Assurant Lending Solutions unveils insurance verification tool HOIVerify

Assurant Inc. on Monday announced the launch of HOIVerify Origination, an API-enabled solution that streamlines and automates insurance verification during the mortgage origination process.

“Assurant’s HOIVerify product suite modernizes the complex mortgage loan process,” Greg Tuttle, senior vice president of Assurant Lending Solutions, said in a statement. “HOIVerify Origination is a proprietary platform that automates insurance verification at the point of the mortgage approval.

“With more than 40 years of experience monitoring insurance coverage, and deep carrier relationships providing access to a majority of U.S. homeowner policies, Assurant delivers the most comprehensive and frictionless experience for carriers, lenders, and borrowers.”

In an exclusive interview with HousingWire, Tuttle said the development of HOIVerify has been about a year and a half in the making.

“What we recognized was, buying a home is a really complex process, and there are a lot of documents and requirements, and just one of those was verification of insurance. As it exists today, that process is complicated, so we saw an opportunity to say, how can we take that piece of it and just simplify it?”

Tuttle shared that HOIVerify can take a process that once took several days and perform it in seven seconds.

“When I think about buying a home, it can be such an exciting time, but also a time where there’s a lot of nerves that go into it, and there’s a big process around it,” he said. “And so if we can help and make that a little bit simpler, a little easier for the borrower, it can be one less thing for them to worry about.”

The integration of HOIVerify Origination into Assurant’s data exchange ecosystem involves several key features, including real-time policy information, multi-carrier integration, automation and compliance.

Several partners, like Spring EQ, are already using the platform as part of a pilot program.

“Assurant is known for their industry-leading solutions, and HOIVerify Origination represents an exciting opportunity to bring more frictionless experiences to both borrowers and lenders,” said Adam Stern at Spring EQ.

“The chance to work closely with Spring EQ — and getting their thoughts and perspective and kind of building this out with them and what they’re looking for — has given us a tremendous amount of insight to what we can do as we go to this full launch on the gate,” Tuttle said.