Black Knight partners with ZestyAI to deliver property risk and value insights

AI has been getting a lot of attention for generating original artwork, drafting essays, and even spitting out images for dating profiles, thanks to the popularity of OpenAI’s ChatGPT. However, while everyone is talking about AI-powered chatbots, what’s often neglected is how AI is disrupting the $12 trillion U.S. mortgage market.

One of the leading companies in this space is ZestyAI, an AI tech startup that is currently using AI and computer vision, to build a digital twin for every building across the country, encompassing 200 billion property insights accounting for all details that could impact a property’s value and associated risk.

Today, ZestyAI announced one of the largest and most important roll-outs of AI to date as part of its partnership with mortgage industry leader, Black Knight. ZestyAI said it has reached an agreement with mortgage data company Black Knight to make its AI technology available to its mortgage, real estate, and capital markets clients to provide timely property-condition reports and risk insights. Black Knight currently has approximately 65 percent market share of the $12 trillion U.S. market.

By giving Black Knight clients access to ZestyAI’s platform, lenders gain a huge advantage in assessing property conditions for home acquisition and financing. The entire process is done instantly using aerial imagery, and could potentially replace home visits and reduce decision times.

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. ZestyAI maintains a digital twin of every property in North America that is constantly updated as changes in property condition, maintenance, and upgrades impact each property’s evolving value and risk.

Z-PROPERTY data gives Black Knight clients a huge advantage in assessing property conditions. ZestyAI’s technology looks at features, such as roof condition, from each individual property, providing property-specific insights that will give Black Knight’s clients an easy and cost-effective way to augment their assessment of property value and risk throughout the entire mortgage life cycle.

“We’re always looking to deliver even more powerful data and insights for our customers, and ZestyAI’s property analytics platform immediately stood out,” said Julian Grey, Executive Vice President, Mortgage & Capital Markets Product Management, Black Knight Data & Analytics. “Investors and creditors will now have instant access to detailed property condition data much earlier in the origination cycle. Offering ZestyAI’s roof condition assessment and other insights is a huge win for our customers.”

“Black Knight is the leading provider of rich data and analytics for the mortgage and real estate industries where real-time data and decisions are the new normal,” said Attila Toth, Founder and CEO of ZestyAI. “We’re proud to provide Black Knight’s clients with our unique property insights to further improve speed and accuracy during every step of the home acquisition and financing process.”

Founded by Attila Toth, ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America.

Black Knight is the dominant player in the mortgage space. The company currently has more than 60% market share in first-lien mortgages and 20% in second-lien market.