Mortgage

Matic, MortgageHippo partner to bring homeowners insurance into digital mortgage process

Borrowers can now get insurance quote within MortgageHippo platform

In a partnership that brings together two of the top technology companies in the mortgage industry, Matic’s digital homeowners insurance platform is now available within MortgageHippo’s digital mortgage experience.

Both Matic, a digital insurance agency whose technology enables borrowers to purchase homeowner's insurance during the mortgage transaction, and MortgageHippo, a cloud-based digital mortgage platform, are winners of the HousingWire Magazine 2018 Tech100.

Now, lenders that use MortgageHippo’s digital mortgage platform can make Matic homeowners insurance available to their borrowers with a one-click “get quote” button within the platform itself.

“By integrating with Matic, MortgageHippo makes it easy for borrowers to secure the homeowner’s insurance required for a residential mortgage loan closing at a competitive price,” the companies said in a release. “Matic uses loan and property data furnished by MortgageHippo to determine precisely how much coverage is needed, then scans the market to compare policies from multiple top-rated carriers.”

According to the companies, MortgageHippo customers can enable the Matic integration by contacting their account manager.

“Consumers want suitable homeowner's insurance at a fair price — but comparison shopping is difficult and time-consuming,” Ben Madick, COO of Matic, said.

“Meanwhile, it takes loan processors about an hour of effort and a day or two in turnaround time per loan to verify a policy and update the closing disclosure. Matic eliminates the pain on both sides of the equation,” Madick added. “Borrowers get a great policy at a great price, and lenders improve their bottom line by compressing a two-day process into two minutes.”

Valentin Saportas, CEO of MortgageHippo, shared why the company is excited about the partnership with Matic.

“Matic delivers an exceptional consumer experience and gives mortgage lenders a real edge when it comes to lending efficiency and borrower conversion,” Saportas said. “We’re proud to partner with a company that exemplifies MortgageHippo’s commitment to helping top-producing loan teams future-proof their organizations with early access to the best tech solutions in today's market.”

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