Nexsys Technologies launches digital insurance verification tool for mortgage lenders

Mortgage fintech firm Nexsys Technologies has deployed a tool that digitizes the communication between mortgage lenders and homeowner’s insurance companies.

The digital tool, Clear HOI, enables lenders, insurers, and real estate agents to instantly verify coverages on mortgage transactions. Nexsys said this allows them to skip the time-consuming process of contacting insurance agents and carriers by phone to verify a homeowner’s insurance.

"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," said 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."

The company also announced that Quicken Loans has already integrated Clear HOI into its closing process. Nexsys plans to work with additional mortgage lenders to provide integration between Clear HOI and the lenders’ loan origination systems.