Attila Toth, Founder and CEO of ZestyAI, recently appeared on The Chrisman Commentary - Daily Mortgage News to discuss how AI is bringing new property insight to the real estate market. Specifically, they discussed the value ZestyAI's Z-PROPERTY™ presents in light of the recent announcement of the company's partnership with Black Knight, the industry leader in software, data, and analytics for mortgage, real estate, and capital markets.
According to Toth, artificial intelligence (AI) is no longer just a buzzword. AI-powered solutions take large amounts of unstructured data and turn it into actionable insights that were previously only achievable with human judgment. ZestyAI‘s Z-PROPERTY platform uses computer vision and machine learning to extract insights from aerial and satellite imagery for over 150 million residential and commercial properties. With its ability to quickly process vast amounts of information to provide actionable insights, AI has become a powerful tool for those looking to make informed decisions about their property investments.
Asked by Robbie Chrisman how AI and Machine Learning will continue to drive the housing industry forward, Toth said, “In today’s age, those industries not transforming themselves digitally will be left behind. This is what we have seen in Property & Casualty insurance, our core market, where leaders embracing these technologies are leapfrogging their competition.” Toth described how these benefits promise improved experiences for customers as well, “Americans rely upon the mortgage industry. The digital transformation is not only going to make the mortgage industry more efficient, but also more customer friendly.”
By giving Black Knight clients access to ZestyAI’s platform, lenders gain a huge advantage in assessing property condition for home acquisition and financing. With this technology, Black Knight’s users will gain unique property insights to improve speed and accuracy during every step of the home acquisition and financing process.
Regarding Black knight users, specifically mortgage servicers, Toth argued, “They also want to understand concentration risks–what percentage of their portfolio is susceptible to certain climate impact. For mortgage servicers, it is important to understand how the condition of that property changes over time. With this technology, they are not only getting a snapshot of the property’s condition at the time of underwriting, but they are also getting how the condition of the property changes over the term of the mortgage.”
Toth believes that the digitization of real estate is still in the early innings, but this first step taken by Black Knight, the largest mortgage data service provider with 65% market share in a 12 trillion dollar industry, is likely an early sign that the industry is moving towards mass adoption.
ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI, including computer vision, to build a digital twin for every building in North America, encompassing 200 billion property insights accounting for all details that could impact a property’s value and associated risks, including the potential impact of natural disasters.