Closing Home Loans Faster with Canopy Connect

Single-click digital insurance verification that gets the job done in 20 seconds

Why does it still take over 40 days on average to close a home loan, if so much of our data is now online?

A crucial piece to this puzzle lies in the way home insurance is verified. Lenders require borrowers to provide proof of home insurance coverage before they will agree to finance a new home purchase, refinance, or provide a home equity loan or HELOC.

Waiting for borrowers to find and submit their insurance documents leads to costly delays to close the loan.

Borrowers have to leave the application to go find their documents. They don’t know where to find their insurance documents, and often upload the wrong information. The friction and confusion delays loan closing and frustrates borrowers.

Once the loan closes, the problem does not go away. Borrowers must continue to upload updated copies of their declarations pages so the servicer can verify continuous coverage that meets requirements.

Sometimes, the solution is really as simple as finding the “easy” button. Enter Canopy Connect, the “easy” button for insurance verification & monitoring.

Solution

Top lenders and bank infrastructure providers like Blend use Canopy Connect to synchronize home insurance data, enabling them to cut days off loan close time.

They use the Canopy Connect API and SDK to get to market quickly with an insurance verification experience that matches the look and feel of their brand. Borrowers use the lender/servicer’s whitelabeled experience to securely share their insurance data in 20 seconds.

This is how it works:

  1. Borrowers quickly and easily link their insurance account to the lender/servicer
  2. Verified insurance data is available within seconds (7.3s median connection time)
  3. The borrower’s insurance can be monitored thereafter to ensure continuous coverage
Sample Home Verification Flow

The Canopy Connect Insurance Data API enables lenders to retrieve structured insurance data including policies, dwellings, insureds, claims, and coverage breakdowns, including premiums, limits and deductibles. The API also returns declarations pages in PDF format and property data on the home.

The verified insurance data provided by Canopy Connect’s API enables lenders to instantly verify insurance coverage against their requirements.

Benefits

Cut days off loan close time: Canopy Connect enables lenders to speed up the turnaround of insurance verifications from several days to just 20 seconds.

Delight borrowers: Borrowers love saving time and expect simple digital experiences. Give them both.

Go to market quickly: Lenders can launch with Canopy Connect in minutes using branded links, or fully customize the experience using the SDK or white-label API.

Sound Interesting?

Let's get started.

Why Lenders Choose Canopy Connect API to Verify Insurance

  1. Best-in-class developer experience: Get up to speed in days or weeks, not years. Canopy Connect normalizes insurance information into a simple, clean and easy-to-use API that makes it easy for your team to integrate into your systems. Ask about our out-of-the box integrations with industry standard software.
  2. Market coverage: Canopy Connect covers over 93% of the US auto insurance market and more than 87% of the US home insurance market. Canopy Connect returns all Property & Casualty Lines insurance data in 7.3s (median connection time).
  3. Industry expertise: With thousands of customers, Canopy Connect knows how to onboard customers to get them up and running quickly. Receive dedicated support as you launch and scale.
  4. Enterprise-ready: Canopy Connect was the first consumer-permissioned insurance data provider to receive its SOC 2 Type II certification and will continue to renew each year as part of our commitment to security. Canopy Connect has successfully completed infosec reviews with banks and insurance carriers.
  5. Privacy-first: When you work with Canopy Connect, you can rest assured knowing that the data of your users and customers is in safe hands. We’re committed not just to security, but also to the privacy of data and do not, and will not sell user data. We invite you to read our privacy policy, which outlines our firm commitment to not sell user data.

Contact us today to see how we can help you unlock the power of consumer-permissioned insurance data.

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