At COMPARITY we strive to simplify insurance shopping for everyone, including mortgage lenders. As we have grown, we learned from our mortgage Affiliates that an estimated 25% of loan transactions experince pitfalls when it comes to obtaining the Evidence of Insurance (a.k.a. Proof of Insurance) documentation that is critical to their closings. Underwriters, Loan Officers and Loan Processors all reported a similar frequency of issues with obtaining this documentation. The complications result from the mortgage company not knowing where the client is in the process, not knowing who will be providing the insurance and routing that proof of coverage to the right people. This all too familiar pattern of inefficiency not only gobbles up time, but can lead to closing delays.
Today, I’m happy to report that we simplified Evidence of Insurance tracking for mortgage loan closings.
Now when homebuyers use COMPARITY for insurance, the process is streamlined for everyone involved.Our technology enables insurance agents to obtain the loan documentation (mortgagee clause and loan number) required to bind policies. When they are done binding the policy, they upload the Evidence of Insurance to our system which then notifies the loan officer, underwriter or loan processor as soon as it is available. What’s more, we update everyone on the status throughout the process. Our dashboard allows agents and lenders to track where their clients are in the insurance shopping process, see the quotes they have obtained and download Evidence of Insurance.
At COMPARITY, our mission is to simplify insurance for everyone. When it comes to a new home purchase, buyers, mortgage lenders, and insurance agents need to be in sync. There’s no reason that shouldn’t be simple, too.
If you want to learn more about how we can simplify insurance for your next home transaction please contact Mike Vernon at firstname.lastname@example.org or 757.333.0705