Nexsys Technologies Releases Clear HOI, a Groundbreaking Homeowners Insurance Verification Tool, to All Mortgage Lenders

Rhea-AI Summary

Nexsys Technologies, a subsidiary of Rocket Companies (NYSE:RKT), has launched its Clear HOI platform, aimed at streamlining the homeowners insurance verification process for mortgage lenders. This new tool automates communication between lenders and insurance companies, significantly reducing verification time from days to minutes. Major insurers, including Allstate and Liberty Mutual, have already joined the platform. Clear HOI integrates via API into lenders' systems, enhancing efficiency and security in the mortgage process.

Positive

• Launch of Clear HOI enhances efficiency in mortgage insurance verification, reducing time from days to minutes.
• Participation of major insurers like Allstate and Liberty Mutual adds credibility and functionality to the platform.
• Integration capabilities through API provide flexibility for lenders, improving digital experience.

Negative

• None.

DETROIT, Dec. 9, 2020 /PRNewswire/ -- Nexsys Technologies, a FinTech company and subsidiary of Rocket Companies (NYSE:RKT) that provides a suite of essential tech solutions for mortgage origination and closing, today officially released its Clear HOI platform to mortgage lenders nationwide. Clear HOI digitizes and automates the communication between mortgage lenders and homeowners insurance (HOI) companies. Nexsys has spent more than a year refining the solution with its sister company, Rocket Mortgage, while adding many of the largest insurance providers to the platform. The tool is now available for any lender looking to streamline their mortgage process.

While much of the mortgage experience has shifted online, the verification of homeowners insurance has remained an inefficient step in the transaction that requires both parties to manually confirm if insurance is in place for every home purchase and refinance – sometimes taking days to complete. Clear HOI eliminates this burdensome process and replaces it with a digital solution to verify insurance in a matter of minutes.

"After more than a year of perfecting and growing the platform, we are proud to offer Clear HOI to every lender in America," said Mike Lyon, Executive Vice President of Nexsys Technologies. "At Nexsys, we believe that automation is the best way to modernize the mortgage experience. Whether you are a small lender or are closing several hundred billion dollars a year in loans, Clear HOI can make the verification of insurance faster and significantly reduce opportunities for human error."

Three of the top five property and casualty insurers have already joined the Clear HOI platform. A few of the companies already participating include Allstate, Liberty Mutual, Farmers Insurance and Lemonade.

Rocket Mortgage participated in a pilot program, using Clear HOI before it was available to other lenders. The company found that the tool increased efficiency and shortened underwriting time.

"Rocket Mortgage's goal is to simplify the mortgage experience. With our digital technology, our clients can apply for a loan and lock in a rate without ever having to speak to a person. We are now focused on streamlining the underwriting – and that's where Clear HOI comes in," said Heather Lovier, Executive Vice President of Client Experience Operations at Rocket Mortgage. "The next step in improving the process is doing more with the data we have and making it easier to get the data we need. Clear HOI has made what used to be a time intensive step an instant one. It's a critical new tool that helps us provide the best experience to our clients."

Clear HOI establishes consistent communication between lenders and insurers because policy information is delivered in the same format every time. This innovative tool also delivers a secure platform – with multiple authentication mechanisms – to ensure that client data is protected. The product utilizes cloud-based technology and an industry-leading encryption process. Client data is never saved, so the platform doesn't open lenders or insurers up to potential privacy concerns.

Using an Application Programming Interface (API), Clear HOI can be integrated into the lender's loan origination system, or the lender can use the Clear HOI online portal. Lenders using this innovative technology for real-time insurance verifications will create a more streamlined and secure digital experience.

In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing (eClosing) platform that improves the speed and efficiency of mortgage closings. With Clear Sign, notaries and clients can securely perform digital closings from virtually any location at any time.

About Nexsys Technologies
Nexsys Technologies is a Detroit-based technology company 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.

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SOURCE Nexsys Technologies

FAQ

What is the Clear HOI platform released by Nexsys Technologies?

Clear HOI is a digital tool that automates the communication between mortgage lenders and homeowners insurance companies, reducing verification time.

Which companies are participating in the Clear HOI platform?

Major property and casualty insurers such as Allstate and Liberty Mutual are already part of the Clear HOI platform.

How does Clear HOI improve the mortgage process?

Clear HOI speeds up the verification of homeowners insurance, allowing lenders to complete this process in minutes instead of days.

What benefits does the integration of Clear HOI provide to lenders?

The integration allows lenders to streamline their systems, enhancing security and the overall digital experience for clients.

What is the significance of Clear HOI for Rocket Companies (NYSE:RKT)?

The launch of Clear HOI positions Rocket Companies as an innovator in the mortgage space, potentially improving its market share and operational efficiencies.