DataVerify® Announces Integration with Rocket Companies’ Nexsys Technologies®

Rhea-AI Summary

DataVerify announced an integration with Rocket Companies' Nexsys Technologies to enhance homeowners insurance verification for mortgage lenders. The Nexsys Clear HOI tool will now automate the verification process, replacing a cumbersome manual method, which can delay loan processing. Lenders can access information from multiple top homeowners insurance providers instantly through a single data source, improving efficiency. DataVerify emphasizes that this integration aligns with its mission to modernize the lending process.

Positive

• Integration with Nexsys Technologies enhances efficiency in homeowners insurance verification.
• Nexsys Clear HOI reduces loan processing times significantly.
• Immediate access to multiple insurance providers streamlines the lending process.

Negative

• None.

Move gives lenders instantaneous homeowners insurance data from a single source

ST. LOUIS--(BUSINESS WIRE)-- DataVerify^®, a leading provider of data verification, risk mitigation and workflow automation services, today announced an integration with Rocket Companies’ (NYSE: RKT) Nexsys Technologies^®. DataVerify will directly connect with Nexsys Clear HOI^sm, a tool from Nexsys Technologies that automates the verification of homeowners insurance (HOI) for mortgage lenders.

“This integration greatly expands what we can offer to our customers,” said DataVerify President Brad Bogel. “Automating what have traditionally been manual steps in the lending process is our mission at DataVerify and this integration does just that. It will help our customers increase efficiency and reduce the overall timetable of the lending process.”

In early December of 2020, Nexsys Technologies announced that it made its Clear HOI product – an important component of Rocket Companies’ industry leading FinTech platform – available to all lenders nationwide. Before the release of the breakthrough technology, lenders were forced to contact each insurance company individually to request insurance verification data. This process was cumbersome and could delay loan processing by several days.

Nexsys Technologies has already added three of the top five homeowners insurance providers to the platform. The integration with DataVerify allows lenders to instantaneously access information directly from a single data source.

“We have had great response to Clear HOI since it was introduced, and we believe lenders will find even more reasons to leverage it with the DataVerify integration,” said Mike Lyon, Executive Vice President of Nexsys Technologies. “This is a critical tool that significantly modernizes and simplifies the mortgage experience.”

Clear HOI can be integrated into a lender’s loan origination system through an application programming interface (API) or lenders can use Nexsys Technologies’ online portal. The company spent more than a year perfecting and growing the Clear HOI platform. The tool is now available for any lender looking to streamline and simplify the HOI verification process.

For more information on how to gain access to this new product through DataVerify, reach out to your account manager or email info@dataverify.com.

About DataVerify

DataVerify is the premier provider of risk mitigation, data validation, and workflow automation solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.

About Nexsys Technologies

Nexsys Technologies is a Detroit-based technology company and part of Rocket Companies (NYSE: RKT) delivering innovative tech for smarter lending processes. The company's digital real estate platforms bring lenders and providers the network, tools and intelligence they need to make the best possible transactions in real time. To learn more, visit nexsystech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005036/en/

Media Contact

Kayla Palacios

info@dataverify.com

Source: DataVerify

FAQ

What is the recent integration involving Rocket Companies (RKT)?

Rocket Companies (RKT) integrated its Nexsys Technologies with DataVerify to automate homeowners insurance verification for lenders.

How does the Nexsys Clear HOI tool benefit lenders?

The Nexsys Clear HOI tool allows lenders to access homeowners insurance data instantly from multiple providers, speeding up the loan processing time.

What does DataVerify aim to achieve with its integration with Nexsys Technologies?

DataVerify aims to enhance efficiency and reduce the timeliness of the lending process through automation in homeowners insurance verification.

How does this integration impact the mortgage lending process?

The integration simplifies the verification process, allowing lenders to forgo contacting each insurance company individually, which traditionally delayed loan processing.