Technology provider Volly announced an integration with Progressive Insurance that gives clients are applying for a loan through Volly’s Lending Solutions platform access to home insurance quotes from Progressive.
Since home insurance is a requirement for nearly all single-family home purchases and mortgage refinances, failure to provide proof at closing could put the loan in jeopardy, the company said in a press release, which means costly delays for lenders and inconveniences for borrowers.
Progressive uses information clients have already entered from their loan application and public property records to generate a quote. Clients will have the option to make a purchase or shop Progressive’s network to compare policies and quotes from affiliated and third-party insurers, resulting in “a more cohesive and efficient digital mortgage process for borrowers,” Volly said, while lenders will benefit from a reduction in financing timeframes and closing issues.
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