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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 42 May 2024 S P O N S O R E D C O N T E N T W ith a foundation built on 43 years of experience, PCV Murcor brings a deep understanding of our clients' goals that complement appraisal modernization. Our use of state-of-the- art AI technology ensures precision and efficiency in every aspect of our service. "As we navigate the ever-evolving landscape of real estate, it's imperative that we embrace change and modernize our products. By leveraging technology and innovative strategies, we can streamline operations, enhance efficiency, and stay ahead of the curve," PCV Murcor's Found- er, President & CEO Keith Murray said. PCV Murcor helps lenders make their borrowers' real estate needs happen. Licensed in all 50 states, plus D.C., PCV provides nationwide coverage for tradi- tional appraisals, alternative products, and a full suite of commercial and multifamily products. Future-Ready Solutions for Today's Appraisal Management A I's ability to enhance efficiency, accuracy, and flexibility is reshaping the way properties are evaluated with distinct advantages. By automating data extraction, improving document man- agement, and accelerating the appraisal process, results are being delivered at the forefront of innovation and excellence. How PCV is using AI to improve our clients' businesses: » Fewer revisions are needed, reducing back-and-forth time » Higher quality, lower risk, faster turn times » Report consistency and alignment with customized rules » Deeper understanding of external factors » Identifies suggestive language and labels potential imagery issues "I see AI as the engine driving modernization in our appraisal products. Its evolution is not just a technological advancement; it's a transformative force reshaping how we perceive, evaluate, and improve our operations. AI enables us to move beyond traditional methodologies, unlocking efficiencies, accuracy, and agil- ity previously unimaginable," said David Schiffmayer, SVP of Operations. What Is at the Core of This AI Renaissance in Modernizing the Appraisal World? C omputer Vision: Uses machine learn- ing to extract meaningful data from images, videos, and other visual inputs. Through image classification, object detec- tion and tracking, and content-based image retrieval to identify property conditions (and damage), find inaccurate descriptions such as room counts, and generate labeled recommendations or actions needed. Optical Character Recognition: OCR has revolutionized the way property appraisals are conducted, offering cus- tomizable solutions tailored to specific requirements. This type of AI converts an image of text into a machine-readable text format. The two main types of OCR algorithms used for text recognition are pattern matching and feature extraction, making way for better document flow and accelerating turnaround time. Digital Scanning: Compared to full appraisals, inspection-based waivers provide significant time and cost-saving advantages by harnessing the power of digital scanning. This form of AI uses a 3D tour of interior and exterior, an ANSI floor INNOVATION- POWERED PRECISION, TIME-TESTED EXCELLENCE B y P C V M U R C O R PCV Murcor helps lenders make their borrowers' real estate needs happen. A nationwide real estate valuations manage- ment company with more than 40 years of experience managing valuation needs for mortgage lending, financial institutions, estate and litigation, real estate investors, and mortgage servicers. Licensed in all 50 states, plus D.C., PCV provides nation- wide coverage for traditional appraisals, alternative products, and a full suite of commercial and multifamily products. Visit pcvmurcor.com to learn more.