitored and a web hook to deliver the agents activity. The monitoring is in near real time since PropMix pulls MLS data every 15 minutes from all the MLSs.
Agent monitoring is used within the Prospektr platform to enable participating partners to easily engage in new business opportunities.
New Insights Launched
Busy Road Proximity API
Functionality: Provides the distance between a property and busy highways within a half-mile radius.Our proximity score measures how close a property is to busy highways within a half-mile radius, allowing homebuyers and valuation models to better understand the activity and noise levels near a property.
How It Works:
Distance Calculation: For each property, we calculate the distance to the nearest highways within a 0.5-mile radius.
Weighted Road Types: Highways are categorized and weighted based on their type:
Motorways (most busy) are weighted highest. Trunks, primary, secondary, and territory roads follow, each receiving progressively lower weights.
Neighborhood (Census Tract) Indicators API
Gain deeper insights into market dynamics with detailed metrics for absorption rate, property growth, land use, and demographic & economic diversity.
Key Features:
- Absorption Rate Trends: Tracks how quickly homes sell in the market.
- Median Sale Price: Identifies the midpoint value of sold properties.
- Property Growth: Monitors annual trends in new housing developments.
- Land Use Distribution: Categorizes land use (residential, commercial, industrial, etc.) to assess zoning dynamics.
- Demographic Mix: Evaluates diversity in factors like age, ethnicity, and occupancy.
- Economic Mix: Analyzes income, employment sectors, and economic resilience for market stability.
Inman Connect New York 2025
Mark your calendars for January 22-24, 2025, at the Hilton New York Midtown..
Umesh Harigopal, CEO of PropMix, and Danny Mancino, EVP – Sales & Data Solutions, will be attending to showcase our industry-leading platform for agents, brokers, and investors:
- Prospektr Engage
- Prospektr Premier including IDX and CMA
Don’t miss this chance to shape the future of real estate. Register now for three transformative days!
Interested in a Meeting?
If you have 20 minutes for a discussion about PropMix solutions, please let us know your availability, and we’ll find a time slot that works for Umesh or Danny.
New MLS Markets Added
The following MLSs were added/renewed during the last three months, see the list of recently added MLSs below:
Disclaimer: All logos used in this representation are the property of the respective MLS
Press Releases
PropMix’s Profet Review introduces in-depth Bias Analysis for valuations
Published on: September 12, 2024
PropMix Launches CompCheck.ai for Mortgage Lenders
Published on: August 29, 2024
SWBC Lending Solutions Chooses Profet Review For Valuation Quality Control
Published on: August 19, 2024
Latest Market Insights
Latest Market Insights PropMix covers the top 30 metro areas as part of market insights, and the data is updated monthly. Key statistics such as median sale price of Single Family Homes, sales volume, months of supply, and inventory for sale are covered for each metro. An overall comparison of these metros across each metric is also published each month month
