That means mortgage lenders using LendingQB’s LOS now have an easier path to order hazard insurance on behalf of borrowers. The integration makes processing home insurance during the mortgage closing process more simple, transparent and streamlined for both lenders and homebuyers, Comparity says in a release.
“Everything in the mortgage industry is driving toward digital,” says Scott Hunter, managing partner and CEO at Comparity, in a release. “It seems obvious for hazard insurance to be integrated but business and regulatory constraints have been obstacles.
“We created a technical solution that enables homebuyers to shop privately with the most carriers using their mortgage application data,” Hunter says. “This integration also helps lenders track their clients’ hazard insurance requirement, validate estimates, and download evidence of insurance.”
“To be competitive in today’s market, lenders need to remove as much waste from their workflow as possible,” adds Tim Nguyen, president of LendingQB. “The partnership with Comparity eliminates hours of wasted time finalizing hazard insurance applications that can be leveraged through the existing data in the LOS.”