Product

Verification of Hazard Insurance

An efficient and cost-effective means to verify that homeowners' insurance is in-force

Product Overview

Produce quality loans and save time with electronic delivery of homeowner's insurance documentation

A Verification of Hazard Insurance (VOHI) from Equifax provides an efficient and cost-effective means to confirm the presence of existing coverage and to verify that the policy information is accurate and matches the loan information.  In addition to streamlining processes and improving capacity management, VOHI leverages a team of verification specialists that will:

  • Contact the insurance agent or company to verify homeowners' insurance is in-force and update the policies with the appropriate lien information and mortgagee clause(s).
  • Verify the presence of important policy details, such as the insured name, insurance company name, policy period/effective date, dwelling coverage and premium amount.
  • Validate the policy information against the loan information to ensure that the property address on the policy matches the address supplied by the lender.
  • Confirm that the updated loan number and mortgagee clause(s) are present and match those provided by the lender.
  • NEW - Ensure that a paid receipt or equivalent is present.
  • Request the future insurance policy if the current policy is set to expire before, or within 30 days of, the closing date.
  • Return the declaration page(s) and paid receipt(s) to the lender once all of the above information has been successfully verified.
     

Third party verification of insurance helps you mitigate fraud, meet compliance and minimize processing time and expense.  Equifax Verification Services provides a single vendor, single platform solution for all of your verification needs, including insurance.

 

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