Nexsys Technologies introduces Clear HOI
Nexsys Technologies, the fintech company part of the Quicken Loans family that’s focused on creating and delivering innovative solutions for smarter lending processes, announced the launch of Clear HOI, a “cutting-edge tool” that digitizes the communication between mortgage lenders and homeowners insurance companies.
Traditionally, lenders contact insurance agents and carriers by phone to verify the presence of homeowners insurance on every mortgage transaction, resulting in an expensive and time-consuming process. Clear HOI allows insurers to instantly and accurately verify coverage, reducing closing times and improving processing costs.
Allstate and MetLife Auto & Home are integrating Clear HOI into their processes, and Quicken Loans has already integrated the solution. Nexsys will be working with additional mortgage lenders to provide an easy integration between the Clear HOI platform and lenders’ client-facing loan origination systems.
“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. 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.” – Mike Lyon, Executive Vice President of Nexsys Technologies.
“Allstate is always looking for ways to make things easier for our customers and agency owners. This technology helps us provide real-time, automatic insurance verification for customers going through the mortgage process, whether for a refinance or purchase loan, which speeds up an otherwise arduous process.” – Allstate Vice President of Marketing Kurt Winter.
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Established in 2018 as Drift, the service allows users to borrow local cars (for a max of 7 days) parked at the airport and is currently operating in six cities including Chicago, Dallas and Denver. Also included in the service is insurance by Allstate for up to $1 million in coverage and 24/7 roadside assistance.