Nexsys Technologies, a Detroit-based FinTech company providing solutions for mortgage originations and closings, has launched Clear HOI, a tool that digitizes communication between mortgage lenders and homeowner insurance companies.
Clear HOI allows insurers to instantly verify coverage, which results in improved closing times and reduced processing costs.
“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,” says Mike Lyon, executive vice president of Nexsys Technologies. “Both of their time and skills are better used to advise and assist their clients. We look forward to working with our lender and insurer partners to transform this decades-old process into one that is instant and accurate.”
Detroit’s Quicken Loans, the nation’s largest home mortgage lender, already has integrated Clear HOI into its closing process.
Allstate and MetLife Auto and Home also are integrating Clear HOI into their processes. Allstate provides more than 113 million auto, home, and life insurance policies. MetLife serves more than 90 or the top 100 Fortune 500 companies in the U.S.
Nexsys plans to work with other mortgage lenders to provide integration between the platform and lenders’ client-facing loan origination systems.
In addition to Clear HOI, Nexsys offers Clear Sign, an electronic platform for mortgage closings. It has been used to e-close more than 30,000 mortgage transactions since its launch in April. Another Nexsys product is Clear Path, a platform that brings together insurance, appraisal, and closing documents in one location where everyone involved in the mortgage and closing processes can access them.