Computer vision and AI solutions provider Restb.ai and Bradford Technologies announced their partnership at the Valuation Expo in Las Vegas on Monday.
As part of the partnership, Restb.ai’s AI technology will be integrated into Bradford Technologies’ report quality control processes. By leveraging Restb.ai’s advanced computer vision and machine learning technology, Bradford aims to automate and strengthen quality control processes, including the detection of image issues such as out-of-focus images and other problematic content.
Tony Pistilli, general manager of valuations for Restb.ai, expressed his enthusiasm about the collaboration: “Working with Bradford, we are providing the newest and most advanced AI technology to accelerate the modernization of the appraisal process.”
Modernizing the appraisal process has been a significant focus of Fannie Mae and Freddie Mac, and in March Fannie Mae updated its Selling Guide to include more options than traditional full appraisals on some properties. Those options include value acceptance (formerly appraisal waivers), value acceptance plus property data and hybrid appraisals.
Key to the new options are Fannie Mae’s Property Data API, by which Fannie “has established a property data standard and API to collect data and images consistently,” according to its website. “The process encourages the use of emerging technologies to capture property information, imagery, and floor plans.”
Jeff Bradford, CEO of Bradford Technologies, highlighted the value of Restb.ai’s Visual Insights AI technology. “Restb.ai’s Visual Insights artificial intelligence technology takes a photo and converts it into detailed information. This is a service every appraiser needs to improve their inspection efficiency.”
Restb.ai’s quality control solution, a key component of its new Valuation Product Suite, is tailored for the appraisal industry. The suite incorporates advanced technology for comparable properties, data collection, form pre-population/validation, and Restb.ai’s proprietary appraisal complexity score.