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DataVerify will directly connect with Rocket Companies' Nexsys Clear HOIsm, a tool from Nexsys Technologies that automates the verification of homeowners insurance (HOI) for mortgage lenders.
DataVerify president, Brad Bogel, believes that the integration will further automate manual steps in the lending process. He also stated that it will increase customer efficiencies and reduce the overall timetable for the lending process.
Before HOI automation, lenders were forced to contact each insurance company individually to request insurance verification data. This process, according to DataVerify and Nexsys could delay loan processing by several days. The companies revealed that lenders will instantaneously access information directly from a single data source.
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.