Nexsys Clear HOI℠ Wins the HousingWire HW Tech100 Award
We love a good sequel. Especially when it involves an industry award.
We’re excited and proud (possibly downright giddy) that we’ve earned a HousingWire 2020 HW Tech100 award for Clear HOI. This marks the second consecutive year that Nexsys has received the award, and the fourth time in our seven-year history that we’ve been named to the list.
What makes Clear HOI an industry standout? It’s a unique product that simplifies the process of verifying homeowners insurance by providing the mortgage origination industry’s first-ever direct integrations with the nation’s leading homeowners insurance companies.
“We examined every step in the mortgage closing process, looking for opportunities where we could improve it,” said Nexsys Executive Vice President Mike Lyon. “The HOI verification process stood out as a glaring time and resource drain for both lenders and insurers. So, we tackled that issue and came up with a digital solution that’s easy for both insurers and lenders to implement and use.”
Traditionally, lenders manually contact insurance agents and carriers to verify homeowners insurance on every home purchase and refinance transaction – a time-consuming process that can significantly delay a mortgage closing and frustrate lenders, insurers and consumers. Clear HOI works through a simplified set of Application Programming Interfaces (APIs), allowing mortgage lenders to pull in all Evidence of Insurance fields directly into their Loan Origination System (LOS) without any manual work, thus streamlining insurance verification and improving overall satisfaction for all parties involved.
“Insurers are realizing that there’s now a better way to do this, and they’re taking advantage of what Clear HOI has to offer,” Lyon added. “Since we launched it in June 2019, three of the nation’s leading insurers have already integrated it into their processes, several others have signed on and several more are in negotiations with us.”
Clear HOI benefits insurers and lenders
Insurers aren’t the only ones who’ll benefit from Clear HOI’s features. Nexsys is working with mortgage lenders to provide an easy integration between the platform and the lender’s client-facing loan origination systems, so they’ll be able appreciate its time-saving technology, too.
Detroit-based Quicken Loans®, the nation’s largest home mortgage lender, has already implemented Clear HOI into their closing process. “Clear HOI was a natural fit for us. The platform has already greatly reduced the number of insurance verification calls our team makes,” said Jasmine Wagner, a director of Client Experience Operations for Quicken Loans. ”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.”
Learn more about Nexsys Clear HOI