AP NEWS
Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

New Tool from Nexsys Technologies Simplifies Communication Between Mortgage Lenders and Homeowners Insurance Providers

November 13, 2019 GMT

DETROIT, Nov. 13, 2019 /PRNewswire/ -- Nexsys Technologies, a FinTech company providing advanced technology solutions for mortgage origination and closing, today 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. This is an expensive and time-consuming process and can significantly delay a mortgage closing - frustrating lenders, real estate agents, insurers and consumers. Clear HOI allows insurers to instantly and accurately verify coverage, which results in dramatically 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. Both of their time and skills are better used to advise and assist their clients,” said Mike Lyon, Executive Vice President of Nexsys Technologies. “We look forward to working with our lender and insurer partners to transform this decades-old process into one that is instant and accurate.”

Two major insurance providers – Allstate and MetLife Auto & Home – are integrating Clear HOI into their processes.

“Allstate is always looking for ways to make things easier for our customers and agency owners,” said Allstate Vice President of Marketing Kurt Winter. “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.”

The Allstate Corporation provides more than 113 million proprietary auto, home and life insurance policies through a broad array of protection products and brands including Allstate, Esurance, Encompass, SquareTrade and Answer Financial.

The MetLife Companies are a recognized leader in protection planning and retirement and savings solutions worldwide, serving more than 90 of the top 100 FORTUNE 500® companies in the United States through agents and third-party distributors.

Detroit-based Quicken Loans, the nation’s largest home mortgage lender, has already integrated Clear HOI into its closing process, resulting in efficiency gains for the company and its clients.

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 addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing (eClosing) platform that improves the speed and efficiency of mortgage closings. Clear Sign has been used to eClose more than 30,000 mortgage transactions since its launch in April 2019. Nexsys also developed Clear Path, a platform that brings together insurance, appraisal and closing documents in one consistent and secure location where they can be accessed by all who need them during the mortgage and closing processes.

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.

View original content: http://www.prnewswire.com/news-releases/new-tool-from-nexsys-technologies-simplifies-communication-between-mortgage-lenders-and-homeowners-insurance-providers-300957552.html

SOURCE Nexsys Technologies