Optimal Blue’s Kevin Foley discusses AI Labs, Virtual Economist rollout
Foley said AI Labs will speed AI rollout, while Virtual Economist forecasts rates and lock volume from public data and 35% lock coverage.
The discussion by Kevin Foley of Optimal Blue on AI Labs and Virtual Economist rollout may seem unrelated to the architecture field at first glance, but it has implications for the real estate and property sectors that architects should be aware of. The use of artificial intelligence and data analysis in the mortgage industry can influence the types of projects that get funded and built.
The introduction of AI Labs and Virtual Economist by Optimal Blue aims to streamline and improve the accuracy of forecasting rates and lock volume, which can impact the financial viability of construction projects. With 35% lock coverage and the use of public data, Virtual Economist can provide valuable insights for stakeholders in the real estate and property development sectors, including architects.
As the architecture industry continues to navigate the complexities of project financing and development, it's essential to watch how the adoption of AI and data analysis tools like those introduced by Optimal Blue will shape the market. Architects should keep an eye on how these technologies influence project funding and development decisions, and be prepared to adapt their designs and pitches to align with the changing needs and priorities of clients and stakeholders.
Originally reported by housingwire.com. ArchitectureNews adds analysis for real estate & property readers.