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July 2023 » thefivestar.com 5 July 2023 M T E C H BLACK KNIGHT LAUNCHES NEW AI-POWERED VALUATION APP B lack Knight, Inc. announced the launch of Validate, a mobile applica- tion that helps borrowers themselves take part in expediting the valuation and loan approval process, saving time and mon- ey for all involved. The Validate app allows homeowners to submit property photos as part of their ap- plication for a HELOC or home equity loan, which helps to accelerate the loan approval process. Following a series of prompts, home- owners are guided to take and submit photos of specific areas of the interior and exterior of their home. Validate uses geofencing and time stamps to confirm that photographs are contemporaneous and accurately reflect current property condition. Validate uses artificial intelligence (AI) to estimate the property's current condition and quality, then compares it with similar homes using the Black Knight Complexity Profiler to create a condition-adjusted value estimate. Equity is calculated by deducting any outstanding mortgage liens, as identified in Black Knight's public records data. "Validate streamlines HELOC and home loan applications by providing a collateral valuation and property-condition report much earlier in the loan process," said Ben Graboske, President of Black Knight Data & Analytics. "Since actual photographs and AI extrapolations are used, the accuracy of the AVM is more attuned to the property's unique condition. Homeowners create their own verifiable property condition report—in a lender-accepted format—that is combined with other tools, such as Black Knight's AVMs and Complexity Profiler, to greatly accelerate the HELOC decision-making process. Achieving a shorter time-to-close is essential in today's rapidly shifting market, particularly for equity-based lending. Vali- date goes a long way toward helping lenders achieve that goal." After borrowers submit current property photos, they are asked to complete a short questionnaire to verify public record data and select from a menu of value-enhancing amenities. Validate also asks homeowners to specify any repairs that need to be performed and to certify that the information submitted is accurate. Results are presented to the lend- er via a loan origination system-integrated API or an easy-to-read PDF report. ATTOM LAUNCHES NEW NEIGHBORHOOD SEARCH TOOL A TTOM has announced the launch of Neighborhood Navigator, a solution that empowers various industries to offer their clients comprehen- sive information on community, school, local amenities, and home values nationwide. Neighborhood Navigator enables com- panies to implement valuable neighborhood data into their website using an iFrame or a stand-alone company branded instance with logo. The iFrame supports mapping at the ZIP and city geo levels for existing website in- tegrations, while the stand-alone link guides users to a separate web page to perform address and location searches. "Our goal with this newest solution is to enhance our clients' decision-making pro- cess, empower their strategies, and provide exceptional services utilizing Neighborhood Navigator," said Todd Teta, Chief Product & Technology Officer at ATTOM. "Clients can uncover unparalleled insights into commu- nities, schools, amenities, home values, and beyond. Neighborhood Navigator includes updat- ed market data, including: » Community Information: This includes demographics, community characteristics, environment, weather, crime, and more available at ZIP code, city/town, and neigh- borhood levels. » School Information: Covers most public, private, and parochial schools across the nation with school and district profiles, along with state test scores for all grade levels. » Nearby Establishments: Locates the closest nearby amenities. » Recent Home Sales: Offers insights on sale trends and provides access to recent actual sale transactions within the targeted search area. » Home Value Estimates: Provides an esti- mate for the value of a property, including DIALING INTO THE DIGITAL GENERATION The following companies are taking tech advancements in the mortgage space to the next level in simplifying and advancing the overall mortgage process and home lending experience.