In our ongoing quest to streamline the mortgage process, we turned our attention to homeowners insurance. What we found was a process in dire need of an update because it relied upon multiple phone calls and old-fashioned faxes. So, we developed Nexsys Clear HOI℠, an innovative homeowners insurance platform created for insurers and lenders.
Clear HOI allows mortgage lenders to instantly and accurately verify coverage, which results in dramatically improved closing times and reduced processing costs. Why is that innovative? Traditionally, lenders contact insurance agents and carriers by phone to verify the presence of homeowners insurance on every mortgage transaction (though individual processes may vary). This is an expensive and time-consuming process that can significantly delay a mortgage closing – frustrating lenders, real estate agents, insurers and consumers.
According to Elan Sassoon, Nexsys Product Manager for Clear HOI, the idea for the platform came about when the team was looking at ways they could eliminate mortgage closing delays. “When we analyzed the process, we saw that among the ‘solvable problems,’ verifying HOI and getting appropriate documentation could take the longest amount of time. It could involve two to three days wasted in phone calls and voicemails,“ Sassoon said. “We asked around and nobody did insurance verification for origination. Not surprisingly we received a lot of interest from top insurers, so we started the development process. Today, three of the top five insurers – 20 percent of the market – have already signed up with us and several more expressed interest in Clear HOI.”
“In today’s technology-driven world, there is no reason a lender should have to use Alexander Graham Bell’s 143-year-old invention to contact an insurance agent to ask for documents, nor should those agents spend valuable time chasing down these requests. Both their time and skills are better used to advise and assist their clients,” added Mike Lyon, Executive Vice President of Nexsys Technologies. “We look forward to working with our lender and insurer partners to transform this decades-old process into one that is instant and accurate.”
Clear HOI was a hot topic at #DigitalMortgage 2019, #MBAAnnual19 and #InsuretechConnect 2019. “We got a particularly warm reception from folks in loan origination systems,” Sassoon said. “They see a great deal of value in this platform and know that we’re the only company doing this type of integration. We’ll be doing a lot of follow-up with them in the weeks to come!”
Detroit-based Quicken Loans®, the nation’s largest home mortgage lender, has already integrated Clear HOI into their closing process, resulting in numerous efficiency gains. “Clear HOI was a natural fit for us,” said Jasmine Wagner, a director of Client Experience Operations for Quicken Loans. “The platform has already greatly reduced the number of insurance verification calls our team makes. Having insurance data flow directly into our Loan Origination System has nearly eliminated all manual work from our team. It has also significantly sped up the closing process, and it gives our team more time to focus on other aspects of the transaction.”
Lenders and insurers: Want to learn more about Clear HOI? Contact us and we’ll explore ways it can work for you!