PropMix Offers Appraisal and Mortgage Firms Keys to ‘AI Innovation Garage’

Real estate and mortgage AI platform PropMix says it wants to help its sector modernize its products.

To that end, the company on Monday (Aug. 7) debuted the “AI Innovation Garage for Appraisal Management Companies and Mortgage Lenders,” offered in partnership with the Innovation Incubator and designed to help the industry use generative artificial intelligence (AI) for product modernization and cost reduction.

“Generative AI is disrupting valuation risk assessments and lending decision making, mortgage product customization, customer service, document generation and marketing,” Umesh Harigopal, PropMix’s CEO, said in a news release.

“Our partnership with Innovation Incubator will help AMCs and Lenders extend their innovation lab by subscribing to the AI Innovation Garage and to accelerate time to market and continue to be essential in this rapidly changing market.”

Services offered through the garage include the ability to add omnichannel self-service AI chatbots to engage borrowers for marketing, point of sales, and customer service, along with the use of robotic process automation to automate repetitive tasks, thus letting teams spend more time on strategic initiatives.

Elsewhere at the intersection of AI and real estate, property financing company Janover last month added email capabilities to the AI agent on its business-to-business marketplace that connects commercial real estate borrowers and lenders.

“With the initial launch of our chat, voice and text features earlier this year, we witnessed an immediate improvement in our loan closure rate,” CEO Blake Janover said in a news release.

“The new AI-based email capabilities provide us a complete feature set with the ability to manage both inbound and outbound communications through state-of-the-art technology to make loan products more accessible and efficient for all stakeholders.”

According to Janover, the AI is designed to streamline borrower qualification and document collection on a platform that processes more than $2 billion in financing applications a month.

The use of AI in the world of real estate and mortgages was cited by U.S. regulators earlier this year when they issued a broad warning about the abuse of the technology.

The Consumer Financial Protection Bureau has said that companies cannot allow bias within home valuations and appraisals generated by AI.