Corelogic rolls out AI analytics platform

Real estate data services provider Corelogic released a new artificial intelligence-backed platform, the latest in a string of AI-related upgrades and offerings announced by home finance businesses over the past month. 

The AI tool aims to serve as a one-stop platform that contains information about nearly 100% of U.S. properties, Corelogic claimed. Dubbed Araya, the company expects it to tap into the information and solutions available to housing stakeholders across its various lines of business. The tool should serve as many as 5 million professionals across the housing industry spectrum, including real estate developers, agents, lenders, underwriters, servicers and regulators, through AI analytics processing. 

"We understand the need for trusted, top-tier data, AI technology and industry-leading solutions that keep pace with a dynamic real estate landscape," said Devi Mateti, president, enterprise digital solutions at CoreLogic, in a press release.

Data included in Araya comes from Corelogic's property and market intelligence platforms, as well as precision marketing and climate risk analysis tools. Users can employ Araya to assist with both immediate day-to-day needs and longer-term planning, with the AI technology incorporating historical data alongside predictive models, the company said.  

"Corelogic's investment in Araya reflects its vision to make an impact, delivering the critical property, portfolio and market insights that empower professionals," Mateti added. 

Corelogic's latest rollout comes following the launch of an AI image search capability within its Onehome real estate agent portal this summer. The tool helps home buyers find properties matching their preferences through pictures they upload. 

More than a year after artificial intelligence initially started making headlines in mortgage, Araya arrives as the latest in a series of AI product developments from some of the industry's leading heavyweights in the past several weeks.

Last month, United Wholesale Mortgage launched an AI-notification solution to assist mortgage brokers and borrowers about potential refinance options. In late September, the Pontiac, Michigan-based lender also upgraded its broker-facing chatbot. 

Meanwhile, crosstown rival Rocket Mortgage has made several artificial intelligence investments in the past 12 months, including the addition of new technology veterans to leadership, after CEO Varun Krishna joined the firm in summer 2023. This week, the Detroit lender announced the hiring of another expert from the fintech world, tapping former Venmo and Paypal executive Papanii Okai for a newly created product engineering role.

Figure Technology, which this year accelerated its growth within the home lending segment, also introduced new AI capabilities in early October to assist in the loan underwriting process.

Coming alongside the recent rise of AI is heightened scrutiny from public officials about potential dangers of the technology. In separate instances over the past month, leaders ranging from Federal Reserve governors to U.S. senators all called for action to be made on regulation. Consumer advocates and technology startups also highlighted the need for appropriate AI guidelines.