Nexsys Technologies and Nationwide Partner to Digitize Communication Between Mortgage Lenders and Homeowners Insurance Providers
— Clear HOI adds another top 10 home insurance provider to platform
— FinTech tool simplifies and automates homeowners insurance verification process
Nexsys Technologies, a FinTech company and subsidiary of Rocket Companies providing a suite of essential digital solutions for mortgage origination and closing, today announced it is partnering with Nationwide to deliver real-time insurance verifications using Nexsys Clear HOI. The groundbreaking tool automates the communication between mortgage lenders and insurance providers, creating a streamlined and automated experience for verifying the existence of a homeowners policy.
“With Clear HOI, we have been able to innovate and simplify another manual step in the homebuying experience. As more consumers complete transactions online, Nexsys Technologies and Rocket Companies continue developing new technology to digitize and simplify the entire mortgage process,” said Mike Lyon, Executive Vice President of Nexsys Technologies. “We are proud to continue building this technology with the addition of Nationwide, along with the increased speed and enhanced client experience that comes along with it.”
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Prior to the introduction of Clear HOI, providing proof of homeowners insurance was a cumbersome process that required lenders and insurance providers to communicate by phone to verify that insurance was in force. This manual exchange of information often lead to unnecessary delays in mortgage closings, causing headaches and potentially delaying closings. Now, this important step in the transaction has been automated – allowing mortgage lenders to securely pull in evidence of insurance from Nationwide directly into their loan origination systems. This streamlined approach provides significant value to all parties. Since it is completely digital, there less time spent on the phone and more opportunities for team members to focus on supporting their clients.
“Buying a house can be a stressful time,” said Angie Klett, Nationwide’s senior vice president of Corporate Development. “This partnership with Nexsys makes the insurance verification process seamless for our customers, making the homebuying process faster and gives them more time to focus on what matters most – living in their dream home. Nationwide continues to implement digital capabilities to meet customers where they are in their daily lives which truly demonstrates that we are a protection company that cares about our customers beyond insurance.”
Nexsys Technologies’ industry-leading encryption allows for the secure and instantaneous exchange of insurance information. Nationwide will now leverage the Clear HOI integration to quickly confirm a client has provided consent to share their information, communicating it consistently and accurately in mere seconds.
Three of the top five property and casualty insurers have already joined the Clear HOI platform. In addition to Nationwide, participating companies include Allstate, Liberty Mutual, Farmers Insurance and Lemonade.
Nexsys Technologies announced the release of Clear HOI to lenders nationwide in early December 2020. The solution can be integrated into the mortgage company’s loan origination system using an Application Programming Interface (API), or they can use an online portal. In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing (eClosing) platform that connects consumers with notary signing agents for an outstanding digital closing experience.
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