Matic is disrupting the $95B homeowner's insurance (HOI) industry by providing insurance at the point of sale — when borrowers apply for a mortgage. We're an insurance agency built specifically for mortgage lenders, servicers and their customers.
Why Lenders Need Matic
HOI is a requirement for nearly all single-family home loans, and in most cases, securing HOI is the borrower’s responsibility. Any hiccups in this process — for example, if the borrower fails to secure adequate HOI in time for closing, or if the insurance premium makes the borrower’s debt-to-income (DTI) ratio too high — can result in costly closing delays.
Matic integrates with lenders to pull borrower and property data straight from the mortgage LOS or POS, so homeowners don’t have to manually enter data or try to guess the answers to questions they don’t know. Then Matic normalizes the data, figures out how much coverage the homeowner needs, and makes more than a dozen top carriers bid on the policy — in seconds. Without Matic, it takes an average of two to three days to get homeowner’s insurance. With Matic, it takes two to three minutes, meaning no delays in loan closings.
Today's borrowers expect a modern home-buying experience that is as frictionless and intuitive as choosing and booking an Airbnb, and Matic gets lenders one step closer to delivering that experience.
Why Servicers Need Matic
Matic helps servicers achieve the elusive cross-sale while also helping borrowers save on HOI. By analyzing a borrower’s existing policy and comparing it with multiple carriers, Matic optimizes the policy and the price. If a borrower could save money by switching their policy, Matic alerts the borrower on the servicer’s behalf. Then Matic updates the servicer and the escrow tracking, double checking for the correct mortgage payee on all new policies. The servicer gets paid for helping the borrower save money and often sees increased payment performance as a fringe benefit.
Matic has partnerships with more than a dozen of the nation’s top-rated insurance carriers, including such household names as Nationwide, Progressive, Travelers and Safeco. By leveraging API integrations — many of them developed from scratch — Matic collects highly accurate HOI quotes in seconds.
To deliver these quotes back to the borrowers who need them, Matic partners with both lenders and their preferred technologies to make getting HOI as easy as clicking a button during the home loan process. Matic has announced integrations with such mortgage loan origination software (LOS) and point-of-sale (POS) systems as LendingQB, PCLender, BeSmartee, Maxwell and Roostify. Matic also integrates with major real estate agent portals such as Homie and Open Listings.
A licensed insurance agency in all 50 states, Matic has delivered more than 300,000 quotes to the customers of well known lenders and servicers including Academy Mortgage, American Financial Network (AFN), Axia Home Loans, Freedom Mortgage, Mr. Cooper (formerly Nationstar), RoundPoint Mortgage Servicing Corporation (RoundPoint) and United Wholesale Mortgage (UWM). Thanks to Matic, these companies can close loans faster and reduce origination costs while improving the borrower experience by dramatically simplifying the often-confusing HOI process.
Matic was founded in 2014 by serial entrepreneur Aaron Schiff (https://www.linkedin.com/in/aaronschiff/) and mortgage industry insider Benjamin Madick (https://www.linkedin.com/in/bmadick/), co-founder of mortgage risk management services provider MQMR.
- 40 Most Influential Mortgage Professionals Under 40, National Mortgage Professional, December 2017 (Ben Madick)
- Hot 100, Mortgage Professional America, December 2017 (Ben Madick)
- HW Vanguard Award, HousingWire Magazine, December 2017 (Ben Madick)
- Finalist, TechCrunch Startup Battlefield, September 2017 (Matic)
Next 40 Mortgage Professionals to Watch, National Mortgage Professional Magazine, December 2011 (Ben Madick)
In early November 2017, Matic announced the successful completion of a $7 million Series A funding round led by Mr. Cooper, one of the nation’s top 20 mortgage originators and the fourth-largest home loan servicer in the country; Nationwide, one of the world's largest insurance and financial services companies; National General Insurance, one of the largest automobile insurers in the United States; and Anthemis and ManchesterStory Group, venture capital firms focused on fintech and insurtech, respectively.
In the Press
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