Comparity is LendingQB’s official partner for home insurance. We’re integrated with LendingQB’s loan origination software to make it easy for lenders to help their clients buy home insurance and keep track of necessary insurance documentation for their closings.
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|Kevin Curry||Angelo Jones|
Comparity, LendingQB Partner to Provide Industry-First Integration Between Hazard Insurance and Loan Origination Software
Virginia Beach, Va., Feb. 15, 2017 – Comparity, LLC, an insurance technology company whose mission is to simplify insurance shopping, has partnered with Costa Mesa, Calif.-based LendingQB to integrate its home insurance platform directly into LendingQB’s loan origination and loan processing software.
The industry-first integration imports mortgage loan application data directly into Comparity’s home insurance application. Home insurance applications require many of the same inputs as mortgage applications, and home insurance is required in order to close on typical home loans. The integration makes processing home insurance during the mortgage closing process more simple, transparent, and streamlined for both lenders and homebuyers.
“Everything in the mortgage industry is driving toward digital. It seems obvious for hazard insurance to be integrated but business and regulatory constraints have been obstacles,” said Scott Hunter, Managing Partner and Chief Executive Officer at Comparity. “We created a technical solution that enables homebuyers to shop privately with the most carriers using their mortgage application data. This integration also helps lenders track their clients’ hazard insurance requirement, validate estimates, and download evidence of insurance,” he added.
“To be competitive in today’s market, lenders need to remove as much waste from their workflow as possible,” said 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.”
LendingQB’s LOS is completely web-based and designed to provide lenders a flexible, innovative workflow. Its open-architecture application protocol interface (API) enables lenders to select the tools, like Comparity, that best help their efficiency. Comparity’s technology and distribution platform is designed to fit specifically with the lender’s workflow and bridges the gap between a digital mortgage and hazard insurance.
Comparity is an insurance technology company whose mission is to simplify insurance shopping so everyone wins. Comparity connects buyers and sellers of personal insurance through an online, side-by-side comparison of multiple policy quotes from multiple companies using a single insurance application. Comparity reaches more insurance carriers than any other company, including carriers no other company can compare. Learn more at https://www.comparityins.com
LendingQB is a provider of Lean Lending solutions. The Lean Lending solution consists of a 100 percent web browser-based, end-to-end loan residential mortgage origination system, best of breed integrations with key industry partners and ‘adoptimization’ services that result in faster cycle times and lower costs per loan. For more information, please call 888.285.3912 or visit www.lendingqb.com.
Today we reached a milestone for our company and at the same time we contributed something useful to the world of home buying and home insurance. Today we launched our first API integration with a mortgage technology company and it was not only our first integration, it was the first integration of its kind between the home mortgage and home insurance industries. It will help lenders, borrowers, and insurance carriers alike by streamlining home insurance into the increasingly digital mortgage business. It’s something that lenders have wanted for a long time but was never possible until we came along.
Technically, API integration is quite simple, almost trivial. For technology companies, API integration is expected. You’re not a tech company if you don’t API. But in the mortgage and insurance industries, API integrations are rare. Mortgage and insurance companies are not only decades behind with their technology but layers of regulations, consumer protections, and market forces made any business case for integration between mortgage and home insurance seem untenable.
That’s where we came in. The combination of our technology and business model makes it not only possible to integrate home mortgage with home insurance but profitable for us to do so, and in a way that adds value for everyone in the ecosystem. Lenders get a way to help their clients with hazard insurance that is compliant with lending rules and streamlines their closings. Homebuyers get a way to privately shop and compare the market without any effort. Insurance carriers and their agents get access to desirable customers without any up-front lead fees.
Today we reached a milestone for our company and did something useful for the 5M people who buy homes each year, their lenders, and their insurers. We won’t reach them all right away but we took the first step. That feels good.