FoxyAI, a B2B proptech company in real estate visualization and property intelligence, recently announced it had been selected by Ascent Software Group, an Opteon sister company providing appraisal and mortgage software solutions, to automate the quality and condition scoring for its appraisers’’ sales comparable property selections, according to a press release.
With FoxyAI’s API-accessible models now incorporated into Ascent’s technology stack, appraisers searching for comparable properties can add automated quality and condition scores to their search field options, resulting in comps with super-human accuracy for appraisals.
The FoxyAI Quality and FoxyAI Condition Scores are proprietary artificial intelligence (AI) models that analyze property media. From property images, including video, the FoxyAI Quality Score determines the quality of a property’s finishes, using a continuous 6-point scale ranging from luxury to basic.
The FoxyAI Condition Score also analyzes property media and provides a continuous condition score, using a 6-point scale ranging from brand new to heavy damage/not livable. The 6-point scale is based on a 6-point scoring system from the Uniform Appraisal Dataset used by Fannie Mae, Freddie Mac and others for underwriting.
“We are always energized and are honored to work with like-minded partners like Ascent Software Group, who are spearheading innovation in our space,” FoxyAI co-founder and CEO Vin Vomero said in the release. “Our teams had the pleasure of meeting in person, and we left inspired by the work Ascent is doing to support appraisers and enhance the appraisal valuation process at scale.”
Drew Meyers, the founder of GEM, a real estate tech think-tank composed of 600-plus founders, executives, VCs, and practitioners, including Ascent Software Group and FoxyAI, expressed his thoughts on this move.
“I founded GEM to spur innovation in the real estate industry,” he said. “The Ascent Software Group and FoxyAI relationship is the perfect example of two leaders coming together to innovate for the betterment of our industry.
“I am thrilled for appraisers and look forward to seeing future innovations made possible by this collaboration,” Meyers added.