Detroit Fintech Firm Simplifies Mortgage Insurance Verification Process

A Detroit fintech company has partnered with a New York insurance company to simplify a homeowner’s insurance verification process, typically a manual process in the home-buying experience.
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Detroit’s Nexsys Technologies has partnered with New York’s Lemonade Inc. to simplify the homeowner’s insurance verification process. // Stock photo

A Detroit fintech company has partnered with a New York insurance company to simplify a homeowner’s insurance verification process, typically a manual process in the home-buying experience.

Detroit’s Nexsys Technologies, which provides tech solutions for mortgage origination and closing, has partnered with Lemonade Inc. to simplify the homeowner’s insurance verification process by digitizing the previously manual communication between mortgage lenders and homeowners’ insurance companies, removing unnecessary delays and eliminating potential errors.

With Lemonade joining Nexsys’ Clear HOI platform, the company says mortgage lenders will be able to use the tool with even more clients.

“Home financing has been totally redesigned, transforming it from a pen-and-paper system to a completely digital experience for more and more lenders,” says Mike Lyon, executive vice president of Nexsys Technologies. “As mortgage lenders are adapting to this new reality, they are realizing sticking points where technology can be injected to clear hurdles and improve the process.

“Clear HOI is a solution that adds 21st-century innovation to one of the remaining manual steps in the mortgage transaction. We are quickly seeing the mission of Clear HOI being realized as more lenders and insurance providers sign on.”

Nexsys Technologies also has developed a new set of application programming interfaces allowing mortgage lenders to securely pull in evidence of insurance directly into their loan origination systems – ensuring that a client’s privacy is protected. Using these APIs, the company will work with Lemonade’s AI-powered insurance platform to provide an easy integration between Lemonade and a mortgage lender’s LOS. This integration will allow Lemonade to quickly confirm a client has provided consent to share their insurance information, which in turn will maximize efficiency.

In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing platform that it says improves the speed and efficiency of mortgage closings. Clear Sign has been used to e-close more than 30,000 mortgage transactions since its launch in April 2019.

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