This week, our Tech Trends spotlight considers a slate of new digital offerings designed to improve access to real estate data.
An OK via AI: Candor Technology, a mortgage technology solutions provider, announced the release of its PreQual product, a patented borrower prequalification service that leverages artificial intelligence to deliver instant results and borrower insights across conventional and FHA loans.
According to the company, Candor’s PreQual tool enables loan officers to streamline prequal or full conditional credit approval processes and provide borrowers with near-instant decisions. The solution can blend with existing workflows, loan origination systems, and point of sale platforms, and the company added lenders can receive full credit approval within 30 minutes of submitting borrower documentation or digital verifications.
“We are thrilled to introduce Candor’s PreQual product to the mortgage lending industry,” said Mark Hinshaw, CEO at Candor Technology. “By harnessing the power of AI, we are empowering lenders to make faster, more informed decisions while providing borrowers with a seamless and stress-free experience.”
HouseCanary’s AI Tool: The San Francisco-headquartered brokerage HouseCanary Inc. announced the beta launch of CanaryAI, a conversational AI tool designed to chat with anyone with questions about the real estate space while quickly providing answers from HouseCanary’s data and analytics platform.
According to the company, CanaryAI provides information on more than 136 million US residential properties with a conversational chatbot. that enables anyone to ask questions easily and get the answers they need quickly. Users can input a question and receive an answer in seconds. The company added that CanaryAI can assist in identifying properties that meet specific investment criteria, pinpoint comparable properties, analyze and compare market trends, among other tasks.
“At HouseCanary, we recognize that there is much more to be done to open up access to analytics and insights in our industry. Our goal is to put the information real estate professionals need at their fingertips,” said Ketan Bhalla, senior vice president of product. “CanaryAI is a one-stop shop product that will help our customers become more efficient and ultimately usher in a future where every real estate question is answered instantaneously.”
Income Verification Partnership: Halcyon, a provider of digital IRS integrated income verification solutions, is partnering with the property data solutions vendor CoreLogic in a product integration initiative.
Through this strategic alliance, CoreLogic will offer Halcyon’s Tax Wallet income verification solution, integrating its capabilities with CoreLogic’s extensive suite of services. The company stated the new collaboration will enable lenders to enhance the accuracy and speed of the mortgage approval process.
“We are thrilled to join forces with CoreLogic, a company that shares our commitment to innovation and excellence,” said Kirk Donaldson, CEO of Halcyon. “This collaboration leverages CoreLogic’s extensive reach and our advanced technology to provide unparalleled value to the mortgage industry. Together, we are setting a new standard for income verification solutions.”
“This collaboration with Halcyon aligns with our mission to deliver comprehensive and reliable solutions to our clients,” added Praveen Chandramohan, senior vice president of origination growth solutions at CoreLogic. “Halcyon’s Tax Wallet is a game-changer in the income verification space, and we are glad to offer this technology to our customers via the CoreLogic AutomatIQ Borrower platform, enhancing their efficiency and compliance in the mortgage process.”
Data for Investors: Censai, a new brand of location analytics for investors, has recently launched.
Pronounced “sensei,” the platform provides a population and migration database consisting of more than 270 million adult consumers. According to the company, Censai leverages advanced machine-learning and algorithmic models to deliver location insights for real estate investors – including insights regarding population inflows and outflows, net migration, and hundreds of demographic data points.
Censai is currently offering a seven-day free trial, as well as raw data options for more granular precision.
“This is not census data,” said Devin Boesen, owner. “We’re talking about millions of rows of raw data insights about individuals. Censai has the bandwidth to analyze that data and make it meaningful for decision-makers. It’s a powerful tool designed for real estate investment and corporate finance spaces.”
Boesen added that the new platform is launching “at a perfect time for investors,” said Boesen. “Rental rates have increased nearly 30% since the pandemic. Today it’s cheaper for the average American to rent than to buy a comparable home in most counties. Knowing where to put capital is essential.”
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